With the ecommerce sector and online shopping on the rise, demand for warehouses has surged. These warehouse spaces that handle product shipments entail the requirement for material handling equipment, and pallet trucks are among the imperative equipment used in warehouses. Pallet trucks are therefore witnessing high demand in tandem with warehouses, as they facilitate movement of goods and require lesser floor area. Innovations in pallet trucks development, with incorporation of advanced technologies, such as hydrogen fuel-cell, for enhancing the process efficiency and productivity is a key trend influencing growth of the pallet trucks market. Fact.MR’s recent analytical research report offers a 10-year forecast on pallet trucks market for the period between 2018 and 2027. This holistic and exhaustive analysis on pallet trucks market offers valuable insights and comprehensive assessment on key factors impacting the market growth.
Effective maneuverability and value added in material handling operations are primary attributes of pallet trucks, which have led their widespread employment across logistics and industrial workplaces. Pallet trucks and relevant advancements are considered as prime solution in the digital age, with optimum turnaround times of delivering orders becoming a differentiating parameter. Ergonomic handling and robust design of pallet trucks are further complementing their adoption in every warehouse, manufacturing plant, and retail store.
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Prospects of the pallet trucks market continue to be positive, according to a recent Fact.MR study that estimates global sales of pallet trucks to bring in approximately US$ 1,400 Mn by 2028-end. Constantly increasing need for shipping new products & orders, coupled with increased operator convenience offered by pallet in safe & smooth pulling heavy loads will augur well for future expansion of the market.
Numerous advanced pallet trucks’ availability across the globe have driven their demand across industrial sectors, with focus toward production evolving in tandem with application areas. Manual stackers, for instance, demonstrate increased demand in safe, quick, and convenient lifting & transportation of palletized loads. High-lift pallet trucks have been developed, which incorporate features such as lateral stabilizers and telescopic jacks, thereby enabling automatic speed decline to prevent damages to heavy cargo.
Pallet Trucks Market: Electric Pallet Trucks Spearhead with Hydraulic Counterparts on the Trail
Ever-growing development of the electric and hydraulic technology is currently leading the pallet truck advancements beyond transportation of heavy goods toward prevention of musculoskeletal injuries in the material handling industry. According to the study, electric technology will remain at the forefront of the pallet trucks market, trailed by the hydraulic technology.
Modern day pallet trucks, through combination of electric and hydraulic technology, are being motorized for enabling effective lifting & transportation of heavy stacked pallets. Additionally, novel safety features in these powered pallet trucks, such as dead man’s switch, enable taking necessary actions such as halting the machine during emergency situations.
Pallet Trucks Market: Preeminence of Warehouse Application Prevails
The study foresees warehouse application of pallet trucks to lead the market in the foreseeable future. Warehouses have demonstrated development in myriad ways, ranging from form to function, over the past couple of years. Changing procurement, production, and distribution methods have led significant transformations in warehousing industry. It is highly likely that the near future of the industry will remain positive, meanwhile gaining popularity as the prominent end-customer distribution platform, irrespective of the just-in-time methods being utilized.
Raymond’s Courier, Linde’s T-Matic, and Yale’s Driven by Baylo are key developments made in automatic guided pallet trucks that go beyond functioning of AGVs, moving independently around warehouses for lifting & storing pallets. A wide range of technologies, such as vision guidance systems, lasers, and GPS, are being incorporated in pallet trucks by manufacturers, enabling the equipment in mapping and navigating their environment. Such developments will significantly rub off on demand for pallet trucks in the near future.
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