Global Pallet Trucks Market 2017-2021
About Pallet Trucks
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 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.
Technavio’s analysts forecast the global pallet trucks market to grow at a CAGR of 6.04% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global pallet trucks market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Pallet Trucks Market 2017-2021
Technavio recognizes the following companies as the key players in the global pallet trucks market: Crown, NOVELTEK, Hyster Company, RICO Manufacturing, and Toyota.
Other Prominent Vendors in the market are: CONHERSA, Douglas Equipment Company, Godrej Material Handling, Jungheinrich, Lokpal Industries, Mighty Lift, Ningbo Ruyi Joint Stock, PalletTrucksUK, Patel Material Handling Equipment, Puma Lift Trucks, Sroka Incorporated, STILL Materials Handling, The Raymond Corporation, and Yale Materials Handling Corporation.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increased R&D of new types of batteries. The energy system plays an important role in the electric pallet trucks, where charging and maintenance along with battery change take a lot of time. However, companies are trying to find alternative battery systems that offer quick charging or refueling and energy efficiency. There is research being done on several types of batteries.”
According to the report, one of the major drivers for this market is Rising need for pallet trucks. A pallet truck is a material handling tool, widely used in the industrial sector and several supermarkets to lift and move packages. The equipment works by lifting the packages using a hydraulic system installed at the front of the jack, for elevating the package slightly above the ground to be moved. At present, companies around the world are increasingly willing to make use of modern technology and machinery, such as forklift and pallet trucks, in their workplaces to increase the productivity.
Further, the report states that one of the major factors hindering the growth of this market is Perceived disadvantages of electric pallet trucks. Though electric pallet trucks have certain advantages over the hand pallet trucks, such as it is less strenuous on the human operative, thereby reducing the chances of potential injury. However, there are certain perceived disadvantages to the electric pallet trucks.
Crown, NOVELTEK, Hyster Company, RICO Manufacturing, Toyota, CONHERSA, Douglas Equipment Company, Godrej Material Handling, Jungheinrich, Lokpal Industries, Mighty Lift, Ningbo Ruyi Joint Stock, PalletTrucksUK, Patel Material Handling Equipment, Puma Lift Trucks, Sroka Incorporated, STILL Materials Handling, The Raymond Corporation, and Yale Materials Handling Corporation.
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