Rising demand for SME's making Asia Pacific a lucrative market for pallet jack manufacturers
Fact.MR's report on global pallet jacket market projects a steady recovery in 2021, as manufacturing output recuperates from COVID-19 impact. After a decline of 8,000 units in 2020 over 2019, pallet jack manufacturers can expect a spike in demand. Fact.MR's analysis estimates pre-COVID sales to resume by Q3-2021. The Fact.MR study projects a bullish long-term outlook, estimating sales to grow at 9% through 2030.
"Recovery in chemical, automotive, and food & beverages is likely to provide momentum to pallet jack sales in 2021. The ascendancy in e-commerce has offset some of the decline from traditional industies, and we believe that demand from this channel will only grow in this decade," says a Fact.MR analyst.
SMEs demand for pallet jacks will continue to be significant, driven by their low cost vis-à-vis industrial trucks
Manufacturing sector will account for nearly 60% share
Increasing penetration of e-commerce is giving tailwinds to pallet jacks sales in logistics
Powered pallet jack segment accounts for nearly 80% share
Pallet jack sales in Europe set to recover in 2021, with UK, France, Germany, Italy accounting for bulk of the demand
Innovation a key focus area for pallet jack manufacturers in Japan and South Korea
Growing focus on improved productivity among SMEs will continue to boost adoption
Digitization and expansion of regional supply-chain to drive productivity
Consistently rising demand from manufacturing, retail, and e-commerce will propel pallet jack market growth
Pallet jack demand is heavily influenced by macro factors, and fluctuations in demand-supply continue to prevail
Due to Covid-19, demand-side setbacks to cause production lines to desist the operations, affecting the sales
Raymond Corporation, Komatsu Ltd., Kion Group AG, Jungheinrich AG, Hyster-Yale Material Handling Inc., Toyota Industry Corporation, Mitsubishi Caterpillar Forklift America Inc., Doosan Industrial Vehicle Co. Ltd., Anhui HeLi Co. Ltd., and Clark Material Handling Co. Ltd. are some of the key players profiled by Fact.MR.
In 2020, Doosan launched a new lithium-ion powered pallet truck- LPM15N-7 with a maximum capacity of 1-5 tons, which is ideally required for retail and e-commerce environments.
In 2019, Crown Equipment Corporation announced the expansion of Crown WP series pallet truck through online stores to cater the demand from the end-user industries. They announced the launch of most durable electric palter truck with features like wet swing-out batteries, built-in charger, battery straps and drive/tow switch.
More Valuable Insights on Pallet Jack Market
Fact.MR, in its new offering, presents an unbiased analysis of the global Pallet Jack market. The study divulges essential insights on the Pallet Jack market on the basis of product (manual pallet jacks and powered pallet jacks), capacity (below 2.5 tons, 2.5-5 tons, and above 5 tons), end-use (logistics, retail, food & beverages, automotive, pharmaceuticals, chemicals, general manufacturing, and aerospace & defense), and across six major regions.
Key Questions Covered in the Report
How will pallet jack demand grow in the future?
What factors are likely to drive pallet jack demand in the future?
What challenges are pallet jack manufacturers facing?
What are the key strategies of pallet jack manufacturers?
Explore Fact.MR's Coverage on the Industrial Goods Domain
Pallet Tines Market: Fact.MR's global pallet tines market study offers analysis for the period 2021 to 2031. The study covers pallet tines growth in 20+ countries, tracking sales and demand across key segments. The report also provides a detailed and updated competitive landscape section, where profiles of key players have been analyzed.
Automated Guided Vehicles Market: Fact.MR's incisive coverage on the Automated Guided Vehicles market explicates on the key drivers, trends and opportunities expected to prevail across prominent segments and key geographies for the forthcoming assessment period. Additionally, details about prominent manufacturers and their revenue shares have also been incorporated.
Pallet Trucks Market: Fact.MR, in its new offering, provides an unbiased analysis of the global Pallet trucks market, presenting historical demand data (2014-2018) and forecast statistics for the period, 2019-2028. The study divulges compelling insights on the Pallet trucks market on the basis of control type (manual, semi-electric, diesel, compressed natural gas), load capacity type (below 2,000KG, 2,000-4,000 KG, 4,000-6,000 KG, above 6,000KG), product type (standard, quarter, silent, weighing, scissor), applications type (food & beverages, retail store, wholesale distribution, logistics & manufacturer) across seven major regions.
Market research and consulting agency with a difference! That's why 80% of Fortune 1,000 companies trust us for making their most critical decisions. We have offices in US and Dublin, whereas our global headquarter is in Dubai. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Reach out to us with your goals, and we'll be an able research partner.