Pallet Jack Market to Ride the Wave of Profitability on Back of Increasing Product Launches by Market Actors – Fact.MR Study
The global COVID-19 pandemic has turned several industries upside down by causing disruptions in their daily operations and limiting the supply of raw materials, hampering production and growth.
The report offers actionable and valuable market insights of Pallet Jack. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Pallet Jack Market across various industries and regions.
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 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 a Fact.MR analyst.
Pallet Jack Market Analysis by Product
The powered pallet jacks segment leads the market by contributing 80% of global revenue, though the manual pallet jacks segment is leading the market in terms of volume. Most micro and small businesses are seismically switching from manual pallet jacks to driven pallet jacks to minimize their workforce and maximize transport efficiency inside factory or office premises.
Moreover, battery-powered pallet jacks are being utilized in industries to reduce utility cost and increase workplace safety. As a result, the powered pallet jacks segment is projected to expand at the highest CAGR of 9% to reach a valuation of US$ 214 Mn by 2030 end.