Global Automated Pallet Truck Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029

Global Automated Pallet Truck Market Overview

“The global Automated Pallet Truck Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

Request Covid - 19 Impact

A pallet truck is also known as a jigger, pallet pump, pallet jack dog, or pump truck. Pallet trucks are wheeled trolleys that are used to move or lift light or heavy pallets. Automated pallet trucks are vehicles that are equipped with an automated guided vehicle system (AGV).

These systems are mobile robots that function using vision, magnets, or lasers for navigation and follow wires or markers on the floor.

These tools are primarily used in industrial applications to lift and move materials in a warehouse or manufacturing facility.  The applications of automated pallet trucks are increasing as these are now being used in other commercial sectors as well.

Dynamics

Factors such as increasing income levels, growing populations, growth of the manufacturing sectors and rising focus on automation in the industrial sectors are factors that are contributing to the growth of the global automated pallet truck market.

Moreover, the inclination towards safety, low costs and high productivity are among other factors fostering this market’s growth.

Automated pallet trucks have wide applications such as material handling in several industries including manufacturing, automotive, aerospace, food & beverage, logistics, retail, and healthcare among others. In addition, the growing e-commerce industry is also seen as a major opportunity for growth in the market and is expected to be a key growth factor for the automated guided vehicle market in the future.

Segment Analysis

By Type:

The pallet transporting segment is expected to account for significant growth over the next 10 years.

By Application:

In terms of application, the production and distribution segment is projected to account for the highest revenue share over the coming years due to the increasing demand for automated pallet trucks in the manufacturing sector.

Regional Analysis:

The market in North America is expected to account for the majority revenue share over the forecast period due to the growth of the e-commerce sector and decreasing labor power in the region.

Such factors are leading to an increase in the installation of automated systems which is subsequently contributing to the growth of the pallet trucks market in the region. The market in the US is a major revenue contributor in the region.

The Asia Pacific market is projected to index a high Compounded Annual Growth Rate (CAGR) over the next 10 years. Factors such as increasing disposable incomes, improved standards of living, and the booming economies of many countries in the region will lead to market growth.

Global Automated Pallet Truck Market Segmentation: 

By Product Type

• Pallet Transporting Truck
• Pallet Stacking Truck

By Application

• Production & Manufacturing,
• Distribution & Logistics
• Other

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa