Mobile Pallet Trucks Market Size to Reach US$ 50.7 Billion by 2033: Fact.MR

Rockville, United States, 2023-July-24— /EPR Network/ —

The global pallet trucks market is anticipated to reach a value of $25 billion in 2023, according to Fact.MR, a provider of market research and competitive information, and it is anticipated to grow at an amazing CAGR of 7.3% over the forecast period. Due to the widespread use of mobile pallet trucks across several end use sectors, the market is expected to expand.

When automated equipment is used in logistics, uptime is increased compared to manual labour, which increases productivity across a wide range of end-use sectors. According to studies, using robotics in logistics can help businesses run efficiently and save labour costs by almost 70% in warehouses.

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Market Titans

• Alta Equipment Group.
• Anantak Robotics Inc.
• BAYLO
• Big Box Automation
• Dorabot Inc.
• F3-Design B.V.
• Fetch Robotics, Inc.
• LiftOne
• Multiway Robotics (Shenzhen) Co., Ltd
• NOBLEO TECHNOLOGY
• Seegrid Corporation
• Vecna Robotics

Market Development

Companies are continuously launching new mobile pallet trucks for wide variety of applications. With new technology upgrades persistently entering the market, mobile pallet trucks market will witness substantial growth in the near future.

One of the leading player in the market, Vecna Robotics collaborated with Big Joe Forklifts to announce the launch of Vecna Co-Bot pallet jack in May, 2022. The fully automatic pallet jack, is intended for work intensive material handling workflows in warehouses and manufacturing facilities. The model will be available in Robot as a Service (RaaS) pricing model.

In December 2021, Mobile Industrial Robotics (MiR) announced their collaboration with Logitrans A/S to build mobile pallet jacks. The company aims to build autonomous pallet jack that will be capable of picking and delivering pallets from the ground level by combining autonomous navigation of MiR and software capabilities of Logitran electric pallet jacks.

Manufacturers of mobile pallet trucks or robotic pallet trucks are developing mobile pallet trucks for automation of different applications in automotive, food and beverage, logistics and warehousing among others. For instance, in January 2021, Kivnon launched K50 pallet truck capable of circulating around the workplace based on magnetic guidance or mapping navigation using SLAM technology. The pallet trucker can move bidirectional and can handle loads vertically and horizontally.

Key Highlights

• The global mobile pallet trucks market is projected to expand at an impressive CAGR of 7.3% and be valued at US$ 50.7 billion by 2033.
• The market witnessed 5.4% CAGR for the period of 2018-2022.
• Under speed segment, 2-3 m/s mobile pallet trucks are predicted to dominate the market and are estimated to be valued at US$ 8.1 Billion in 2023.
• The U.S. is expected to dominate the market share in North America by likely accounting for 86.1% of its market share in 2023.
• Omnidirectional mobile pallet trucks likely to represent 43.2% market share in 2023.
• Sales of mobile pallet trucks in logistics & warehouse under end use segment is predicted to have a market valuation of US$ 7.1 billion in 2023.

Industry Research

• By Payload :
  • Up to 2000 lbs
  • 2000 – 4000 lbs
  • 4000 – 6000 lbs
  • Above 6000 lbs
• By Navigation Technology :
  • Laser Guided Navigation
  • Magnetic Navigation
    • Magnetic Tape Navigation
    • Magnetic Spot Navigation
  • Natural Navigation
    • LiDAR SLAM
    • GPS
    • Vision
    • Others (Sonar)
  • Combination (Multi Tech)
• By Communication :
  • Wireless Area Network (WAN)
  • Optical Communication
  • 5G
  • Radio Waves
  • Wireless Mesh
• By Movement :
  • Unidirectional
  • Bidirectional
    • Translational
    • Rotational
  • Omnidirectional
• By Speed :
  • Up to 1 m/s
  • 1- 2 m/s
  • 2 – 3 m/s
  • Above 3 m/s
• By End Use Industry :
  • Aerospace & Defense
  • Automotive
  • Discrete Manufacturing
  • Electronics & Semiconductor
  • Food & Beverage
  • Healthcare
  • Logistics & Warehouse
  • Packaging
  • Paper & Printing
  • Retail e-Commerce
  • Others
• By Region :
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA

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