The pallet jack market relates to the manufacturing, distribution, and sale of pallet jacks. A pallet jack is a type of material handling equipment used in warehouses, distribution centres, and other industrial settings to raise and transport pallets of items.Factors such as the expansion of the e-commerce industry, rising need for efficient and cost-effective material handling solutions, and the need for greater workplace safety are driving the global pallet jack market. Pallet jacks are classified into three types: manual pallet jacks, electric pallet jacks, and rider pallet jacks, each with its own set of characteristics and benefits.
The market is very competitive, with several established industry companies such as Toyota, Crown Equipment, Raymond, Jungheinrich, and Hyster-Yale Materials Handling. New firms are also entering the market with innovative solutions, such as autonomous pallet jacks that can transport items without the need for human intervention.
The pallet jack market is likely to expand in the future years, driven by increased automation and the demand for enhanced efficiency and safety in material handling. The COVID-19 epidemic has also increased demand for automation in a variety of industries, including warehousing and logistics, which will drive additional expansion in the pallet jack market.
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Key Segments of Pallet Jack Market
- Manual Pallet Jacks
- Powered Pallet Jacks
- Below 2.5 Tons
- 2.5 to 5 Tons
- Above 5 Tons
- Food & Beverages
- General Manufacturing
- Aerospace & Defence
- North America
- Latin America
- East Asia
- South Asia
Global Pallet Jack Market: Scope of the Report
The recent global pallet jack market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on the key drivers, restraints, opportunities, and threats to the expansion of the global pallet jack market. A detailed segmental analysis based on product, capacity, and end use has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution, and market value analysis provides an in-depth perspective about the future scope of the global pallet jack market. In addition, a separate section on market structure has also been provided. The section provides detailed analysis of key market players and their strategies for increasing their pallet jack market share over the coming years.
Key Takeaways from Global Pallet Jack Market Study
- The powered pallet jacks segment is expected to account for more than 60% of total pallet jack sales in 2020.
- There will be close competition in end-use segments between the automotive and pharmaceutical sectors for pallet jack sales over the forecast period.
- The below 2.5 tons segment leads the pallet jack market, and will gain 180 BPS in its market share by the end of 2030.
Europe is foreseen to remain a prominent region, accounting for more than 40% of the global share in the pallet jack market.