Pallet truck is a type of equipment used in the operation of industrial applications and equipment. Pallet trucks are required for easy operation of equipment and movement. They are used in the material handling and movement processes. These equipment are employed in an industrial setting, as they enable the movement and handling of loads heavier than those that can be done by a human alone. Pallet trucks are used to move material and equipment when it cannot be done by a worker.
They ensure better production efficiency and throughput. The applications are across industrial settings and also in the warehouses, if the pallet truck is being used for material handling and movement. Demand for pallet trucks is contingent on the growth trajectory of the warehousing and manufacturing industries. Pallet truck ensure that the machine operator’s hands are free to perform other tasks and thus ensure a good level of productivity, ultimately resulting in a higher rate of production.
Growing industrialization is anticipated to drive the demand for pallet trucks, especially from non-traditional industries in growing economies in Asia Pacific. Growth in the manufacturing industry is expected to provide lucrative opportunities to manufacturers of pallet truck due to their wide-spread applications. Furthermore, companies are expanding their reach in newer markets. This, in turn, is likely to drive the global pallet truck market during the forecast period. Other drivers of the market include new product development, mergers & acquisitions, and partnerships among players in the pallet truck market.
Stiff competition and rising concerns regarding the efficacy of pallet trucks are expected to restrain the global market during the forecast period. Increasing competition in the market due to presence of a large number of manufacturers is expected to restrain the manufacturers in the short to medium period as a result of competition in this sector. This makes the global pallet truck market fragmented in nature.
Rising industrialization and brand awareness are anticipated to create opportunity for manufacturers operating in the global pallet truck market. With rising industrialization, manufacturers are expected to spend larger amounts on purchase of pallet truck to ease operations within their manufacturing facilities and at the same time spend more time researching the model most suitable for their needs. This creates opportunities in the market. Moreover, as industrialization leads to diversifying manufacturing needs, the potential market for pallet truck is expected to witness a rise.
The global pallet truck market can be segmented in terms of operating mode, lifting capacity, end-user, distribution channel, and region. Based on operating mode, the market can be bifurcated into manual and electric. In terms of lifting capacity, the pallet truck market can be divided into up to 2000kg, 2000kg to 5000kg, and above 5000kg. Based on end-user, the market can be segregated into industrial and medical.
The industrial segment include ironing machinery, construction machines, bending machines, sand blasting machines, and machine tools. In terms of distribution channel, the market can be segregated into online and offline. The offline segment can be sub-classified into direct store sales or official company distributors. Based on region, the global pallet truck market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Nido Machineries Pvt Ltd, CUMI MHE, Godrej & Boyce Manufacturing Co. Ltd, Linde Material Handling, PalleTrucks-Trolleys, Jost’s Engineering Company Limited, Toyota Material Handling Europe AB, PTB Special Product, Jungheinrich AG, and Crown Equipment Corporation are some key manufacturers operating in the global pallet truck market. The main strategy adopted by these companies and their peers is new and innovative product launches and targeted marketing activities to capture new markets and consolidate their position in the existing markets.