(MENAFN- America News Hour) Based on end-user, the electric pallet jack truck market has been segmented into retail store, warehousing, manufacturing plants and others. Among these segments, the warehousing segment is expected to grow at the highest CAGR during the forecast period. After warehousing, manufacturing plants holds the second place to maintain the highest market share in electric pallet jack truck market and is expected to grow at a significant rate over the coming years. Electric pallet jack trucks find their usage in industrial sector for loading and unloading of trailers in mid distance range. This factor is envisioned to strengthen the growth of electric pallet jack truck market over the forecast period.
The global market for electric pallet jack truck is expected to grow with a robust compound annual growth rate over the period 2017-2024. Factors such as rapid urbanization and wide range of applications of electric pallet jack truck in numerous industries is anticipated to fuel the growth of electric pallet jack truck market by noteworthy revenue by the end of 2024.
Additionally, growing manufacturing industries and rising demand for power-assisted lifting are envisioned to bolster the growth of electric pallet jack truck market across the globe.
In the regional segment, North America represented the largest market for electric pallet jack truck in 2016 and is believed to continue with its dominance by the end of forecast period. This can be attributed to the adoption of innovative technology. The growing demand for electric pallet jack truck in warehouse and retail stores in the U.S and Canada is anticipated to drive the growth of electric pallet jack truck market in North America. Further, factors such as growing manufacturing activities and rapid growth of industrialization sector are predicted to elevate the growth of electric pallet jack truck market in Asia Pacific region.
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Technological Advancement to Boost the Market Growth
Rapid urbanization and positive GDP growth of developed and developing nations is expected to bolster the growth of electric pallet jack truck market. Further, growing technological advancement and rising adoption of electric pallet jack truck due to its various properties such as reduction in the time for loading or unloading, easy to use among other properties are believed to be the dynamic factors behind the expansion of electric pallet jack truck market across the globe.
However, factors such as less adoption rate and high cost are likely to inhibit the growth of the electric pallet jack truck market in the near future.
The report titled 'Electric Pallet Jack Truck Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation' delivers detailed overview of the electric pallet jack truck market in terms of market segmentation by type, by load capacity, by end user and by region.
Further, for the in-depth analysis , the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
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This report also provides the existing competitive scenario of some of the key players of the electric pallet jack truck market which includes company profiling of Toyota Motor Corporation, Jungheinrich AG, Raymond Corporation, Yale Materials Handling Corporation, Caterpillar Inc., Clark Material Handling Company Inc., Crown Equipment Corporation, Komatsu Ltd., UniCarriers Corp. and Combilift Ltd.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the electric pallet jack truck marketthat will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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