- Reduced Activities in End-use Industries amidst COVID-19 Pandemic Impeding Sales Prospects
- Logistics sector is the largest end-user market
The global pallet jack market is a niche in nature and is projected to rise at a value CAGR of 9% over the forecast period. Pallet jacks are primarily used in factory or warehouse premises to move material. The outbreak of COVID-19 will have a marginal effect on the demand for pallet jacks. Sales are projected to decline by 8,000 units in 2020 as compared to 2019. However, the resumption of manufacturing operations in prominent countries such as China, the US, India, and Germany would boost the growth of the pallet jack market in the near future.
According to a study, global demand for pallet jacks will hit a valuation of US$ 242 million by 2030 end.
Key Takeaways from Global Pallet Jack Market Study
- The powered pallet jacks segment is expected to account for more than 60% of total pallet jack sales in 2020.
- There will be close competition in end-use segments between the automotive and pharmaceutical sectors for pallet jack sales over the forecast period.
- The below 2.5 tons’ segment leads the pallet jack market, and will gain 180 BPS in its market share by the end of 2030.
- Europe is foreseen to remain a prominent region, accounting for more than 40% of the global share in the pallet jack market.
“Nowadays, preference for pallet jacks on a rental basis rather than purchasing has become a key trend among various end-use verticals. New entrants in the rental business are frequently examining the workflow and modernizing their business processes, which, in turn, is foreseen to boost the growth of the pallet jack market,” says an analyst.
Manufacturers of pallet jacks are actively engaged in accommodating a surge in the demand for end uses. Renowned players are doing Greenfield and Brownfield investments to adopt electric technologies in their modern industrial trucks, which, in turn, will proliferate the sales of pallet jacks. Some of the prominent players launching new products include-
- In 2019, Hangcha Group Co., Ltd. introduced the A-Series mini pallet jacks. This product can pick up two pallets stacked on top of each other at the same time, and cut operating time by half.
- In 2019, CLARK added a new product to its product portfolio by launching the WPL25 Lithium powered pallet jack. This new enhanced version of HWXE/PWXE features larger, wider drive wheels, new handles, and larger platforms.
These insights are based on a report on Pallet Jack Market by Fact.MR.