Pallet Truck Market Growth Prospect 2018 | Historical Analysis, Current Market Situation, Forecast Report Up To 2023: Radiant Insights, Inc.
Global Pallet Truck Market is estimated to witness substantial growth in the coming years due to growing e-commerce industry that ultimately demands warehouses. Pallet truck is a manually operated wheeled trolley used in industries and warehouses for moving goods from one place to another within a warehouse. Pallet trucks can be ideally used in transportation for partial or full pallet loads at comparatively long distances. They are also used loading and unloading trucks for low-level order picking. They reduce the time, efforts, and streamline the jobs in the industries. Each pallet truck has its own weight capacity, hence it should not be overloaded, which otherwise may affect the efficiency.
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The key drivers of pallet truck market include emerging e-commerce industry, increasing internet penetration that stimulates online shopping, increasing need for warehouses, rise in number of distribution centers, growing demand for pallet trucks from various industries, improving living standards of consumers, and growing demand for consumer products. Furthermore, increase in demand from automotive companies for applications, such as moving parts, material handling, assembling and storing of components is also driving the pallet truck market.
Nonetheless, growing innovations in pallet trucks for improved solutions to the end users is one of the latest trends in the market. These developments will speed up various process and increase the productivity for industries. Additionally, increasing adoption of growth strategies by market players like strategic alliance for improving their product portfolio and strengthening the market presence.
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One of the leading players in the pallet truck market, Yale Materials Handling Corporation declared the debut of its new pallet series to assist in industrial operations, improve labor efficiency, enhance throughput in order picking process, unloading procedure, and other associated warehouse tasks. The improved truck designed by the market player is work-environment-friendly, improves productivity, and maintenance-friendly. Moreover, it overcomes the labor challenges and prevents the cost pressures faced by supply chain processes. In terms of service, the end rider offers extended service of up to 1000 hours. While on-duty, the maintenance-friendly design delivers quick and secure access to the major components, enabling service duties accomplished in reduced time. The fork lights and LED platform alerts the operator and improve visibility in congested or reduced light areas, such as dark trailers and dim storage aisles, which helps avoid avoidable costs due to equipment damage.
The major pallet truck market players in the market comprise RICO Manufacturing, Crown, NOVELTEK, Toyota, Hyster Company, Douglas Equipment Company, CONHERSA, Lokpal Industries, Godrej Material Handling, Patel Material Handling Equipment, Yale Materials Handling Corporation, Puma Lift Trucks, STILL Materials Handling, Jungheinrich, Mighty Lift, Ningbo Ruyi Joint Stock, PalletTrucksUK, Sroka Incorporated, and The Raymond Corporation.
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