The new pallet trucks market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Pallet Trucks Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the rising need for pallet trucks," says a senior analyst for industrials at Technavio. The vendors should focus on growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover Technavio expects the pallet trucks market size to grow by USD 989.50 million during the period 2020-2024.
Pallet Trucks Market Segment Highlights for 2020
- The pallet trucks market is expected to post a year-over-year growth rate of -2.87%.
- Based on the end-user, the automotive industry segment led the market in 2019. Factors such as the demand for spare parts, servicing of the existing trucks, as well as new trucks, will drive the global pallet trucks market.
- The market growth in the segment will be significant during the forecast period.
Regional Analysis
- 53% of the growth will originate from the APAC region.
- The increased R&D of new types of batteries, the rising popularity of autonomous vehicles, and growing innovations in the pallet trucks market will significantly influence pallet trucks market growth in APAC during the forecast period.
- China and Japan are the key markets for pallet trucks in APAC. This report provides an accurate prediction of the contribution of all segments to the growth of the pallet trucks market size.
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Notes:
- The pallet trucks market size is expected to accelerate at a CAGR of almost 4% during the forecast period.
- The pallet trucks market is segmented by end-user (Automotive industry, Food and beverage industry, Retail industry, and Other industries) and geography (APAC, Europe, North America, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Crown Equipment Corp., Godrej Boyce Manufacturing Co. Ltd., Uvundlu Investments Holdings (Pty) Ltd., Hyster-Yale Materials Handling Inc., Hyundai Heavy Industries Co. Ltd., Jungheinrich AG, KION GROUP AG, Noveltek Industrial Manufacturing Inc., Presto Lifts Inc., and Toyota Motor Corp.
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