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A pallet truck is a material handling tool, generally used in warehouses to lift and move pallets. Pallet trucks are the basic form of a forklift. They are designed to move the light or heavy pallets within a warehouse or factory facility. Pallet trucks are used for the safe and efficient movement of goods with little effort. There are two types of pallet trucks — manual pallet trucks and electric powered pallet trucks. Manual pallet trucks have a jack that is used to move and lift the pallet truck. Electric powered pallet trucks have a motor built into it, which does the work of moving and lifting the pallet truck.

Based on end-user, the global pallet trucks market has been segmented into the following:

• Automotive industry

• Food and beverage industry

• Retail industry

• Other industries

Based on geography, the global pallet trucks market has been segmented into the following:


• Europe

• North America

• South America


The exhibit below provides an illustrative view of the offerings that are included to create the market definition of the global pallet trucks market. This market definition has a significant impact on the market sizing provided in the report.

VendorProducts/Services included in the market definition
NINGBO SANSTAI Machinery Co., Ltd.Pallet trucks
Crown Equipment Corp.Pallet trucks
Godrej & Boyce Manufacturing Co. Ltd.Pallet trucks
Uvundlu Investments Holding Inc.Pallet trucks
Hyster-Yale Materials Handling Inc.Pallet trucks
Hyundai Heavy Industries Co. Ltd.Pallet trucks
Jungheinrich AGPallet trucks
KION GROUP AGPallet trucks
Noveltek Industrial Manufacturing Inc.Pallet trucks
Presto Lifts Inc.Pallet trucks
Toyota Motor Corp.Pallet trucks


The global pallet trucks market has been analyzed based on various dimensions and segments to help suppliers within the industry gain a better understanding of the structure of current demand and the components of demand that will drive growth in the future. It is expected that suppliers in the global pallet trucks market outperform the overall industry would focus on the higher potential segments within the market.The end-user and geography segment of the global pallet trucks market has been
reviewed both qualitatively and quantitatively.


Segment nameDescription
End-userAutomotive industry, food and beverages industry, retail industry, and other industries
GeographyAPAC, Europe, North America, South America, and MEA


Recent trends and developments in the global pallet trucks market have been tracked and quantified to size the market in 2019. The market size for 2019 has been developed by considering the following factors.To estimate the market size of the global pallet trucks market, Technavio has tracked
the recent trends and developments in the industry. The market size has been developed in terms of value/volume by considering the following factors:

• Ex-manufacturer sales: Price when sold from manufacturer to dealers or direct to consumers) reported by vendors in the industry. The market size excludes all discounts and allowances, government subsidies, and rebates.
• Regional/Country reports: Goods and services imported from region/country have been included in the market definition.
• Revenues: Taken in local currencies, if not available in US dollars, for each country and vendor and then converted to US dollars using the yearly average currency exchange rate of 2019, the base year. This implies that the figures reflect industry trends, not distorted by fluctuations in international exchange rates.
• Exclusions: The report does not consider the effect of inflation and price fluctuation over the forecast period.
• Currency: Unless explicitly mentioned, all revenues are represented in US dollars.

The market sizing has been built and validated using multiple demand-side and supplyside approaches for a detailed understanding of the pallet trucks market. The specific market sizing approaches used for evaluating the pallet trucks market are:
• Top down: Validated the market based on the contribution of pallet trucks
market to the overall global industrial machinery market
• Bottom up: Validated the market based on the revenue and/or volume of key
industrial truck manufacturing companies offering pallet trucks
• Primary research: Validation of Technavio estimates with inputs from industry participants across the value chain, including but not limited to industrial machinery manufacturing companies, distributors of industrial machinery, industrial machinery manufacturers associations and organizations, and industry key opinion leaders (KOLs)
Within the above-mentioned market sizing models, analysts have made assumptions and estimates listed below:
• Revenue generated by the industrial trucks manufacturing companies
producing pallet trucks
• Investments related to CAPEX from the industrial sector
• Greenfield projects, brownfield projects, retrofits, and maintenance and installation services
For this report, we have also used the following macro data in modeling the market size
for 2019:
• GDP growth
• Commodity price fluctuation
• Purchasing managers’ index (PMI)
Based on the above data models, Technavio has estimated the total market for pallet trucks as $4,678.13 million in 2019


The market outlook has been developed by studying the combined impact of factors that drive growth, in conjunction with the challenges faced by the industry, to estimate a compounded annual growth rate of 3.91% between 2019 and 2024.

The global pallet trucks market was valued at $4,678.13 million in 2019 and is estimated to grow to $5,667.63 million in 2024. This will create an incremental growth opportunity worth $989.5 million between 2019 and 2024, which translates to around 22% of the market size in 2019.

While the global pallet trucks market will show overall growth, there will be years of growth and decline mixed together between 2019 and 2024. The year-on-year growth will vary between a range of 7.21% and -2.87%, indicating an environment of stability in the market.


Model developing and high-growth markets is a challenge given the uncertainties around the evolution of the market. Hence, Technavio start by developing an optimistic and pessimistic range and then use it to build a realistic estimate of the market size based on various market modeling techniques and inputs from industry participants.


Mature markets are characterized by stable and high adoption rates, having a moderate growth rate due to several factors, including:
• Technology maturity
• Availability of substitutes
• Low level of the addressable market
The 3.91% growth forecast is a realistic assessment of the market. However, the market could grow at a rate higher than the projected figure if the following factors come into play:
• Increase in adoption level
• Increase in replacement demand
Conversely, the 3.91% growth forecast could be missed with the market growing slower than expected if the following factors come into play:
• Increasing competition from local or regional players
• Disruption from technologically advanced products
• The decline in CAPEX by major end-user segments

The rising sales of the global e-commerce industry are expected to fuel the market for pallet trucks, as e-commerce companies will increase the number of warehouses and distribution centers near cities to facilitate last-mile delivery. E-commerce sales are
increasing due to the growing number of online shoppers and rising Internet penetration across the world.
The global pallet trucks market is also expected to grow due to the growing sales of packaged food. As the packaged food market is competitive, it is important for the vendors to make sure that their products are available throughout the year. This will compel the companies to set up their warehouses near cities, making the product is available throughout the year. This rise in the number of warehouses is expected to increase the demand for pallet trucks.
There are certain impeding factors for the global pallet trucks market, such as rising sizes of the warehouses, which are expected to lower the growth of the manual pallet trucks.
With the growth in warehouse sizes, the need for replacing manual pallet trucks increases, as it becomes strenuous to pull the pallet trucks for longer distances. In addition, as the rent of warehouses is rising, warehouse owners and operators are trying
to utilize the overhead space to increase space optimization and density. As the lifting capability of the pallet trucks market is limited, it is expected to slow down the growth of pallet trucks.
The market in focus faced major challenges in 2020 due to the outbreak of COVID-19 across the world. All the major economies such as the US, China, and European countries such as Germany, Italy, and Spain are facing a severe COVID-19 outbreak,leading to discontinuation in business activities, except essential services. This will significantly impact capital investment in industrial activities by the end-users across the world, which will reduce the demand for pallet trucks during the forecast period.

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