Automated Pallet Truck Market Size, Share, Growth, and Industry Growth by Type (Pallet, Transporting Truck, and Pallet Stacking Truck), By Application (Production & Manufacturing, Distribution & Logistics, and Others), Regional Forecast To 2031

Updated On: 17 June 2024

Automated Pallet Truck Market REPORT OVERVIEW

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global automated pallet truck market size was USD 4895.8 million in 2021 and market is projected to touch 34892.29 Million by 2031, exhibiting a CAGR of 21.7% during the forecast period.

An automated pallet truck, also known as a self-driving pallet truck or autonomous pallet truck, is a type of industrial vehicle that is designed to transport palletized loads within a warehouse or distribution center without the need for an operator. These vehicles are equipped with various sensors, cameras, and other technologies that allow them to navigate and operate safely in an industrial setting.

Automated pallet trucks can be used for a variety of tasks, such as transporting raw materials, finished products, or intermediate goods between different locations within a facility. They can be programmed to follow specific routes, avoid obstacles, and interact with other automated systems, such as conveyor belts or automated storage and retrieval systems. Some of the benefits of using automated pallet trucks include increased efficiency, reduced labor costs, and improved safety.

COVID-19 Impact: Focus on Safe Work Environment Boosted Market Demand.

COVID-19 had a life changing impact globally. The global automated pallet truck market share was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for automated pallet truck experienced an increased demand.

The pandemic had disrupted global supply chains and manufacturing operations, which slowed down the adoption of automated pallet trucks in some industries and regions. Due to this disruption there was a delay in production and delivery of automated pallet trucks. However, the pandemic has increased demand for e-commerce and online shopping, which has led to a surge in demand for automation technologies, including automated pallet trucks, to help warehouses and distribution centers keep up with the increased volume of orders.

The pandemic has highlighted the importance of maintaining a safe and healthy work environment, which has led some companies to reconsider the use of automated pallet trucks and other automation technologies in certain settings. While automation can help minimize the risk of COVID-19 transmission by reducing the need for human interaction, it can also create new risks and challenges, such as the need for increased maintenance and cleaning of the automated systems. The global automated pallet trucks market share is anticipated to grow following the market share.

LATEST TRENDS

"Adoption of AI-ML to Benefit Market Prospects"

The use of artificial intelligence (AI) and machine learning is increasing in the field of automation, and automated pallet trucks are no exception. These technologies can help improve the efficiency of warehouse operations by optimizing routes and reducing travel time, among other benefits. Many automated pallet truck manufacturers are developing cloud-based software solutions that enable remote management and control of automated pallet trucks.

Automated pallet trucks are being integrated with IoT technologies to enable real-time tracking, monitoring, and control. This integration allows for more efficient and effective warehouse management and logistics operations. There is a growing focus on improving the safety features of automated pallet trucks. Manufacturers are developing new technologies that allow for more precise navigation, obstacle detection, and collision avoidance, reducing the risk of accidents and injuries in the warehouse. These latest developments are anticipated to boost the global automated pallet trucks market share.

Automated Pallet Truck Market SEGMENTATION

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• By Type

Based on type, the market is divided into Pallet, Transporting Truck, and Pallet Stacking Truck.

• By Application

Based on application, the market is bifurcated into Production & Manufacturing, Distribution & Logistics, and Others.

DRIVING FACTORS

"Labor Shortages to Increase Market Demand"

Many countries are experiencing labor shortages in the manufacturing and logistics industries. Automated pallet trucks can help address this issue by reducing the need for manual labor. Automated pallet trucks can help companies save on labor costs and improve overall operational efficiency, leading to cost savings in the long run. Automated pallet trucks are seen as a safer alternative to manual pallet trucks, reducing the risk of accidents and injuries in the warehouse.

"Technological Advancements to Increase Market Share"

Advances in technologies such as IoT, cloud-based software, and AI are driving innovation in the automated pallet truck market, creating new opportunities for growth and development. Automated pallet trucks can help improve the efficiency of warehouse and logistics operations by reducing manual labor and increasing throughput. With the rise of e-commerce and online shopping, there is an increasing demand for automated pallet trucks to help warehouse and distribution centers handle the growing volume of orders efficiently. These factors would drive the global automated pallet trucks market share.

RESTRAINING FACTORS

"Lack of Flexibility to Hamper Market Share"

Automated pallet trucks can be less flexible than manual pallet trucks, which can be a disadvantage in some warehouse environments where there is a need for greater adaptability. With the integration of IoT and cloud-based technologies, there are concerns around cybersecurity and the potential for data breaches or other cyber-attacks. Some companies may be resistant to change and hesitant to adopt new technologies, which can slow down the adoption of automated pallet trucks. These factors may impediment the growth of the global automated pallet trucks market share.

Automated Pallet Truck Market REGIONAL INSIGHTS

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"Asia Pacific Dominates the Automated Pallet Trucks Market"

APAC is the major shareholder for the global automated pallet trucks market share. This is contributed to the increasing demand for automation in the manufacturing and logistics sectors in countries. The growth of e-commerce and the need for greater efficiency in these countries has also led to an increasing demand for automated pallet trucks. North America is the second major shareholder.

KEY INDUSTRY PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• Daifuku [Japan]
• ATAP, Inc [U.S.]
• Meidensha [Japan]
• Mitsubishi Caterpillar Forklift [Netherlands]
• Dematic [U.S.]
• Swisslog [Switzerland]
• Aichikikai [Japan]
• JBT Corporation [U.S.]
• Amazon Robotics [U.S.]
• Seegrid Corporation [U.S.]
• Aethon [U.S.]
• EK Automation [U.S.]
• Toyota [Japan]
• Hitachi [Japan]
• Siasun Robotics [China]
• MTD Holdings [U.S.]
• Casun [China]
• Jaten [Germany]
• Yuanneng Logistics Limited Company [China]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.