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Oct 22, 2023

The global electric pallet jack and stacker market is expected to grow at a CAGR of 6.20% 2022 to 2028

The global electric pallet jack and stacker market is expected t- grow at a CAGR

The global electric pallet jack and stacker market is expected t- grow at a CAGR of 6.20% 2022 t- 2028. MARKET TRENDS & OPPORTUNITIES. Increase In Automation & IoT Expenditure.

New York, April 11, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Pallet Jack and Stacker Market - Global Outlook & Forecast 2023-2028" - https://www.reportlinker.com/p06446248/?utm_source=GNW 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 t- increase safety & enhance productivity. Over the years passed, automation and IoT have led t- 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 t- improve the experiences of customers. Warehouse, logistics, retail, and manufacturing industries are moving towards automated equipment instead of manual equipment. Such factors will contribute t- the electric pallet jack and stacker market growth during the forecast period.Increase In Warehouses & LogisticsIn recent times, warehousing and logistics facilities have increased due t- a boost in e-commerce platforms. The requirement for warehouses is increasing rapidly due t- the rise in demand for the online delivery of goods. Demand for one-day delivery led t- significant demand for warehouses, contributing t- the electric pallet jack and stacker market. Warehousing and pallets g- hand in hand; they are directly proportional. Owing t- 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 t- invest in electric pallet jacks and stackers t- meet the delivery requirements and cater t- the fast delivery demand of consumers.INDUSTRY RESTRAINTSLow Labor Costs In Developing CountriesLabor 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 t- 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 t- be affected by such countries for electric pallet jacks and stackers. In addition t- 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 INSIGHTSINSIGHTS BY PRODUCTSElectric 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 StackerINSIGHTS BY TYPEThe global electric pallet jack and stacker market by type is segmented int- 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 t- 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 t- 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 t- 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 t- be kept low.Segmentation by Type• Operator Driven- Walkie- Ride-on• Self-DrivenINSIGHTS BY BATTERYThe 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 t- their durability, reliability, and cost-effectiveness. Moreover, they are als- relatively easy t- maintain and have a long service life. Demand for lead-acid batteries is expected t- decline as lithium-ion batteries are preferable due t- their several benefits. Due t- this, the global lithium-ion-based electric pallet jack and stacker market is projected t- grow at a faster CAGR of over 8% during the forecasted period. Manufacturers are now focusing on developing lithium-ion technology due t- end-user preferences.Segmentation by Battery• Lead-Acid• Lithium-IonINSIGHTS BY LOAD CAPACITYThe 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 t- 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 t- 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 t- handle heavy loads.Segmentation by Load Capacity• Between 1000-2000 KG• Above 2000 KG• Below 1000 KGINSIGHTS BY END-USERSWith 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 t- 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• OthersGEOGRAPHICAL ANALYSISAPAC 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- UAECOMPETITIVE LANDSCAPEDiversified international and regional suppliers characterize the global electric pallet jack and stacker market. With international players growing their market footprint, it is becoming increasingly difficult for regional suppliers t- compete with them, particularly regarding quality, technology, and price. Large companies are all set t- explore the worldwide market, such as TOYOTA MATERIAL HANDLING GROUP, Jungheinrich, Hyster–Yale Materials Handling, EP Equipment, Hangcha Forklift, and others. The electric pallet jack and stacker market is usually price driven and has strong competition. Some manufacturers have a cost advantage, particularly because of the currency situation and usually because of low labor costs.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 LOGISNEXTOther Prominent Vendors• CLARK• CUBLIFT• Taizhou Zhongcai Machinery• Ravas• Anhui Heli• Maini Materials Movement• PowerHandling• Noblelift Intelligent Equipment• Eoslift USA Corporation• Big Joe Handling Systems• Ningb- Staxx Material Handling Equipment• PUMA LIFT TRUCKS• Ekk- Material Handling Equipment• APOLLOLIFT• Prest- Lifts• Jost's Engineering Company Limited• COMBILIFT• Patel Material Handling EquipmentKEY QUESTIONS ANSWERED1. 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. Wh- are the key players in the global electric pallet jack and stacker market?Read the full report: https://www.reportlinker.com/p06446248/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________