Pallet Trucks Market By Control (Manual, Semi Electric, Electric, Diesel, Compressed Natural Gas), Product Type (Standard, Quarter, Silent, Weighing, Scissor), End Use (Food & Beverages, Retail Stores, Wholesale Distribution, Freight & Logistics) & Region – Forecast 2022 – 2028

Pallet Trucks Market - Analysis, Outlook, Growth, Trends, Forecasts

December 2021
REP-GB-3458
331 pages
Industrial Automation

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Pallet Trucks Market Outlook (2022-2028)

[331 Pages Report] The global pallet trucks market is estimated to be valued at US$ 38.2 Bn in 2022, and is projected to close in on US$ 57.6 Bn by 2028, expanding at a CAGR of 7.1% from 2022 to 2028.

Pallet Trucks Market Size (2022)	US$ 38.2 Bn
Sales Forecast for Pallet Trucks (2028)	US$ 57.6 Bn
Global Market Growth Rate (2022 to 2028)	7.1% CAGR
Market Share of Top 5 Pallet Truck Suppliers	50%

Pallet truck sales currently account for around 15% share of the global material handling equipment market. Demand for electric pallet trucks is likely to increase the fastest at a CAGR of 8% over the assessment period of 2022 to 2028.

Revenue Analysis of Pallet Trucks from 2013 to 2021 Compared to Demand Outlook for 2022 to 2028

The global pallet trucks market witnessed a growth rate of 6.5% over the historical period of 2013 to 2021. Pallet trucks are utilized in the functioning of industrial applications and machinery, and are necessary for efficient equipment operation and movement.

Hydraulic hand pallet trucks are utilized in material handling and transportation. These machines are used in industrial settings because they allow for the transportation and management of loads that are too heavy for a human to handle alone. Pallet trucks improve the efficiency and throughput of production in a variety of industrial environments as well as warehouses.

Pallet truck consumption is determined by the growth rates of the warehousing and manufacturing industries. Pallet trucks liberate the hands of the machine operator to undertake other activities, ensuring a high level of productivity, and, as a result, a higher rate of output.

Businesses are spreading their reach into new markets. As a result, the worldwide pallet truck market is expected to grow throughout the forecast period. New product development, mergers and acquisitions, and partnerships among pallet truck providers are some of the other market drivers.

With the rise of industrialization, businesses can expect to spend more on pallet trucks to help them run their operations more efficiently. New technologies in the production of hydraulic hand pallet trucks, such as hydraulic and power integration, are fueling the sales of hand pallet trucks.

Based on the aforementioned factors, global pallet truck sales are projected to increase at a 7.1% CAGR across 2022 to 2028.

Which Region Offers Huge Opportunity for Sales of Pallet Trucks?

Expansion of the pallet truck trolley market in Asia Pacific is being fueled by the construction of advanced industrial projects. Increased use and knowledge of pallet trucks as well as rising demand for consumer goods are driving market growth in the region.

These pallet trucks are simple to operate, and, depending on their size, can be utilized for a variety of tasks. Due to substantial market share of the automobile industry in the region, usage of hand pallet trucks is particularly prevalent.

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Country-wise Analysis

Where Does the U.S. Stand in the Global Market for Pallet Trucks?

The market in the United States is rising due to increased use of pallet trucks in the automotive and transportation sectors, as well as growing adoption of manual pallet trucks over forklift trucks for transporting and moving domestic commodities such as desks and furnishings.

Due to enhanced warehousing management practices and growth in the adoption of mechanized technologies, electric pallet trucks are becoming increasingly popular across the United States.

What is the Scope of Growth for Pallet Truck Providers in China?

Pallet truck consumption in China holds a major value share in the global market, and is likely to maintain dominance over the forecast period. The market in the country is projected to represent a significant incremental opportunity from 2018 to 2028. Steady growth of the market will especially create a positive impact on the demand for manual pallet trucks.

Moreover, increasing effort from end users to efficiently utilize the supply chain will create demand for pallet trucks to handle large number of transactions, which is expected to further increase over the coming years as well.

Warehouses owned by companies will be inclined towards mechanization with the use of pallet trucks and integrating with warehouse management systems to seamlessly handle complex operation in the future.

FMI anticipates that massive amounts in China will be invested in warehousing needs over the coming years, ultimately driving pallet truck shipments. China is expected to create attractive opportunities for pallet trucks manufacturers.

Category-wise Insights

Why are Electric Pallet Trucks Witnessing Highest Demand?

On the basis of control, Future Market Insights suggests that the electric pallet trucks will drive overall market as end users will shift towards opting environment-friendly vehicles. Sales of electric pallet trucks are projected to increase 2.2X by 2028.

One of the defining trends of the market is the growing need for improved energy efficiency from businesses and regulators. Overall shift in the market from internal combustion engines toward electric trucks reflects evolving business requirements.

In the logistics industry, pallet trucks are in high demand because advanced pallet motors can do more shifts per battery charge and save time. Pallet trucks are in high demand in the logistics industry because of the integration of hydraulic and electric technology that allows for effective lifting and movement of big pallets.

Which End Use Segment of Pallet Trucks Has the Most Growth Potential?

Wholesale distribution of various pallet truck sizes is expected to account for 26.1% of the global market share in 2022. Consumption of pallet trucks is predominantly driven by the development of large-scale industrial projects in developing economies.

Companies involved in 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. This is expected to drive demand for warehousing, which, in turn, will drive the need for pallet trucks over the coming years.

Growth of new sales channels is expected to create revenue generation opportunities for increasing sales of pallet trucks across regions. Industrial markets are witnessing huge demand for warehousing operations due to growing consumer demand. As a result, the requirement of material handling equipment and storage as well as efficient supply will drive demand growth of pallet trucks.

Impact of COVID-19 on Pallet Truck Sales

COVID-19 has resulted in unimaginable human suffering, including death and disease, as well as unprecedented economic effects. Due to the COVID-19 pandemic, several pallet truck manufacturers either suspended or drastically reduced their production capacity in 2020.

Because governments in several countries applied tight lockdown measures, corporations in the automotive, manufacturing, logistics, and materials handling industries, among others, shut down their factories.

Pallet trucks have been in short supply as a result of these issues. Border restrictions and traffic problems also caused supply chain problems.

However, the industry projects a high level of demand and supply beyond the pandemic, owing to increased urbanization and the growing need for efficient use of available space.

Manufacturing companies are implementing automation to boost their production capacity, and therefore, pallet truck demand is expected to grow substantially over the coming years.

Competitive Landscape

Manufacturers are developing pallet trucks incorporated with additional features, making them safer and interactive to use along with other features such as comfort and digitalization.

For instance,

In May 2019, the Raymond Courier 3030 stacker introduced by Raymond Corporation uses autonomous guided vehicle technology to lift and store pallets.

Pallet Trucks Industry Report Scope

Attribute	Details
Forecast Period	2022-2028
Historical Data Available for	2013-2021
Market Analysis	Value in US$ Mn, Volume in Units
Key Regions Covered	North America Latin America Europe East Asia South Asia & Pacific Middle East & Africa (MEA)
Key Countries Covered	U.S. Canada Mexico Brazil Mexico Argentina Germany Italy France U.K Nordic Spain Japan China India Malaysia Thailand Australia GCC Countries South Africa Turkey
Key Market Segments Covered	Control Product Type Load Capacity End Use Region
Key Companies Profiled	Toyota Industries KION Group Jungheingrich Goscor Lift Trucks Hyster Company Hyundai Heavy Industries Liftek FZC Linde Material Handling Nido Machineries Pvt Ltd Nilkamal Limited Presto Lifts Inc.
Pricing	Available upon Request