Demand For Pallet Jack Market To Increase From -Use Industries And Substantially Surge Revenues In Global Market : Fact.MR

Rockville, United States , 2022-May- 10 — /EPR Network/ — 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 Fact.MR, global demand for pallet jacks will hit a valuation of US$ 242 million by 2030 end.

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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.

Product

• Manual Pallet Jacks
• Powered Pallet Jacks

Capacity

• Below 2.5 Tons
• 2.5 to 5 Tons
• Above 5 Tons

End Use

• Logistics
• Retail
• Manufacturing
• Food & Beverages
• Automotive
• Pharmaceuticals
• Chemicals
• General Manufacturing
• Aerospace & Defence

Region

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• MEA

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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.

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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.

“Nowadays, preference for pallet jacks on rental basis rather than purchasing has become a key trend among various end-use verticals. New entrants in the rental business are frequently examining the workflow and modernizing their business processes, which, in turn, is foreseen to boost the growth of the pallet jack market,”says a Fact.MR analyst.

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