The pallet trucks market to reflect an impressive 6.03% value CAGR during the forecast period, 2018 to 2028.
Rockville, MD -- (SBWIRE) -- 06/17/2019 -- Also known as pallet jacks, pallet pumps, or pump trucks, pallet trucks are commonly used equipment that are meant for carrying and transporting pallets, usually over short distances in warehouses. Pallet trucks can be broadly divided into on the basis of their operating systems into manual, powered and rough terrain variants.
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Tech Innovations Improve on Functionality
Currently, the pallet truck industry is adopting a number of innovations which are focused in improving performance for silent function, protection to sensitive floors, better grip, and user safety. In addition, the electrification of pallet trucks through lithium ion batteries are also expected to rapidly gain popularity in terms of labor reduction.
Further, warehouse facilities are increasingly growing larger, and as land constraints are increasingly becoming a problem, warehouse builders are opting for vertical expansions. Consequently, pallet truck manufacturers are designing products that can reach greater heights even up to 10 levels, which has the potential to increase warehouse capacity by more than 20 per cent. This trend is expected to play a key role in the growth of the pallet trucks market.
Functional Limitations Challenge Manufacturers
As is evident, pallet trucks are expected to continue playing a significant role in the warehouse and pallet transport operations for the foreseeable future. However, pallet trucks have some essential limitations that restrict the rate of adoption and allow competing alternatives a chance to encroach on market share.
These include the inability for reversible pallets to be used, the inability of forks being inserted into the notches of stringer pallets, and in case the front wheels extent to the floor, double faced non reversible pallets cannot be fitted with deck boards. These limitations are expected to hinder growth for the near future.
Pallet Trucks Market: Overview
The global pallet trucks market has been studied extensively to identify key insights on performance for the period between 2017 and 2026. This report provides essential data on market developments on the basis of macro and microeconomic factors that affect market growth, in addition to predicting growth trajectories in the pallet trucks market.
The report will also give readers reliable data on market changes, on the terms of competitive activities and challenges to new entrants. This can help participants to identify and make use of use sustainable avenues of revenue. To boost the understanding of readers, the report is systematically separated into chapters. A chapter on market segmentation has also been included to provide crucial data on estimates of growth. Readers will also learn about regional assessments of major influencers, in addition to a nation-wise analysis and forecast for pallet trucks market.
Pallet Trucks Market: Competition Landscape
This portion of the report offers essential information on major participants in the market. Dashboards have been created of each profile, with key insights on factors such as their SWOT analysis and product portfolio, market contribution, and new developments which will aid the readers' understanding about the competitive environment.
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