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The market for pallet trucks in China is expected to surge at 9.1% CAGR through 2032. Standard pallet trucks are most commonly used in the market. the wholesale distribution sector accounts almost for one-fourth share of the global pallet trucks market and the trend is expected to continue over the assessment period.
NEWARK, Del. , Sept. 7, 2022 /PRNewswire/ -- The global pallet trucks market is predicted to exhibit a phenomenal growth rate over the forecast period from 2022 to 2032 with a healthy CAGR of 7.5%. The global market is expected to reach US$ 38.5 Bn in 2022 and it is anticipated to touch about US$ 79.8 Bn revenue by 2032. In terms of product type, the standard and weighing currently account for more than 71% share in the global pallet trucks market.
According to the historical estimations from 2017 to 2021, the demand for pallet trucks surged at a stable 3.3% CAGR and is expected to surge by 3.9% in 2022. Due to the growing production capacities and increasing demand in various end-use industries such as food & beverages, retail stores, wholesale distributions, and manufacturing, a reasonable increase in Year-on-Year basis growth was witnessed in 2022.
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Future Market Insights predicts a comparison and review analysis of the dynamics of the pallet truck market. Due to the ever-changing dynamics of warehousing and material handling, the emergence of the internet, e-commerce, and freight & logistics have revolutionized the retail sector and driven up demand for the pallet truck market.
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The dominant pallet truck manufacturers in the market are heavily investing in a wide array of technologies such as vision guidance systems, IoT, automation, GPS, and lasers. Several key players are also incorporating autonomous trucks and automated guided vehicle systems (AGVs) into end-to-end solutions for warehouses. The global market players are concentrating on long-term pricing contracts with raw material suppliers in order to avoid volatile price fluctuations in raw materials.
Key Segments Covered In Pallet Pooling Industry Analysis
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More Insights into the Pallet Truck Market
The U.S. was expected to dominate the North American market by accounting for about 86.9% in 2021. United States is still expected to increase at a robust CAGR of 7.2% through 2032. The food and beverages, and wholesale distribution sectors in the U.S. are expanding, and demand in the country is predicted to drive market growth.
China consists of strict food safety regulations and import controls in place, this enables the country to maintain a multi-layered regulatory framework for its food and beverage products being retailed at e-commerce platforms. Fueled by this, the country possesses a total sale of US$ 22.5 Bn over the forecast period.
Over the projection period, demand in the pallet truck market in Germany is anticipated to accelerate at a robust CAGR of 5.6%. By the end of 2032, total sales in the country are forecasted to reach US$ 4.5 Bn due to the rising demand from the manufacturing and freight & logistics sectors.
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.5. Analysis and Recommendations
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
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