Report: Pallet jack market to expand at 9% CAGR through 2030

The global pallet jack market is niche in nature and is projected to rise at a value CAGR of 9% over the forecast period. Pallet jacks are primarily used in factory or warehouse premises to move material. The outbreak of COVID-19 will have a marginal effect on the demand for pallet jacks. Sales are projected to decline by 8,000 units in 2020 as compared to 2019. However, the resumption of manufacturing operations in prominent countries such as China, the US, India, and Germany would boost the growth of the pallet jack market in the near future.

According to a study by Fact.MR, global demand for pallet jacks will hit a valuation of US $242 million by 2030 end.

Fact.MR recently published a market study on the global market for pallet jacks. The study provides detailed assessment on key market dynamics, including the drivers, trends, opportunities, restraints, and detailed information about the pallet jack market structure. The market study presents exclusive information about how the pallet jack market will grow during the forecast period of 2020-2030.

Globally, pallet jacks have become the preferred choice for micro and small enterprises, due to their lower cost as compared to other industrial trucks, according to the report. These trucks are preliminarily utilized in manufactory operations, and, as a result, the manufacturing sector leads the market by contributing 60% of global revenue. On the other hand, due to increasing penetration of online shopping, the logistics sector is also adopting pallet jacks in their warehouses. As a result, the logistics segment is growing at a rapid pace, and is projected to expand at a CAGR of 12% from 2020 and 2030.

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.