Pallet Jack Market to Reach a US$ 242 Mn by 2030, Finds Fact.MR

Market players will be attaining prominence through increasing product launches over the years to come.
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* Logistics

* Manufacturing

* Dublin 2 - Dublin - Ireland

DUBLIN 2, Ireland - Sept. 24, 2020 - PRLog -- The global pallet jack market is anticipated to expand at an impressive CAGR of about 9% all through the forecast period (2020-2030). The extensive use of pallet jacks in warehouses or factory premises is complementing the market growth. However, the ongoing COVID-19 outbreak has caused a dent in the growth of the manufacturing sector and this has consecutively influenced the pallet jack market too. While, manufacturing has been revived in several regions such as South Asia, Europe, and East Asia. Accordingly, the pallet jack market is poised to touch its original growth rate by the third quarter of 2021.

"Demand-side shortfalls due to COVID-19 pandemic are inducing factories to cease operations. Therefore, the pallet jack sales are anticipated to decline in the third & fourth quarter of 2020," says the Fact.MR report.

Pallet Jack Market - Key Takeaways

• By product, the powered pallet jacks segment accounts for 80% revenue
• By end-use, the manufacturing industry accounts for nearly 60% share of the market
• While the logistics sector is gaining traction owing to increasing e-commerce shopping, registering an impressive CAGR of 12%
• Asia will emerge as a lucrative region due to significant progress in both South & East Asia
• Presence of several small enterprises in Europe will create demand for pallet jacks.

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Pallet Jack Market - Drivers

• Market incumbents are engaged in renting pallet jacks instead of buying them, to frequently examine the workflow and modernizing their business procedure
• Governments are working with stakeholders to provide momentum in construction and infrastructure, which would further increase the pallet jack market size over the years to come

Pallet Jack Market - Constraints

• Pallet jacks, when compared to forklifts, do not have much lifting power and height which can hinder market growth
• Manual attribute of pallet jacks might not allow carrying goods for making transport difficult, impacting the market sales

Anticipated Market Impact by COVID-19 Outbreak

The COVID-19 pandemic has adversely impacted the pallet jack market. A notable drop in production has affected associated industries and, in turn, is negatively impacting the demand growth. That said, the market is anticipated to recover with the help of governments to revive the industries and further boosting market size in the coming years.

Competition Landscape

Key players identified in the global Pallet Jack Market are Jungheinrich AG, Toyota Motor Corporation, Raymond Corporation, Caterpillar Inc., Yale Materials Handling Corporation, Clark Material Handling Company Inc., Komatsu Ltd., Crown Equipment Corporation, UniCarriers Corp.

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