A hand pallet truck is a material handling and movement tool that is widely used in manufacturing industries, logistics & transportation hubs, warehouses, factories, and shop floors. A hand pallet truck is the manual and hand held smaller version of a forklift (which generally has a huge dimension, and is battery operated). Development of hydraulic and electric technology is currently leading advancements in the hand pallet truck market. Electric technology is projected to lead the hand pallet trucks market, followed by hydraulic technology.
Growth of the e-commerce sector is driving the growth of the hand pallet truck market across the globe. The increased emphasis on online trade will put enormous pressure on warehouses and distribution centers, and hand pallet trucks make it possible to cope with the growing demand. Other factors driving the growth of the hand pallet truck market at the global level includes rapid urbanization in developing countries, and a wide range of applications in various end-use industries. Further, increased manufacturing activities and rise in demand for lifting are envisioned to bolster the growth of the hand pallet market across the globe. Increased efforts from various end-user industries to establish an efficient supply chain will create immense demand for hand pallet trucks to undergo large number of transaction and this is expected to further boost the growth of the market. While hand pallet trucks may seem like a simple piece of equipment, it is equivalent to a powered industrial equipment and hence needs to be treated carefully, especially in retail environments where hand pallet trucks are transported in areas where customers are present.
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The global hand pallet truck market can be segmented based on type, control, capacity, end-use, and region. In terms of type, the market can be divided into classic, silent handling, assisted handling, high lifting, weighing, and others. Classic hand pallet trucks are long-lasting trucks which provide safe and efficient movement of any goods with little effort. Based on control, the global hand pallet truck market can be classified into manual, semi-electric, electric, and others. In terms of capacity, the market can be bifurcated into below 2000 kg, 2000-4000 kg, 4000-6000 kg, and above 6000 kg. Based on end-use, the hand pallet truck market can be segmented into warehousing, retail stores, material handling, freight & logistics, manufacturing, and others. In terms of region, the market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The hand pallet truck market in Asia Pacific is projected to be the fastest growing in the global market and is likely to dominate the global hand pallet truck market in the coming years.The steady growth in economies of developing countries and globalization will create a positive impact on the demand for hand pallet trucks in the global market.
Competition in the hand pallet truck market is intense and the market is growing at a rapid pace. Many domestic and regional vendors are offering a wide range of products for different end-users due to increased technological innovation and competition in the industry. New entrants in the market are finding it difficult to compete with existing major players as they lag behind in terms of quality, reliability, and innovations. Key players operating in the global hand pallet truck market include Crown, NOVELTEK, Hyster Company, RICO Manufacturing, and Toyota. Other prominent vendors include CONHERSA, Puma Lift Trucks, Sroka Incorporated, Douglas Equipment Company, Godrej Material Handling, Jungheinrich, STILL Materials Handling, Ningbo Ruyi Joint Stock, The Raymond Corporation, Lokpal Industries, Mighty Lift, Yale Materials Handling Corporation, Pallet Trucks UK, and Patel Material Handling Equipment.
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