- Rising demand for SME's making Asia Pacific a lucrative market for pallet jack manufacturers
NEW YORK, March 4, 2021 /PRNewswire/ -- 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.
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Key Takeaways
- 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
Prominent Drivers
- 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
Key Restraints
- 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
Discover more about the Pallet Jack market with 119 figures and 136 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/4958/pallet-jack-market
Competitive Landscape
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.
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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?
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