PUBLISHER: The Business Research Company | PRODUCT CODE: 1664583
PUBLISHER: The Business Research Company | PRODUCT CODE: 1664583
A pallet truck is a specialized wheeled trolley or tool designed for lifting and transporting pallets, commonly used in industrial material handling and movement processes, particularly for the internal transport of goods within a warehouse.
The primary types of pallet trucks include standard, quarter, silent, weighing, and scissor models. A standard pallet truck is utilized for the swift horizontal movement and transportation of standard pallets within workspaces. It is operated through foot pedal and hand controls, featuring adjustable fork lowering speed. These trucks come in various load capacities categorized as below 2000 kg, 2000 - 4000 kg, 4000 - 6000 kg, and above 6000 kg. They are equipped with controls such as manual, semi-electric, electric, diesel, and compressed natural gas (CNG), catering to diverse end-use industries such as food and beverages, retail stores, wholesale distributions, freight and logistics, manufacturing, among others.
The pallet trucks market research report is one of a series of new reports from The Business Research Company that provides pallet trucks market statistics, including the pallet trucks industry global market size, regional shares, competitors with a pallet trucks market share, detailed pallet trucks market segments, market trends, and opportunities, and any further data you may need to thrive in the pallet trucks industry. This pallet trucks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The pallet trucks market size has grown strongly in recent years. It will grow from $40.86 billion in 2024 to $43.89 billion in 2025 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to automation and electrification trends, focus on safety and ergonomics, sustainability initiatives, customization and specialized solutions, rise in e-commerce activities.
The pallet trucks market size is expected to see strong growth in the next few years. It will grow to $61.19 billion in 2029 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to shift towards compact and versatile solutions, efficiency and productivity enhancement, market penetration in emerging economies, customization and specialized solutions. Major trends in the forecast period include industry 4.0 integration, efficiency and productivity improvements, compact and versatile solutions, integration of IoT and telematics, innovations in design and materials.
The global surge in e-commerce usage is anticipated to drive the growth of the pallet truck market. E-commerce, denoting the online sale of products and services, relies heavily on warehouses and stockrooms for storage, where pallet trucks play a crucial role in transporting goods over short distances. The evolving landscape of e-commerce is reshaping the entire supply chain, leading to an increased demand for pallet trucks. According to the U.S. Census Bureau's quarterly report, retail e-commerce sales for the third quarter of 2022 reached an estimated $1,792.0 billion, with e-commerce accounting for 14.8% of total sales. Consequently, the widespread adoption of e-commerce globally is propelling the pallet truck market.
The expansion of the manufacturing industry is expected to fuel the growth of the pallet trucks market in the future. The manufacturing sector encompasses industries involved in the transformation of goods, production, and trade based on the processing of raw materials and commodities. Pallet trucks are essential in the manufacturing industry for moving and transporting heavy loads over short distances, making them a crucial component in any warehouse or distribution facility. For example, in July 2024, data from the US Census Bureau, a US-based government agency, showed that the value of construction operations increased from $2.01 trillion in May 2023 to $2.14 trillion in May 2024. Consequently, the growth of the manufacturing industry is expected to boost the pallet trucks market.
A significant trend in the global pallet truck market is the adoption of electric vehicle technology. Key industry players are incorporating cutting-edge electric technologies into pallet trucks to gain a competitive advantage. For example, Linde Material Handling, a Germany-based warehouse equipment manufacturer, introduced the T14 - T20 series of electric pallet trucks in May 2022. These trucks feature lithium-ion batteries and sensor-based foot protection for enhanced safety during operations, reflecting the industry's trend toward electric vehicle technology.
Leading companies in the pallet truck market are concentrating on developing lithium-ion technology to improve battery life, shorten charging times, and enhance overall efficiency and performance. Lithium-ion technology is a type of rechargeable battery that facilitates efficient energy storage and high energy density by enabling the movement of lithium ions between the anode and cathode. For example, in August 2024, Clarks, a UK-based shoe retailer, introduced a new range of electric pallet trucks. This range includes four pedestrian-operated models from the WS and SWX series, with load capacities between 1.2 tons and 1.6 tons. The WS series features the WS12, WS12M, and WS10Mi models, while the SWX series includes the SXW12, SWX16, and SWX16 models.
In February 2024, Big Lift LLC, a US-based manufacturer of heavy lifting equipment such as forklifts and container handlers, acquired ePicker LLC for an undisclosed sum. The acquisition is intended to broaden Big Lift's product portfolio and enhance its market position. ePicker LLC, also based in the US, specializes in the production of electric pallet jacks, stackers, and other material handling equipment tailored for efficient operations in warehouses and logistics.
Major companies operating in the pallet trucks market include Jungheinrich AG, Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., Kion Group AG, Toyota Industries Corporation, Hyundai Heavy Industries Co. Ltd., Godrej & Boyce Mfg. Co. Ltd., Nilkamal Limited, PR Industrial S.R.L., Presto Lifts Inc., Noveltek Industrial Manufacturing Inc., Mitsubishi Logisnext Co. Ltd., Goscor Lift Truck Company (Pty) Ltd., STILL GmbH, Noblelift Intelligent Equipment Co. Ltd., Ningbo Ruyi Joint Stock Co. Ltd., Niuli Machinery Manufacture Co. Ltd., TVH Group NV, RICO Manufacturing Inc., Nido Machineries Pvt. Ltd., Patel Material Handling Private Limited, Puma Lift Trucks Pvt. Ltd., Bishamon Industries Corporation, CML Movimentazione SRL, Columbus McKinnon Industrial Products GmbH., EP Equipment Co. Ltd., Hinowa S.p.A., HYTSU GROUP, I-lift Equipment Ltd., Komatsu Ltd., Linde Material Handling GmbH, Manitou Group
North America was the largest region in the pallet trucks market in 2024. The regions covered in the pallet trucks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the pallet trucks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The pallet trucks market consists of sales of pallet pump, pump truck, and pallet jack which are used for lifting and moving pallets. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Pallet Trucks Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on pallet trucks market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for pallet trucks ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The pallet trucks market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.