Top 3 Trends in the Global Pallet Trucks Market: Technavio

Technavio’s latest market research report on the global pallet trucks market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.

According to Shakti Jakhar, a lead analyst at Technavio for warehouse and storage research, “The rising sales of global e-commerce industry and packaged food market will fuel the market for pallet trucks. E-commerce companies and packaged food industries will increase the number of warehouses and distribution centers near cities, to facilitate last mile delivery, which in turn, will lead to an increase in demand for pallet trucks during the forecast period.”

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The top three emerging market trends driving the global pallet trucks market according to Technavio research analysts are:

Increased R&D of new types of batteries

Growing innovations in the pallet trucks market

Rising popularity of autonomous vehicles

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Increased R&D of new types of batteries

The energy system plays an important role in the electric pallet trucks, where charging and maintenance along with battery change take a lot of time. However, companies are trying to find alternative battery systems that offer quick charging or refueling and energy efficiency. There is research being done on several types of batteries. These new technologies will mean longer run time of electric pallet trucks. Also, reduction in charge time can increase productivity by reducing the delay time that occurs due to charging.

Growing innovations in the pallet trucks market

Companies in the global pallet trucks market are always trying to innovate, to offer innovative solutions to customers. For example, in June 2017, Crown rolled out a technology that utilizes a special glove to control the movement of a pallet truck remotely. This new technology will optimize the order picking process, which in turn, will increase productivity. The new technology was invented to streamline the process of the operator stepping up and down from the electric pallet trucks, which reduces the operator fatigue. Such growth in innovations by companies in the global pallet trucks market will fuel the pallet trucks market in the future.

Rising popularity of autonomous vehicles

Automatic guided vehicles (AGV), are limited to a programmed path or controlled from outside the vehicle. A typical AGV, such as pallet trucks used in warehouses, generally follows a pre-fixed or programmed route and cannot navigate around obstacles themselves. In the case where an obstacle is encountered, an AGV pallet truck stops in its tracks, and human intervention is needed to remove the obstacle and restart the AGV. These types of situations are usually encountered in warehouses and distribution centers, causing congestion and disruption. These shortcomings have limited the use of AGVs in material handling.

“An autonomous AGV needs decision-making ability that allows them to perform tasks with a high degree of freedom from external control. Such a vehicle will be able to negotiate obstacles to complete the task at hand, without human assistance. With autonomous cars expected to be on the road during the forecast period it is anticipated that autonomous pallet trucks will be possible soon,” says Shakti.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Post time: Sep-28-2017
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