Pallet Truck Market Share Analysis, Business Strategy and Growth Drivers, 2023

The worldwide pallet truck market is projected to exhibit a healthy CAGR during the forecast period. Also known as a “pallet pump” or “pallet jack”, it is the most basic form of the forklift. It is designed to move and lift pallets and palletized loads. Rising need for pallet trucks, technological advancements, and increasing research and development funding are likely to stoke the growth of the global market. However, the low replacement rate and replacement of fuel-powered to electric pallet trucks are anticipated to hinder the market in the forecast period.

Growing advancements are boosting the pallet truck market. For instance, Crown, in June 2017, came up with technology that develops a different glove to control the movement of a pallet truck remotely. This technology will enhance the order picking procedure. Consecutively it will increase production. The novel technology was designed to modernize the procedure of the worker stepping up and down from the electric pallet trucks, which decreases the worker fatigue.

Top Players:• Toyota Industries Corporation
• Kion Group AG
• Hyundai Heavy Industries Co., Ltd.
• Hyster Company
• Goscor Group
• Jungheinrich AG

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Linde’s T-Matic, Raymond’s Courier, and Yale’s Driven by Baylo are important developments made in automatically guided pallet trucks that go beyond working of automatic guided vehicles (AGVs), moving autonomously around warehouses for lifting & storing pallets. Vision guidance systems, GPS, and laser technologies are incorporated by manufacturers, allowing the equipment in navigating and mapping their environment. Such changes will significantly rub off on demand for pallet trucks in the forecast period.

Key Regions
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

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Report contents include• Analysis of the market including revenues, future growth, market outlook
• Historical data and forecast
• Regional analysis including growth estimates
• Analyzes the end user markets including growth estimates.
• Company Profiles including products, sales/revenues, and market position
• Market structure, market drivers, and restraints.