Pallet Forks Market: Introduction
- Pallet forks are the attachment used for lifting and handling different types of materials on pallets. Pallet forks are made of high tensile forged steel and can be easily installed and attached to different fork lifters. The pallet fork attachment is designed to connect the skid steer or tractor with the universal skid steer. Pallet forks are designed with different loading capacity ranging from 2000 lbs. to 17,500 lbs. and with different carriage bar spacing and height for optimum use. Pallet forks are used in different industries and agriculture activities to lift, carry, and move various items such as hay bales, lumber, farming products, and industrial products.
- Different types of pallet forks are available based on type, class, level adjustment, and end-use industry.
Key Drivers of the Pallet Forks Market
- Rapid developments in the e-commerce industry is the key driver for the growth of the pallet forks market. An increase in demand for forklift trucks and pallet forks is expected to drive the market due to the rapid increase in online shopping across the globe. Manufacturers, retailers, and distributers use forklift trucks to store and distribute their products in huge volumes.
- The rise in automotive industries over the years has increased the demand for pallet forks. Automotive manufacturers are adopting automation to enhance their production capacity and to reduce manual work and time taken to transfer various parts and materials from the warehouse to the production lines.
- Manufacturers of forklifts are introducing advanced technologies such as Machine Learning and Artificial Intelligence to increase efficiency, which is significantly increasing the demand for pallet forks in different industries.
- Constantly evolving sectors such as food processing have also increased the demand for pallet forks as these industries need to ensure uninterrupted transfer of materials within manufacturing and warehouse facilities.
- Rising investment in construction industries to develop infrastructure is fueling the market for pallet forks. Pallet forks are used in forklifts to lift and carry various construction materials including pallets of bricks. Developing countries such as UAE, and India, are focusing on construction activities.
- The rise in demand for pallet forks in industrial sectors due to their various features (ease of installation, ability to quickly unload materials, and used for small warehouses and large warehouses, loading materials on the docks, multipurpose functionality, and high capacity) are the major factors driving the growth of the market.
- Rapid urbanization and developments in various sectors - agricultural activities, food & beverages, and industrial warehouse sectors in developing countries (China and India), with their rapid economic growth is driving the pallet forks market.
Restraints of the Pallet Forks Market
- Government guidelines and regulations regarding safety, loading capacity, and fuel emissions are the factors responsible for the decline in demand of forklifts; this is likely to restrain the pallet forks market.
Asia Pacific to Hold Major Share of the Global Pallet Forks Market
- Asia Pacific dominated the global pallet forks market due to rising demand from various sectors such as food & beverages and agriculture owing to growing population in developing countries like China and India.
- The market for pallet forks in North America is driven by the rising demand in the U.S. retail sector, U.S. e-commerce sector, and strong presence of major retailers such as Walmart and Amazon.
Key Manufacturers Active in the Pallet Forks Market Include:
- KINSHOFER GmbH
- Caterpillar Inc.
- Doosan (Bobcat)
- Meijer Handling Solutions
- Craig Attachment
- Probst Handling Equipment
Key manufacturers are focusing on expanding their product portfolio to increase their revenue share. Companies such as Doosan Corporation are focusing on pallet forks compatible with robust electric counterbalance forklifts.
Companies are also focusing on expanding their business geographically to gain a competitive advantage in the pallet forks market. The market for pallet forks has witnessed various inorganic growth strategies such as acquisitions, mergers, and collaboration adopted by key manufacturers.
Global Pallet Forks Market: Research Scope
Global Pallet Forks Market, by Type
Global Pallet Forks Market, by Level Adjustment
- Manual Adjustment
Global Pallet Forks Market, by Class
- Class I – (load Capacity up to 2,000 lbs., Carriage bar spacing 13 inches)
- Class II – (load Capacity up to 5,500 lbs., Carriage bar spacing 16 inches)
- Class III – (load Capacity up to 10,000 lbs., Carriage bar spacing 20 inches)
- Class IV – (load Capacity up to 17,500 lbs., Carriage bar spacing 25 inches)
Global Pallet Forks Market, by End-use Industry
- Food & Beverages
- Shipping Industry
- Others (Power plants, etc.)
Global Pallet Forks Market, by Distribution channel
- Direct Sales
- Indirect Sales
Global Pallet Forks Market, by Region
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America