Electric Pallet Jack Market: Introduction
- Electric pallet jack is used to lift light-duty products and pallets in limited space applications. Electric pallet jacks offer an easier option to transport goods and materials in supermarkets, warehouses, megastores, industrial stockrooms, and cargo containers. It possesses a high-strength reinforced steel frame and magnetic motor. Wheels and roller of an electric pallet jack are usually of polyurethane, nylon, steel, and rubber.
Key Drivers of the Global Electric Pallet Jack Market
- High demand in end-use industries and availability of a diverse product range in terms of load handling capacity are key drivers of the global electric pallet jack market. Logistics companies and warehouses are increasingly preferring electric pallet jacks for efficient material handling. An electric pallet jack features a magnetic motor; hence, it requires very less maintenance as compared to that required by other types of pallet jacks.
- Expansion of warehousing and logistics in different geographical markets is driving the demand for next-generation material handling solutions. Electric pallet jacks are preferred as a cost-effective alternative over a traditional, counter-balanced forklifts.
Opportunities in the Global Electric Pallet Jack Market
- Rapid expansion of the e-commerce sector is anticipated to boost the demand for electric pallet jacks globally. Increase in penetration of internet in developing countries has prompted several e-commerce companies to expand into these emerging markets. Micro-fulfillment centers (MFCs) play a key role in the pick-up, packing, and shipping of e-commerce orders. Electric pallet jacks enable responsive, reliable, and efficient material handling for quick and undamaged product delivery to e-commerce customers.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report
Asia Pacific Recognized as the Major Market for Electric Pallet Jacks
- Based on geography, the global electric pallet jack market is classified into South America (SA), North America (NA), Europe (EU), Middle East & Africa (MEA), and Asia Pacific (APAC).
- Country-level bifurcation of the North America market includes the forecast and analysis for the U.S., Canada, and Rest of North America. The country-level analysis and forecast of the Europe market covers the electric pallet jack market in the U.K., Germany, France, and Rest of Europe. The country-level analysis and forecast for the Asia Pacific market includes major countries in the region such as India, China, Japan, and Rest of Asia Pacific. Middle East & Africa country-level analysis and forecast for the electric pallet jack market includes GCC countries, South Africa, and Rest of Middle East & Africa. The South America electric pallet jack market is categorized into Brazil and Rest of South America.
- Robust expansion of warehousing and logistics accompanied with expansion of e-commerce sector is driving the demand for electric pallet jacks in Asia Pacific. China. Japan, and India are major countries contributing to the overall growth of the market in the region. Rising investment by international players is anticipated to boost the market further during the forecast period. For instance, in July 2017, Hyster-Yale Materials Handling, Inc. announced the acquisition of Zhejiang Maximal Forklift Company Limited to expand its global manufacturing capabilities.
Key Players Operating in the Global Market
Key companies are focused on product innovation through extensive research and development activities. Companies aim to provide improved customer services through operational excellence and integrated network of skilled professionals and technicians. Strategic partnerships and acquisitions, multichannel sales and distribution, and integrated services are key strategies of industry participants.
In April 2019, Toyota Industries North America, Inc. announced the acquisition of Hoist Liftruck Mfg., LLC to expand its product lines in heavy-duty equipment segment.
Some of the major companies identified in the global electric pallet jack market are:
- Jungheinrich AG
- The Raymond Corporation
- Hyster-Yale Group, Inc.
- METTLER TOLEDO
- Douglas Equipment Company
- Godrej Material Handling
- STILL Materials Handling
- Sroka Incorporated
- Toyota Industries North America, Inc.
- Puma Lift Trucks
For Right Perspective & Competitive Insights on Electric Pallet Jack Market, Request for a Sample
Global Electric Pallet Jack Market: Research Scope
Global Electric Pallet Jack Market, by Type
Global Electric Pallet Jack Market, by Load Capacity
- > 3000 LBS
- 3000 - 7000 LBS
- 7000 - 12000 LBS
- < 12000 LBS
Global Electric Pallet Jack Market, by Application
- Ground Level Transport
- Lifting and Stacking
- Order Picking
Global Electric Pallet Jack Market, by End-use
- Food & Beverage
- Retail Stores
- Wholesale Distribution
- Freight & Logistics
- Others (Utilities, etc.)
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.