This report was recently updated on November 16 2024 with the latest and most recent
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Global Pallet Truck Market Size, Trends & Analysis - Forecasts to 2028 By Type (Manual Pallet Truck and Electric Pallet Truck), By Application (Retail Store, Warehousing, Manufacturing Plant, Job Site, and Others), and By Region (North America, Asia Pacific, South America, Europe, and the Middle East and Africa), Competitive Landscape, Company Market Share Analysis, and Competitor Analysis
The global pallet truck market is expected to grow from USD 35.3 Billion in 2023 to USD 49.1 Billion by 2028 and is projected to grow at a CAGR of 6.8% from 2023 to 2028.
Pallet trucks are used to transport the goods from one place to another in industrial, manufacturing plants, and job sites. In pallet trucks, the hydraulic mechanism is used to lower and upper the loading platform which enables the operator to carry huge loads easily anywhere. The pallet truck can be controlled manually or by an electric system. The demand for energy-efficient electric pallet trucks is rising rapidly at the job site. Robotic and automatic material handling systems are replacing manual pallet trucks.
The rising growth of the food and beverages industry is expected to be the major driver of the pallet truck market in the forecast period. Furthermore, growing warehouse and distribution centers for E-commerce and the growing retail stores are boosting the growth of the global pallet truck market. Moreover, the growing need to reduce the carbon footprint, the growing healthcare industry, and the adoption of electric technology in logistics will lead to the demand for the pallet truck market.
E-commerce is growing rapidly due to the adoption of new technology and the availability of smart devices. The expansion of the e-commerce industry is increasing the demand for pallet trucks and creating opportunities for existing and potential manufacturers. The demand for better product handling operations and machines is increasing in the industrial sector which provides better opportunities.
The adoption of electrically operated pallet devices is increasing which provides better safety for goods, and it is also good to keep the environment greener. The innovation in the maintenance and the service of batteries applied in the pallet truck is attracting the operators to adopt these trucks.
The electric pallet truck segment is expected to be the fastest-growing segment in the market from 2023-2028. Electric pallet trucks are easy to operate and they provide better safety for goods or products. Also, Electric pallet trucks reduce operation time in logistics.
The manual pallet truck segment holds the largest share of the global pallet truck market. The operation and maintenance costs of manual pallet trucks are very low compared to an electric pallet truck.
The manufacturing plant segment is anticipated to be the fastest-growing segment in the market from 2023-2028. The manufacturing plants of foods and beverages, steel, and others are helping in the demand for pallet trucks.
The warehousing segment holds the largest share of the global pallet market. The warehousing industry is the leading industry that utilizes a large volume of pallet trucks. Increasing numbers of retail stores are also expected to boost the global pallet truck market in the forecast period.
Geographically, the market is anticipated to remain stable in North America due to a large number of manufacturing plants, the growing warehouse infrastructure, and the growing e-commerce industry. This region holds the largest share of the global pallet truck market.
Asia Pacific is growing rapidly due to the competitive landscape. The European pallet trucks market is dominated by France, Belgium, Italy, Germany, and United Kingdom. The adoption of electric pallet trucks and awareness about environment-friendly vehicles is the major driver of this region.
The key players covered in the global pallet truck market report include Toyota Industries, Hyster Company, Jungheinrich, STILL, Godrej Material Handling, RICO Manufacturing, NIULI MACHINER, PR Industrial, Nido Machineries Pvt Ltd, and Crown Equipment Corporation, among others.
Please note: This is not an exhaustive list of companies profiled in the report.
Chapter 1 Research Methodology
1.1 Research Assumptions
1.2 Research Methodology
1.2.1 Estimates and Forecast Timeline
1.3 Information Procurement
1.3.1 Purchased Database
1.3.2 GME’s Internal Database
1.3.3 Primary Research
1.3.4 Secondary Sources & Third-Party Perspectives
1.3.4.1 Company Information Sources: Annual Reports, Investor Presentation, Press Release, SEC Filling, Company Blogs & Website
1.3.4.2 Secondary Data Sources
1.4 Information or Data Analysis
1.4.1 Data Analysis Models
1.5 Market Formulation & Data Visualization
1.6 Data Validation & Publishing
1.7 Market Model
1.6.1 Model Details
1.6.1.1 Top-Down Approach
1.6.1.2 Bottom-Up Approach
1.8 Market Segmentation & Scope
1.9 Market Definition
Chapter 2 Executive Summary
2.1. Global Market Outlook
2.2 Type Outlook
2.3 Application Outlook
2.4 Regional Outlook
Chapter 3 Global Pallet Truck Market Trend Analysis
3.1. Market Introduction
3.2 Penetration & Growth Prospect Mapping
3.3 Impact of COVID-19 on the Pallet Truck Market
3.4 Metric Data on Pallet Truck Industry
3.5 Market Driver Analysis
3.5.1 Market Driver Analysis
3.5.2 Market Restraint Analysis
3.5.3 Industry Challenges
3.5.4 Industry Opportunities
3.6 Porter’s Five Analysis
3.6.1 Supplier Power
3.6.2 Buyer Power
3.6.3 Substitution Threat
3.6.4 Threat from New Entrant
3.7 Market Entry Strategies
Chapter 4 Pallet Truck Market: Type Trend Analysis
4.1 Type: Historic Data vs. Forecast Data Analysis, 2022 vs. 2028
4.2 Manual Pallet Truck
4.2.1 Market Estimates & Forecast Analysis of Manual Pallet Truck Segment, By Region, 2020-2028 (USD Billion)
4.3 Electric Pallet Truck
4.3.1 Market Estimates & Forecast Analysis of Electric Pallet Truck Segment, By Region, 2020-2028 (USD Billion)
Chapter 5 Pallet Truck Market: Application Trend Analysis
5.1 Application: Historic Data vs. Forecast Data Analysis, 2022 vs. 2028
5.2 Retail Store
5.2.1 Market Estimates & Forecast Analysis of Retail Store Segment, By Region, 2020-2028 (USD Billion)
5.3 Warehousing
5.3.1 Market Estimates & Forecast Analysis of Warehousing Segment, By Region, 2020-2028 (USD Billion)
5.3 Manufacturing Plant
5.3.1 Market Estimates & Forecast Analysis of Manufacturing Plant Segment, By Region, 2020-2028 (USD Billion)
5.3 Job Site
5.3.1 Market Estimates & Forecast Analysis of Job Site Segment, By Region, 2020-2028 (USD Billion)
5.4 Others
5.4.1 Market Estimates & Forecast Analysis of Others Segment, By Region, 2020-2028 (USD Billion)
Chapter 6 Pallet Truck Market, By Region
6.1 Regional Outlook
6.2 North America
6.2.1 Market Estimates & Forecast Analysis, By Country 2020-2028 (USD Billion)
6.2.2 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.2.3 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.2.5 U.S.
6.2.5.1 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.2.5.2 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.2.6 Canada
6.2.6.1 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.2.6.2 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.5.7 Mexico
6.5.5.1 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.5.5.2 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.3 Europe
6.3.1 Market Estimates & Forecast Analysis, By Country 2020-2028 (USD Billion)
6.3.2 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.3.3 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.3.5 Germany
6.3.5.1 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.3.5.2 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.3.6 UK
6.3.6.1 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.3.6.2 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.3.7 France
6.3.7.1 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.3.7.2 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.3.8 Russia
6.3.8.1 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.3.8.2 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.3.9 Italy
6.3.9.1 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.3.9.2 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.3.10 Spain
6.3.10.1 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.3.10.2 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.3.11 Rest of Europe
6.3.11.1 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.3.11.2 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.4 Asia Pacific
6.4.1 Market Estimates & Forecast Analysis, By Country 2020-2028 (USD Billion)
6.4.2 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.4.5 China
6.4.5.1 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.4.5.2 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.4.6 India
6.4.6.1 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.4.6.2 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.4.7 Japan
6.4.7.1 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.4.7.2 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.4.8 Australia
6.4.8.1 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.4.8.2 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.4.9 South Korea
6.4.9.1 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.4.9.2 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.3.10 Rest of Asia Pacific
6.3.10.1 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.3.10.2 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.5 Central & South America
6.5.1 Market Estimates & Forecast Analysis, By Country 2020-2028 (USD Billion)
6.5.2 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.5.3 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.5.5 Brazil
6.5.5.1 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.5.5.2 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.5.6 Rest of Central & South America
6.5.6.1 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.5.6.2 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.6 Middle East & Africa
6.6.1 Market Estimates & Forecast Analysis, By Country 2020-2028 (USD Billion)
6.6.2 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.6.5 Saudi Arabia
6.6.5.1 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.6.5.2 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.6.6 United Arab Emirates
6.6.6.1 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.6.6.2 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.6.7 South Africa
6.6.7.1 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.6.67.2 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
6.5.8 Rest of Middle East & Africa
6.5.8.1 Market Estimates & Forecast Analysis, By Type, 2020-2028 (USD Billion)
6.5.8.2 Market Estimates & Forecast Analysis, By Application, 2020-2028 (USD Billion)
Chapter 7 Competitive Analysis
7.1 Key Global Players, Recent Developments & their Impact on the Industry
7.2 Four Quadrant Competitor Positioning Matrix
7.2.1 Key Innovators
7.2.2 Market Leaders
7.2.3 Emerging Players
7.2.4 Market Challengers
7.3 Vendor Landscape Analysis
7.4 Application Landscape Analysis
7.5 Company Market Share Analysis, 2022
Chapter 8 Company Profile Analysis
8.1 Toyota Industries
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Strategic Initiatives
8.1.4 Product Benchmarking
8.2 Hyster Company
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Strategic Initiatives
8.2.4 Product Benchmarking
8.3 Jungheinrich
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Strategic Initiatives
8.3.4 Product Benchmarking
8.4 STILL
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Strategic Initiatives
8.4.4 Product Benchmarking
8.5 Godrej Material Handling
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Strategic Initiatives
8.5.4 Product Benchmarking
8.6 RICO MANUFACTURING
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Strategic Initiatives
8.6.4 Product Benchmarking
8.7 NIULI MACHINER
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Strategic Initiatives
8.6.4 Product Benchmarking
8.8 PR Industrial
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Strategic Initiatives
8.7.4 Product Benchmarking
8.9 Nido Machineries Pvt Ltd
8.8.1 Company Overview
8.8.2 Financial Analysis
8.8.3 Strategic Initiatives
8.8.4 Product Benchmarking
8.10 Crown Equipment Corporation
8.10.1 Company Overview
8.10.2 Financial Analysis
8.10.3 Strategic Initiatives
8.10.4 Product Benchmarking
8.11 Other Companies
8.12.1 Company Overview
8.12.2 Financial Analysis
8.12.3 Strategic Initiatives
8.12.4 Product Benchmarking
List of Tables
1 Technological Advancements In Pallet Truck Market
2 Global Pallet Truck Market: Key Market Drivers
3 Global Pallet Truck Market: Key Market Challenges
4 Global Pallet Truck Market: Key Market Opportunities
5 Global Pallet Truck Market: Key Market Restraints
6 Global Pallet Truck Market Estimates & Forecast Analysis, 2020-2028 (USD Billion)
7 Global Pallet Truck Market, By Type, 2020-2028 (USD Billion)
8 Manual Pallet Truck: Global Pallet Truck Market, By Region, 2020-2028 (USD Billion)
9 Electric Pallet Truck: Global Pallet Truck Market, By Region, 2020-2028 (USD Billion)
10 Global Pallet Truck Market, By Application, 2020-2028 (USD Billion)
11 Retail Store: Global Pallet Truck Market, By Region, 2020-2028 (USD Billion)
12 Warehousing: Global Pallet Truck Market, By Region, 2020-2028 (USD Billion)
13 Manufacturing Plant: Global Pallet Truck Market, By Region, 2020-2028 (USD Billion
14 Job Site: Global Pallet Truck Market, By Region, 2020-2028 (USD Billion)
15 Others: Global Pallet Truck Market, By Region, 2020-2028 (USD Billion)
16 Regional Analysis: Global Pallet Truck Market, By Region, 2020-2028 (USD Billion)
17 North America: Pallet Truck Market, By Type, 2020-2028 (USD Billion)
18 North America: Pallet Truck Market, By Application, 2020-2028 (USD Billion)
19 North America: Pallet Truck Market, By Country, 2020-2028 (USD Billion)
20 U.S: Pallet Truck Market, By Type, 2020-2028 (USD Billion)
21 U.S: Pallet Truck Market, By Application, 2020-2028 (USD Billion)
22 Canada: Pallet Truck Market, By Type, 2020-2028 (USD Billion)
23 Canada: Pallet Truck Market, By Application, 2020-2028 (USD Billion)
24 Mexico: Pallet Truck Market, By Type, 2020-2028 (USD Billion)
25 Mexico: Pallet Truck Market, By Application, 2020-2028 (USD Billion)
26 Europe: Pallet Truck Market, By Type, 2020-2028 (USD Billion)
27 Europe: Pallet Truck Market, By Application, 2020-2028 (USD Billion)
28 Europe: Pallet Truck Market, By Country, 2020-2028 (USD Billion)
29 Germany: Pallet Truck Market, By Type, 2020-2028 (USD Billion)
30 Germany: Pallet Truck Market, By Application, 2020-2028 (USD Billion)
31 UK: Pallet Truck Market, By Type, 2020-2028 (USD Billion)
32 UK: Pallet Truck Market, By Application, 2020-2028 (USD Billion)
33 France: Pallet Truck Market, By Type, 2020-2028 (USD Billion)
34 France: Pallet Truck Market, By Application, 2020-2028 (USD Billion)
35 Italy: Pallet Truck Market, By Type, 2020-2028 (USD Billion)
36 Italy: Pallet Truck Market, By Application Ype, 2020-2028 (USD Billion)
37 Spain: Pallet Truck Market, By Type, 2020-2028 (USD Billion)
38 Spain: Pallet Truck Market, By Application, 2020-2028 (USD Billion)
39 Rest Of Europe: Pallet Truck Market, By Type, 2020-2028 (USD Billion)
40 Rest Of Europe: Pallet Truck Market, By Application, 2020-2028 (USD Billion)
41 Asia Pacific: Pallet Truck Market, By Type, 2020-2028 (USD Billion)
42 Asia Pacific: Pallet Truck Market, By Application, 2020-2028 (USD Billion)
43 Asia Pacific: Pallet Truck Market, By Country, 2020-2028 (USD Billion)
44 China: Pallet Truck Market, By Type, 2020-2028 (USD Billion)
45 China: Pallet Truck Market, By Application, 2020-2028 (USD Billion)
46 India: Pallet Truck Market, By Type, 2020-2028 (USD Billion)
47 India: Pallet Truck Market, By Application, 2020-2028 (USD Billion)
48 Japan: Pallet Truck Market, By Type, 2020-2028 (USD Billion)
49 Japan: Pallet Truck Market, By Application, 2020-2028 (USD Billion)
50 South Korea: Pallet Truck Market, By Type, 2020-2028 (USD Billion)
51 South Korea: Pallet Truck Market, By Application, 2020-2028 (USD Billion)
52 Middle East & Africa: Pallet Truck Market, By Type, 2020-2028 (USD Billion)
53 Middle East & Africa: Pallet Truck Market, By Application, 2020-2028 (USD Billion)
54 Middle East & Africa: Pallet Truck Market, By Country, 2020-2028 (USD Billion)
55 Saudi Arabia: Pallet Truck Market, By Type, 2020-2028 (USD Billion)
56 Saudi Arabia: Pallet Truck Market, By Platform, 2020-2028 (USD Billion)
57 UAE: Pallet Truck Market, By Type, 2020-2028 (USD Billion)
58 UAE: Pallet Truck Market, By Platform, 2020-2028 (USD Billion)
59 Central & South America: Pallet Truck Market, By Type, 2020-2028 (USD Billion)
60 Central & South America: Pallet Truck Market, By Application, 2020-2028 (USD Billion)
61 Central & South America: Pallet Truck Market, By Country, 2020-2028 (USD Billion)
62 Brazil: Pallet Truck Market, By Type, 2020-2028 (USD Billion)
63 Brazil: Pallet Truck Market, By Application, 2020-2028 (USD Billion)
64 Toyota Industries: Products Offered
65 Hyster Company: Products Offered
66 Jungheinrich: Products Offered
67 STILL: Products Offered
68 Godrej Material Handling: Products Offered
69 RICO MANUFACTURING: Products Offered
70 NIULI MACHINER: Products Offered
71 PR Industrial Products Offered
72 Nido Machineries Pvt Ltd: Products Offered
73 Crown Equipment Corporation: Products Offered
74 Q Laboratories: Products Offered
75 Other Companies: Products Offered
List of Figures
1. Global Pallet Truck Market Segmentation & Research Scope
2. Primary Research Partners and Local Informers
3. Primary Research Process
4. Primary Research Approaches
5. Primary Research Responses
6. Global Pallet Truck Market: Penetration & Growth Prospect Mapping
7. Global Pallet Truck Market: Value Chain Analysis
8. Global Pallet Truck Market Drivers
9. Global Pallet Truck Market Restraints
10. Global Pallet Truck Market Opportunities
11. Global Pallet Truck Market Challenges
12. Key Pallet Truck Market Manufacturer Analysis
13. Global Pallet Truck Market: Porter’s Five Forces Analysis
14. PESTLE Analysis & Impact Analysis
15. Toyota Industries: Company Snapshot
16. Toyota Industries: SWOT Analysis
17. Hyster Company: Company Snapshot
18. Hyster Company: SWOT Analysis
19. Jungheinrich: Company Snapshot
20. Jungheinrich: SWOT Analysis
21. STILL: Company Snapshot
22. STILL: SWOT Analysis
23. Rico Manufacturing: Company Snapshot
24. Rico Manufacturing: SWOT Analysis
25. Godrej Material Handling: Company Snapshot
26. Godrej Material Handling: SWOT Analysis
27. Niuli Machiner: Company Snapshot
28. Niuli Machiner: SWOT Analysis
29. PR Industrial Company Snapshot
30. PR Industrial SWOT Analysis
31. Nido Machineries Pvt Ltd: Company Snapshot
32. Nido Machineries Pvt Ltd: SWOT Analysis
33. Crown Equipment Corporation: Company Snapshot
34. Crown Equipment Corporation: SWOT Analysis
35. Q Laboratories: Company Snapshot
36. Q Laboratories: SWOT Analysis
37. Other Companies: Company Snapshot
38. Other Companies: SWOT Analysis
The Global Pallet Truck Market has been studied from the year 2019 till 2028. However, the CAGR provided in the report is from the year 2023 to 2028. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Pallet Truck Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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