The market for pallet jacks has expanded quickly over the years and is anticipated to do so throughout the forecast period at a CAGR of around 9%. (2020 to 2030). However, the industrial industry has suffered as a result of the COVID-19 epidemic, and this impact has spread to the pallet jack business as well. However, a number of areas, including East Asia, Europe, and South Asia, have resumed production. As a result, by the third quarter of 2021, the pallet jack market is anticipated to resume its prior growth rate.
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Key Segments of Pallet Jack Market
Fact.MR’s study on the pallet jack market offers information divided into four important segments – product, capacity, end use, and regional analysis. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
- Manual Pallet Jacks
- Powered Pallet Jacks
- Below 2.5 Tons
- 2.5 to 5 Tons
- Above 5 Tons
- Food & Beverages
- General Manufacturing
- Aerospace & Defence
- North America
- Latin America
- East Asia
- South Asia
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.
Regional Outlook of Pallet Jack Market
The exponential growth of the chemical, automotive, food & beverages, and aerospace sectors across Asian countries will have a positive impact on the development of the global pallet jack market. According to Fact.MR, the pallet jack market will progress at a significant rate in East Asia and South Asia, followed by North America and Europe.
Due to the presence of a large number of small enterprises in the region, European countries see more demand for pallet jacks. The market East Asia is also likely to gain traction by expanding a CAGR of 11% during the 2020-2030 period.