Automated Pallet Truck Market By Type (Pallet Transporting Truck, Pallet Stacking Truck) , By Application (Production and Manufacture, Distribution and Logistics, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
The automated pallet truck market was valued at $4895.82 million in 2022 and is estimated to reach $3489.32 million by 2032, exhibiting a CAGR of 21.7% from 2023 to 2032.
An automated pallet truck is a type of material handling equipment used in warehouses, distribution centers, and manufacturing facilities to transport and handle palletized goods. The automated pallet truck differs from the conventional manual pallet truck as it does not rely on human operators to push or pull it. Instead, it is equipped with advanced technologies that enable it to navigate and operate autonomously or semi-autonomously. This truck is designed to move pallets of goods efficiently and safely within a facility. It features electric propulsion systems for movement and utilizes technologies such as sensors, cameras, lasers, and onboard computers to navigate through the facility, prevent obstacles, and interact with other equipment or personnel.
Rise in demand for warehouse automation is a significant driver of the automated pallet truck market. With the growth of e-commerce and omnichannel retailing, there is a rising need for warehouse automation to handle the surge in order volumes efficiently. Moreover, the trend toward industrial automation, driven by the need for increased efficiency, productivity, and cost reduction, is a significant determinant of the automated pallet trucks market growth. As companies across various industries adopt automation technologies to streamline their operations, the demand for automated pallet trucks as a part of automated material handling systems increases.
However, high initial investment cost has hampered the growth of the automated pallet truck market. On the contrary, advancements in technology by major players in automated pallet trucks market provides lucrative opportunity for the growth of the market. For instance, in March 2023, Big Joe introduced an autonomous pallet mover in partnership with Thoro.Ai, a company specializing in AI and automation solutions. This collaboration combines Big Joe's expertise in material handling equipment with Thoro.Ai's advanced AI technology to develop a pallet mover capable of autonomous operation. The autonomous pallet mover streamlines pallet transportation tasks within warehouses and distribution centers, offering increased efficiency, flexibility, and productivity. It leverages AI algorithms and sensor technology to navigate warehouse environments, pick up and transport pallets, and interact safely with humans and other equipment. Through this partnership, Big Joe aims to provide innovative solutions that meet the evolving needs of the material handling industry.
Segmentation OverviewThe global automated pallet truck market is segmented into type, application, and region. Depending on the type, the market is classified into pallet transporting truck and pallet stacking truck. As per application, it is categorized into production & manufacture, distribution & logistics, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, Latin America, and Middle East Africa.
Key FindingsDepending on type, the pallet transporting truck segment accounted for the highest market share in 2022.
According to the application, the production and manufacture segment acquired the maximum market share in 2022.
Region wise, Asia-Pacific dominated the automated pallet truck market in 2022.
Competitive AnalysisThe report analyzes the profiles of key players operating in the automated pallet truck market such as Aichikikai, Amazon Robotics, ATAP Inc, Daifuku, Dematic, JBT Corporation, Meidensha, Mitsubishi Caterpillar Forklift, Seegrid Corporation, and Swisslog. These players have adopted various strategies, including mergers & acquisitions, partnerships, collaborations, and product development & innovation to increase their market penetration and strengthen their position in the automated pallet truck market.
Key Market SegmentsBy TypePallet Transporting Truck
Pallet Stacking Truck
By ApplicationProduction and Manufacture
Distribution and Logistics
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Thailand
Malaysia
Indonesia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Argentina
Rest of LAMEA
Key Market Players
Aichikikai
Amazon Robotics
ATAP Inc
Daifuku
Dematic
JBT Corporation
Meidensha Corporation
Mitsubishi Caterpillar Forklift
Seegrid Corporation
Swisslog AG