What is Pallet Truck?
A pallet truck is a kind of equipment used in the operation of an industrial. These trucks are used for easy operation material handling and movement processes. These trucks are majorly used in the industries where they enable the movement and handling of loads heavier than those that can be done by a human alone. The trucks are made like a structure tapered forks slot underneath and the pump handle can then be used to raise and lower the load. A pallet truck is a basic form of forklift often used and best suited to a warehouse environment, for the moving of pallets and palletized loads. These trucks are useful for boosting the efficiency of manual tasks in warehouse environments, turning a multiple-person job into a one-man job.
The market study is broken down and major geographies with country level break-up.
The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market in the near future. Players are anticipated to focus on the development of electric and hydraulic compounds, which is likely to encourage the growth of the global market throughout the forecast period. Analysts at AMA Research estimates that Manufacturers from United States will contribute to the maximum growth of Global Pallet Truck market throughout the predicted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Hyster-Yale Group, Inc., (United States), RICO Manufacturing, Inc. (United States), Nido Machineries Pvt Ltd (India), Noveltek Industrial Manufacturing Inc. (Taiwan), CUMI MHE (India), Godrej & Boyce Manufacturing Co. Ltd (India), Linde Material Handling (Germany), SafetyLiftinGear (United Kingdom), Jost's Engineering Company Limited (India) and Toyota Material Handling Europe AB (Sweden) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are PTB Special Product (Netherlands), Jungheinrich AG (Germany) and Crown Equipment (United States).
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Pallet Truck market by Type, Application and Region.
On the basis of geography, the market of Pallet Truck has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Online will boost the Pallet Truck market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Lifting Capacity, the sub-segment i.e. Less Than 2000kg will boost the Pallet Truck market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Operating Mode, the sub-segment i.e. Semi electric will boost the Pallet Truck market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Retail will boost the Pallet Truck market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
In December 2021 – CLARK the manufacturer of engineering Equipment Company launches the high lift pallet truck PSX16. This type of pallet truck is a foldable ride-on platform and suitable for the economical transport of goods over long distances as well as for the storage and retrieval of goods on higher racking levels.
Market Trend
- Inclination towards the adoption of electric pallet trucks
Market Drivers
- Growing industrialization is anticipated to drive the demand for pallet trucks
Opportunities
- Raising brand awareness is anticipated to create opportunities in the forecast period
Restraints
- Rising concerns regarding the efficacy of pallet trucks
Challenges
- High competition in the market due to the presence of a large number of manufacturers
Key Target Audience
Manufacturers of Pallet trucks, Suppliers of pallet trucks, Wholesalers, Distributors, and Retailers of pallet Truck, Research and Development (R&D) Companies, Research Organization and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.