According to Fact.MR, a source of market research and competitive information, the global pallet trucks market is predicted to reach $25 billion in value in 2023 and increase at an outstanding CAGR of 7.3% over the forecast period. The market is anticipated to grow as a result of the extensive use of mobile pallet trucks across numerous end use sectors.
Compared to human labour, uptime is higher when automated equipment is employed in logistics, which raises production in a variety of end-use industries. Studies show that using robotics in logistics can improve corporate operations and reduce labour costs in warehouses by approximately 70%.
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Market Titans
- Alta Equipment Group.
- Anantak Robotics Inc.
- BAYLO
- Big Box Automation
- Dorabot Inc.
- F3-Design B.V.
- Fetch Robotics, Inc.
- LiftOne
- Multiway Robotics (Shenzhen) Co., Ltd
- NOBLEO TECHNOLOGY
- Seegrid Corporation
- Vecna Robotics
Key Highlights
- The global mobile pallet trucks market is projected to expand at an impressive CAGR of 7.3% and be valued at US$ 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.
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.
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
Decisive Information Enclosed in the report:
- The scenario of the global used in different regions
- Current market trends influencing the growth of market
- Factors expected to hinder the growth of the global market
- Micro and macro-economic factors shaping the growth of the market in different regions
- Key strategies adopted by players to gain a competitive edge in the market.
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