Pallet Trucks Market Business Opportunities, Segmentation and Regional Overview
Posted by Preet on August 5th, 2019
Pallet trucks have gained paramount importance across industries worldwide, as they save precious man hours and expenditure on labor wages regarding movement & storage of pallets. This further enables industries to focus their manpower more on core responsibilities. Pallet trucks have been renowned as a cost-effective, versatile, and user-friendly alternative to other relevant equipment such as forklifts. Pallet trucks have demonstrated continuous safety, practicality, and durability improvements in the recent past.
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Current innovation areas of pallet truck manufacturers include basic components such as wheels, with several models being equipped with polyurethane wheels to enable silent running, improved grip, and higher protection against smooth & delicate floors. Several types of pallet trucks, along with relevant equipment, are benefitting from latest innovations in the heavy-duty construction equipment with regard to durability and safety. A recent Fact.MR study projects the pallet trucks market to reflect an impressive 6.03% value CAGR during the forecast period, 2018 to 2028.
Numerous advanced pallet trucks’ availability across the globe have driven their demand across industrial sectors, with focus toward production evolving in tandem with application areas. Manual stackers, for instance, demonstrate increased demand in safe, quick, and convenient lifting & transportation of palletized loads. High-lift pallet trucks have been developed, which incorporate features such as lateral stabilizers and telescopic jacks, thereby enabling automatic speed decline to prevent damages to heavy cargo.
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Ever-growing development of the electric hydraulic technology is currently leading the pallet truck advancements beyond transportation of heavy goods toward prevention of musculoskeletal injuries in the material handling industry. Modern day pallet trucks, through combination of hydraulic and electric technology, are being motorized for enabling effective lifting & transportation of heavy stacked pallets. Additionally, novel safety features in these powered pallet trucks, such as dead man’s switch, enable taking necessary actions such as halting the machine during emergency situations.
Over the past few years, warehouses have witnessed development in several ways, ranging from function to form. Constant transformation in warehousing is considered to be a consequence of changing procurement, distribution, and production methods. New lease of life is being beguiled by the warehousing industry, which is gaining popularity as the end-customer distribution platform, disregard of just-in-time methods being used.
The need for optimal warehousing has elucidated the imperativeness of technologically-advanced material handling equipment such as pallet trucks. Growing consumer preference for online shopping has bolstered growth of ecommerce, thereby leading to rising number of warehouses. Expanding warehouse spaces for shipment of products has furthered the adoption of pallet trucks, which facilitate movement and storage of goods.
