Enhancements in Material Handling Process to Drive Mobile Pallet Trucks Market
/EIN News/ — Rockville, Jan. 23, 2023 (GLOBE NEWSWIRE) — According to Fact.MR, a market research and competitive intelligence provider, the global mobile pallet trucks market is estimated to be valued at US$ 25 billion in 2023 and is expected to expand at an impressive CAGR of 7.3% during the forecast period. The market is poised to grow due to adoption of mobile pallet trucks in diverse end use sectors.
The incorporation of automated equipment in logistics provide increased levels of uptime compared to manual labor, boosting productivity in a vast array of end use industries. Studies show that adopting robotics in logistics reduces around 70% of warehouse labor costs and aid business function with minimal costs.
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|Historical Data||2023 – 2032|
|Value Projection (2032)||US$ 50.7 Billion|
|Growth Rate (2022-2032)||7.3 % CAGR|
|No. of Pages||170 pages|
|No. of Tables||192 Tables|
|No. of Figures||154 Figures|
Key Takeaways from Market Study
- The global mobile pallet trucks market is projected to expand at an impressive CAGR of 7.3% and be valued at US$ 50.7 billion by 2033.
- The market witnessed 5.4% CAGR for the period of 2018-2022.
- Under speed segment, 2-3 m/s mobile pallet trucks are predicted to dominate the market and are estimated to be valued at US$ 8.1 Billion in 2023.
- The U.S. is expected to dominate the market share in North America by likely accounting for 86.1% of its market share in 2023.
- Omnidirectional mobile pallet trucks likely to represent 43.2% market share in 2023.
- Sales of mobile pallet trucks in logistics & warehouse under end use segment is predicted to have a market valuation of US$ 7.1 billion in 2023.
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Companies are continuously launching new mobile pallet trucks for wide variety of applications. With new technology upgrades persistently entering the market, mobile pallet trucks market will witness substantial growth in the near future.
One of the leading player in the market, Vecna Robotics collaborated with Big Joe Forklifts to announce the launch of Vecna Co-Bot pallet jack in May, 2022. The fully automatic pallet jack, is intended for work intensive material handling workflows in warehouses and manufacturing facilities. The model will be available in Robot as a Service (RaaS) pricing model.
In December 2021, Mobile Industrial Robotics (MiR) announced their collaboration with Logitrans A/S to build mobile pallet jacks. The company aims to build autonomous pallet jack that will be capable of picking and delivering pallets from the ground level by combining autonomous navigation of MiR and software capabilities of Logitran electric pallet jacks.
Prominent manufacturers of the mobile pallet truck industry globally are Alta Equipment Group., Anantak Robotics Inc., BAYLO, Big Box Automation, Dorabot Inc., F3-Design B.V., Fetch Robotics, Inc., LiftOne, Multiway Robotics (Shenzhen) Co., Ltd, NOBLEO TECHNOLOGY, Seegrid Corporation and Vecna Robotics.
Manufacturers of mobile pallet trucks or robotic pallet trucks are developing mobile pallet trucks for automation of different applications in automotive, food and beverage, logistics and warehousing among others. For instance, in January 2021, Kivnon launched K50 pallet truck capable of circulating around the workplace based on magnetic guidance or mapping navigation using SLAM technology. The pallet trucker can move bidirectional and can handle loads vertically and horizontally.
Key Companies Profiled
- Alta Equipment Group.
- Anantak Robotics Inc.
- Big Box Automation
- Dorabot Inc.
- F3-Design B.V.
- Fetch Robotics, Inc.
- Multiway Robotics (Shenzhen) Co., Ltd
- NOBLEO TECHNOLOGY
- Seegrid Corporation
- Vecna Robotics
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Segmentation of Mobile Pallet Truck Industry Research
By Payload :
- Up to 2000 lbs
- 2000 – 4000 lbs
- 4000 – 6000 lbs
- Above 6000 lbs
By Navigation Technology :
- Laser Guided Navigation
- Magnetic Navigation
- Magnetic Tape Navigation
- Magnetic Spot Navigation
- Natural Navigation
- LiDAR SLAM
- Others (Sonar)
- Combination (Multi Tech)
By Communication :
- Wireless Area Network (WAN)
- Optical Communication
- Radio Waves
- Wireless Mesh
By Movement :
By Speed :
- Up to 1 m/s
- 1- 2 m/s
- 2 – 3 m/s
- Above 3 m/s
By End Use Industry :
- Aerospace & Defense
- Discrete Manufacturing
- Electronics & Semiconductor
- Food & Beverage
- Logistics & Warehouse
- Paper & Printing
- Retail e-Commerce
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global mobile pallet trucks market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of payload (up to 2000 lbs, 2000 – 4000 lbs, 4000 – 6000 lbs, above 6000 lbs), navigation technology (laser guided navigation, magnetic navigation (magnetic tape navigation, magnetic spot navigation) natural navigation (LiDAR SLAM, GPS, vision, others (sonar)), communication (Wireless Area Network (WAN), optical, communication, 5G, radio waves, wireless mesh), movement (unidirectional, bidirectional, translational, rotational, omnidirectional, combination (multi tech)), speed (up to 1 m/s, 1- 2 m/s, 2 – 3 m/s, above 3 m/s), end use industry (aerospace & defense, automotive, discrete manufacturing, electronics & semiconductor, food & beverage, healthcare, logistics & warehouse, packaging, paper & printing, retail e-commerce, others) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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