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The global pallet truck market is predicted to grow at a CAGR of 7.5%, reaching a valuation of more than US$ 79.8 Bn by 2032. Rising demand for automatic guided vehicles (AGV) is expected to boost sales in the market. In addition to this, growing preference for trucks with low emissions and increasing automation in emerging economies is anticipated to augment the demand for pallet trucks.
Industrial automation in emerging economies will create opportunities for the adoption of pallet trucks in the forthcoming years. A majority of infrastructural development include development of manufacturing centers and warehouses, which is compelling manufacturers to invest in a wide array of technologies, such as automation, IOT, vision guidance systems, lasers, and GPS. Request Free Pdf Sample [email protected] https://www.futuremarketinsights.com/reports/sample/rep-gb-3458
Besides this, companies are incorporating autonomous trucks and automated guided vehicle systems (AGVs) into end-to-end solutions for warehouses.
In freight and logistics, wholesale distribution, fast-moving consumer goods, food & beverage, and automotive industries, pallet truck is very efficient piece of equipment to streamline the warehousing process.
Manufacturers are introducing new and innovative products with cutting-edge design. They are improving both manual and electric pallet trucks for light and medium duty material transportation in the most effortless and economic way.
“Expansion of warehouse spaces and value addition in the operation of warehousing due to implementation of advanced technologies will boost sales of pallet trucks. Also, surging demand for electric pallet rucks will fuel growth in the market,” says an FMI analyst.
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Owing to the growing demand from manufacturing industries, key manufacturers operating in the global pallet truck market are offering innovative products to improve sales. Leading players in the market are adopting alternative distribution channels to further strengthen their market presence in regional markets.
Some of the key pallet truck manufacturers include Kion Group, Toyota Industries Corporation, Mitsubishi logisnext, Jungheinrich AG, Crown equipment corporation, Hyster Company, Hyundai heavy industries and others.
The industrial Automation division of FMI offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial and special-purpose machinery across the manufacturing sector and distinctive analysis of the installed base, consumables, replacement, USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
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The post Pallet Truck Market Expanding at a CAGR of 7.5% During 2022-2032 appeared first on Future Market Insights.
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