Market players will be attaining prominence through increasing product launches over the years to come.
ROCKVILLE, MD / ACCESSWIRE / September 21, 2020 / The global pallet jack market is anticipated to expand at an impressive CAGR of about 9% all through the forecast period (2020-2030). The extensive use of pallet jacks in warehouses or factory premises is complementing the market growth. However, the ongoing COVID-19 outbreak has caused a dent in the growth of the manufacturing sector and this has consecutively influenced the pallet jack market too. While, manufacturing has been revived in several regions such as South Asia, Europe, and East Asia. Accordingly, the pallet jack market is poised to touch its original growth rate by the third quarter of 2021.
"Demand-side shortfalls due to COVID-19 pandemic are inducing factories to cease operations. Therefore, the pallet jack sales are anticipated to decline in the third & fourth quarter of 2020," says the Fact.MR report.
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Pallet Jack Market - Key Takeaways
- By product, the powered pallet jacks segment accounts for 80% revenue
- By end-use, the manufacturing industry accounts for nearly 60% share of the market
- While the logistics sector is gaining traction owing to increasing e-commerce shopping, registering an impressive CAGR of 12%
- Asia will emerge as a lucrative region due to significant progress in both South & East Asia
- Presence of several small enterprises in Europe will create demand for pallet jacks.
Pallet Jack Market - Drivers
- Market incumbents are engaged in renting pallet jacks instead of buying them, to frequently examine the workflow and modernizing their business procedure
- Governments are working with stakeholders to provide momentum in construction and infrastructure, which would further increase the pallet jack market size over the years to come
Pallet Jack Market - Constraints
- Pallet jacks, when compared to forklifts, do not have much lifting power and height which can hinder market growth
- Manual attribute of pallet jacks might not allow carrying goods for making transport difficult, impacting the market sales
Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 pandemic has adversely impacted the pallet jack market. A notable drop in production has affected associated industries and, in turn, is negatively impacting the demand growth. That said, the market is anticipated to recover with the help of governments to revive the industries and further boosting market size in the coming years.
Explore the global Pallet Jack market with 119 figures, 136 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/4958/pallet-jack-market
Competition Landscape
Key players identified in the global Pallet Jack Market are Jungheinrich AG, Toyota Motor Corporation, Raymond Corporation, Caterpillar Inc., Yale Materials Handling Corporation, Clark Material Handling Company Inc., Komatsu Ltd., Crown Equipment Corporation, UniCarriers Corp., Godrej Material Handling, Combilift Ltd., Carborundum Universal Limited (CUMI), Patel Material Handling Equipment, Jost's Engineering Company Limited, Niuli Machinery Manufacture Co., Ltd, Noveltek Industrial Manufacturing Inc., Ningbo Ruyi Joint Stock Co., Ltd., Mitsubishi Caterpillar Forklift America Inc. and Wesco Industrial Products, LLC.
More on the Report
The FACT.MR's market research report provides in-depth insights into the pallet jack market. The market is scrutinized on the basis of product (powered pallets jacks and manual pallets jacks), capacity (below 2.5 tons, 2.5 to 5 tons and above 5 tons), and end use (logistics, manufacturing, retail, automotive, food & beverages, chemicals, pharmaceuticals, aerospace & defence and general manufacturing) across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).
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SOURCE: Fact.MR
View source version on accesswire.com:
https://www.accesswire.com/606974/Pallet-Jack-Market-to-Reach-a-US-242-Mn-by-2030-COVID-19-Outbreak-Continues-to-Affect-the-Market-Growth-FactMR
