Pallet Trucks, as considered under the scope of the report, are used in warehouses for effective storage and supply of consumer goods.
The global Pallet Trucks market is estimated to be valued at US$ 29,734.6 Mn by 2018 end and is expected to expand in the coming years at a CAGR of 6.8% in terms of volume over the forecast period. The global Pallet Trucks market is anticipated to represent a huge incremental opportunity between 2018 and 2028. In terms of volume, the global Pallet Trucks market is estimated to exhibit attractive growth rate over the forecast period.
E-Commerce warehousing demand to drive market growth
On the basis of end use, the global Pallet Trucks market can be segmented into food & beverage, retail stores, wholesale distribution, freight & logistics and manufacturing and others. The wholesale distribution segment is expected to account for a sizable share of the overall Pallet Trucks market by the end of forecast period. Growth of the Pallet Trucks market is predominantly driven by the development of large-scale industrial projects in developing economies of South East Asia Pacific, Middle East & Africa, India and China.
The companies involved in the supply chain services are focusing on the development of big storage facilities and enhancing logistics capabilities. Attributing to growth in the living standards of people, there has been a rise in the demand for wholesale distribution of consumer products in the Asia Pacific region. This is expected to drive the demand for warehousing, which in turn, will drive the global Pallet Trucks market in the coming years.
The growth of new sales channels is expected to create revenue generation opportunities for the growth of the Pallet Trucks market in these regions. Industrial markets are witnessing huge demand for warehousing operations due to the growing consumer demand. As a result, the requirement of material handling equipment and storage as well as efficient supply will create demand for Pallet Trucks. Adding to this, growth in sectors such as retail, FMCG (Fast Moving Consumer Goods) and pharmaceutical industries will boost the Pallet Trucks demand, especially in developing parts of the globe.
China, India and SEAP to register relatively high value and volume CAGR among all regions
The China Pallet Trucks market holds a major value share in the global market and is likely maintain its dominance in the global Pallet Trucks market over the forecast period. The market in the region is projected to represent a significant incremental opportunity between 2018 and 2028. The steady growth in the developing countries economy and globalization will create positive impact over Pallet trucks demand required for increasing demand of end use products.
Moreover, the increasing effort from the end users to efficiently utilize supply chain will create demand for Pallet Trucks to handle large number of transaction expected to further increase in the coming years as well. The warehouses owned by the companies will be shifting towards mechanization through Pallet trucks and integrate with warehouse management systems to handle complex environments of future. FMI anticipate that massive amount in the developing countries will be invested in warehousing needs in the coming years ultimately driving demand for Pallet trucks.
China is expected to create attractive opportunities for the Pallet Trucks manufacturers followed by countries located in the South East Asia & Pacific and India. The SEAP and India Pallet Trucks market is estimated to expand at a significant CAGR in terms of value and volume over the forecast period. Sales of Pallet Trucks in Western Europe is projected to represent a total incremental opportunity of US$ 5,483.9 Mn between 2018 and 2026, while the Eastern Europe Pallet Trucks market is also anticipated to witness significant growth.
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Market Participants of the Global Pallet Trucks Market
Examples of some of the market participants in this study of global Pallet Trucks market include Toyota Industries, KION Group, Jungheingrich, Goscor Lift Trucks, Hyster Company, Hyundai Heavy Industries, Liftek FZC, Linde Material Handling, Thermote & Vanhalst Group, Nido Machineries Pvt Ltd, Nilkamal Limited, Pr Industrial S.r.l., Presto Lifts Inc. and others.
On the basis of control, the global Pallet Trucks market is segmented into,
- Semi Electric
- Compressed Natural Gas (CNG)
On the basis of type, the global Pallet Trucks market is segmented into,
On the basis of load capacity, the global Pallet Trucks market is segmented into,
- Below 2000 KG
- 2000-4000 KG
- 4000-6000 KG
- Above 6000 KG
The fourth section includes the analysis of the Pallet Trucks market on the basis of end use and it is segmented as,
- Food & Beverage
- Retail Stores
- Wholesale Distribution
- Freight & Logistics