Dublin, April 13, 2023 (GLOBE NEWSWIRE) -- The "Electric Pallet Jack and Stacker Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global electric pallet jack and stacker market is expected to grow at a CAGR of 6.20% 2022 to 2028.
MARKET TRENDS & OPPORTUNITIES
Increase In Automation & IoT Expenditure
Automation and IoT simplify daily routine tasks, save time, reduce labor costs, and improve productivity. An automated pallet jack and stacker is an upgrade in warehouses & logistics to increase safety & enhance productivity. Over the years passed, automation and IoT have led to advancements and improvements. Industries used conventional ways of loading and unloading material in warehouses, but these days, industries are moving towards automation. Conventional warehouses & factories are going under transformation, and automation & IoT are creating smart factories & warehouses by optimizing production. IoT and automation are smoothening the order processing from stocks in warehouses to improve the experiences of customers. Warehouse, logistics, retail, and manufacturing industries are moving towards automated equipment instead of manual equipment. Such factors will contribute to the electric pallet jack and stacker market growth during the forecast period.
Increase In Warehouses & Logistics Facilities
In recent times, warehousing and logistics facilities have increased due to a boost in e-commerce platforms. The requirement for warehouses is increasing rapidly due to the rise in demand for the online delivery of goods. Demand for one-day delivery led to significant demand for warehouses, contributing to the electric pallet jack and stacker market. Warehousing and pallets go hand in hand; they are directly proportional. Owing to the boost in demand for online delivery, forklifts in warehouses are busy many times. Since pallet stackers and pallet jacks are considered a perfect alternative option for forklifts, end-users are expected to invest in electric pallet jacks and stackers to meet the delivery requirements and cater to the fast delivery demand of consumers.
INDUSTRY RESTRAINTS
Low Labor Costs In Developing Countries
Labor cost has always been a key component that dictates the operational cost of manufacturing a product. Developing countries are a good source of cheap labor, and the low labor cost in developing countries is a major threat to the electric pallet jack and stacker market. For instance, India, a developing country, has low labor costs. Capital costs are comparatively higher than labor costs in such countries. In developing countries, wages for unskilled and semi-skilled workers are generally lower than in developed countries. Hence, demand is expected to be affected by such countries for electric pallet jacks and stackers. In addition to low labor costs, developing countries have weak labor protections, which can further lower the labor cost for industries including warehouses & logistics. However, governments in such countries are introducing stringent labor laws and regulations, which will lower the impact of this challenge.
SEGMENTATION INSIGHTS
INSIGHTS BY PRODUCTS
Electric pallet jacks and electric pallet stackers are material handling equipment used for transporting and stacking pallets in warehouses, distribution centers, and manufacturing facilities. The electric pallet jack segment dominated the global electric pallet jack and stacker market with around 69% market share in 2022. Electric pallet jacks are vital in operating the daily routine task of handling materials, thus reducing manual labor work. They are valuable equipment as they increase production flow and reduce human error. Electric pallet jacks are useful in various industries, including warehouses & logistics, supermarkets/retail, food & beverages, and many others.
Segmentation by Product
- Electric Pallet Jack
- Electric Pallet Stacker
- Electric Straddle Pallet Stacker
- Electric Counterbalanced Pallet Stacker
INSIGHTS BY TYPE
The global electric pallet jack and stacker market by type is segmented into operator-driven and self-driven; in 2022, the operator-driven segment dominated the industry. An operator-driven electric pallet jack and stacker are material handling equipment used to move and stack pallets in a warehouse or manufacturing facility. Moreover, the demand for operator-driven electric pallet jacks and stackers has been increasing in recent years, driven by several factors, including the desire to improve efficiency and productivity in warehouses and manufacturing facilities. Electric units are generally faster and more agile than traditional internal combustion engine units, which can help to speed up operations and reduce downtime. Additionally, the electric power source allows for smoother and quieter operation, which can be beneficial in environments where noise levels need to be kept low.
Segmentation by Type
- Operator Driven
- Walkie
- Ride-on
- Self-Driven
INSIGHTS BY BATTERY
The lead-acid battery segment held the largest global electric pallet jack and stacker market share in 2022. These are commonly used in electric pallet jacks and stackers due to their durability, reliability, and cost-effectiveness. Moreover, they are also relatively easy to maintain and have a long service life. Demand for lead-acid batteries is expected to decline as lithium-ion batteries are preferable due to their several benefits. Due to this, the global lithium-ion-based electric pallet jack and stacker market is projected to grow at a faster CAGR of over 8% during the forecasted period. Manufacturers are now focusing on developing lithium-ion technology due to end-user preferences.
Segmentation by Battery
- Lead-Acid
- Lithium-Ion
INSIGHTS BY LOAD CAPACITY
The load capacity of electric pallet jacks or stackers can vary depending on the specific model and manufacturer. The above 2000 KG load capacity segment is expected to grow at the highest CAGR in the global electric pallet jack and stacker market. These pallet jacks are typically used in industrial and heavy manufacturing environments and are designed to move and easily lift extremely heavy loads. They are powered by electric motors and typically have a lifting capacity of over 2000 kg. These heavy-duty electric pallet jacks offer the same benefits as smaller ones, such as increased speed, power, and efficiency and reduced physical effort for the operator. However, their larger size and increased load capacity provide additional features, such as a wider base for stability and a more robust build to handle heavy loads.
Segmentation by Load Capacity
- Between 1000-2000 KG
- Above 2000 KG
- Below 1000 KG
INSIGHTS BY END-USERS
With a wide variety of specifications and models, including ranges of load capacity, electric pallet jacks & stackers are used in almost every industry. Some major industries where electric pallet jacks and stackers are commonly used are warehouses & logistics, healthcare, f&b, others including construction, automotive, and many more. The warehouses & logistics segment accounted for the highest revenue of over USD 1.8 billion in the global electric pallet jack and stacker market in 2022. These are the best and most essential equipment to use in warehouses, and for heavy loads, mid & long distances, warehouses & logistics require electric pallet jacks and stackers. Electric pallet jacks & stackers provide flexibility and enhance productivity and are a good option for small spaces and small factories where forklifts are not required. Warehouses require high lifting capacity & power, which is perfect for daily tasks. These are the versatile tools used in warehouses and logistics.
Segmentation by End-User
- Warehousing & Logistics
- Food & Beverages (F&B)
- Healthcare
- Others
GEOGRAPHICAL ANALYSIS
APAC accounted for the largest share of the global electric pallet jack and stacker market in 2022, accounting for over 41% share. With the continuous adoption of industrial automation in the region, manufacturing, construction, power generation, and warehousing activities are driving the regional market. Urbanization and industrialization in emerging countries such as India are raising the demand for energy-efficient equipment, thereby boosting the demand for electric pallet jacks and stackers from the warehousing industry. Moreover, vendors' investments and expansions in APAC's emerging countries are key strategies.
Segmentation by Geography
- APAC
- China
- Japan
- India
- South Korea
- Australia
- Europe
- Germany
- UK
- France
- Italy
- Spain
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
Key Company Profiles
- TOYOTA MATERIAL HANDLING GROUP
- Jungheinrich
- Hyster-Yale Materials Handling
- Crown Equipment Corporation
- EP Equipment
- Hangcha Forklift
- Hyundai Construction Equipment
- KION GROUP
- Doosan Corporation
- MITSUBISHI LOGISNEXT
Other Prominent Vendors
- CLARK
- CUBLIFT
- Taizhou Zhongcai Machinery
- Ravas
- Anhui Heli
- Maini Materials Movement
- PowerHandling
- Noblelift Intelligent Equipment
- Eoslift USA Corporation
- Big Joe Handling Systems
- Ningbo Staxx Material Handling Equipment
- PUMA LIFT TRUCKS
- Ekko Material Handling Equipment
- APOLLOLIFT
- Presto Lifts
- Jost's Engineering Company Limited
- COMBILIFT
- Patel Material Handling Equipment
KEY QUESTIONS ANSWERED
1. How big is the electric pallet jack and stacker market?
2. What is the growth rate of the global electric pallet jack and stacker market?
3. Which region dominates the global electric pallet jack and stacker market share?
4. What are the significant trends in the electric pallet jack and stacker market?
5. Who are the key players in the global electric pallet jack and stacker market?
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
5 Report Assumptions & Caveats
6 Premium Insights
7 Market at a Glance
8 Introduction
9 Market Opportunities & Trends
9.1 Increase in Automation & IoT Expenditure
9.2 Development in Li-Ion Battery
9.3 Advent of Autonomous Vehicles
10 Market Growth Enablers
10.1 Increase in Warehouses & Logistics
10.2 Industry 4.0 & Economic Growth
10.3 Shifting Toward Energy-Efficient Handling Equipment
11 Market Restraints
11.1 Low Labor Costs in Developing Countries
11.2 Availability of Other Substitutes
11.3 Price Fluctuation in Raw Materials
12 Market Landscape
13 Product
14 Type
15 Battery
16 Load Capacity
17 End-Users
18 Geography
19 Apac
20 Europe
21 North America
22 Latin America
23 Middle East & Africa
24 Competitive Landscape
25 Key Company Profiles
26 Other Prominent Vendors
27 Report Summary
29 Apac
30 Europe
31 North America
32 Latin America
33 Middle East & Africa
34 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/nctivg
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