$2.6 Billion Worldwide Pallet Trucks Industry to 2027 - Impact of COVID-19 on the Market

DUBLIN, Nov. 25, 2020 /PRNewswire/ -- The "Pallet Trucks - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

The publisher brings years of research experience to the 9th edition of this report. The 186-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.

Global Pallet Trucks Market to Reach $3.6 Billion by 2027

Amid the COVID-19 crisis, the global market for Pallet Trucks estimated at US$2.6 Billion in the year 2020, is projected to reach a revised size of US$3.6 Billion by 2027, growing at a CAGR of 4.9% over the analysis period 2020-2027.

Automotive, one of the segments analyzed in the report, is projected to record a 5.8% CAGR and reach US$1.5 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Food & Beverage segment is readjusted to a revised 5% CAGR for the next 7-year period.

The U.S. Market is Estimated at $706.5 Million, While China is Forecast to Grow at 7.6% CAGR

The Pallet Trucks market in the U.S. is estimated at US$706.5 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$753.5 Million by the year 2027 trailing a CAGR of 7.6% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.6% and 4.4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.1% CAGR.

Retail Segment to Record 3.9% CAGR

In the global Retail segment, USA, Canada, Japan, China and Europe will drive the 3.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$446.7 Million in the year 2020 will reach a projected size of US$570.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$483.7 Million by the year 2027, while Latin America will expand at a 4.9% CAGR through the analysis period.

Competitors identified in this market include, among others:

• Crown Equipment Corporation
• Goscor Lift Truck Company
• Hyster Company
• Hyundai Heavy Industries Co., Ltd.
• Jungheinrich AG
• KION Group AG
• Liftek FZC
• Linde Material Handling (UK) Ltd.
• Mitsubishi Logisnext Co., Ltd.
• Nido Machineries Pvt Ltd
• Nilkamal Ltd.
• PR Industrial Srl
• Presto Lifts, Inc.
• Raymond Handling Concepts Corporation
• Toyota Industries Corporation
• TVH Parts Holding NV

Key Topics Covered:

I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Global Competitor Market Shares
• Pallet Trucks Competitor Market Share Scenario Worldwide (in %): 2019 & 2025
• Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

• Total Companies Profiled: 42

For more information about this report visit https://www.researchandmarkets.com/r/u2rgmw

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SOURCE Research and Markets