Electric Pallet Jack and Stacker Market Size and Share Analysis by Product (Electric Pallet Jack, Electric Pallet Stacker), Type (Operator Driven, Self-Driven), Battery (Lead-Acid, Lithium-Ion), Load Capacity (Between 1000-2000 KG, Above 2000 KG, Below 1000 KG), Application (Ground Level Transport, Lifting and Stacking, Order Picking), End User (Warehousing & Logistics, Food & Beverages, Healthcare) - Global Industry Revenue Estimation and Demand Forecast to 2030

Market Overview

The electric pallet jack and stacker market size stood at USD 4,402 million in 2022, and it is expected to rise at a compound annual growth rate of 6.1% during 2022–2030, to reach USD 7,069 million by 2030.

Electric pallet jacks and stackers are primarily used for stacking and transporting pallets in distribution centers, warehouses, and manufacturing facilities. Hence, the rising demand for integrated production and assembly lines in different industries is expected to drive the electric pallet and jack stacker market worldwide.

This high demand for these solutions from industries is attributed to the rising manufacturing output, coupled with the increasing adoption of the latest technologies. Another key factor here is the increasing deployment of automated equipment in the logistics, manufacturing, retail, food & beverage, and many other sectors.

Further, the introduction of Li-ion batteries has revolutionized the electric pallet jack and stacker market. This is because Li-ion batteries are considered to be cost-efficient and, thus, used in a wide range of equipment across varied sectors. Thus, the launch of new product lines in the battery-operated segment could further have a positive impact on the key players.

In 2022, Electric Pallet Jacks Dominated Global Market

Electric pallet jacks were the larger category, with a share of around 70% of the global revenue, in 2022. Jacks are significant in conducting the routine task of transporting materials and minimizing manual labor. Essentially, they are used to increase production and decrease human error in different sectors, such as healthcare, warehousing & logistics, and food & beverages.

Operator-Driven Is Preferred Type

The operator-driven type was the larger category, with a share of around 90% of the global revenue, in 2022. Such variants are used for transporting pallets in a warehouse. The need for operator-driven material handling equipment has been increasing continuously to improve efficiency in logistics and manufacturing facilities.

The operator-driven category is further subdivided into walkie and ride-on, of which electric walkies dominated the market in 2022. Further, the sales of automated ride-ons are expected to grow rapidly during the forecast period owing to the ease of navigation they offer.

Lead–Acid Battery Category Contributes Higher Revenue Worldwide

Lead–acid battery variants were the larger revenue contributor, with a share of around 58% of the global electric pallet jack and stacker market, in 2022. These power sources are widely used in machine handling equipment owing to their high durability and cost-effectiveness. Moreover, they have an extended service life and are easy to maintain.

However, the demand for lead–acid batteries is expected to decline in the future with the increasing application of lithium-ion batteries, as the latter offers several benefits, such as a higher energy capacity, low self-discharge rate, and ease of disposal. Thus, this category is projected to grow with a significant CAGR in the forthcoming years. In response to this, manufacturers are focusing on developing material handling equipment consisting of lithium-ion batteries with higher output ratings and energy capacities.

Above 2,000 kg Load Capacity Category Is Expected To Grow with Healthy Rate

The above 2,000 kg load capacity category is predicted to grow at the highest CAGR in the global market. The demand for these machines is driven by their powerful motors, which offer them an appreciable lifting capacity of more than 2,000 kg. As a result, these pallet jacks and stackers are used in industrial and heavy manufacturing sectors to lift heavy loads. This type of equipment offers several more advantages, such as increased speed and efficiency and less effort on the operator’s part. Additionally, it provides a robust structure to handle heavy loads and a wide base for stability.

Warehousing & Logistics Is Expected To Hold Significant Share

A variety of machine handling equipment models with varying load capacities are available for diverse applications. Among the prominent industries using this equipment are warehousing & logistics, healthcare, food & beverages, construction, and automotive. Among these, the warehousing & logistics category contributed the highest revenue to the global market in 2022, as these machines enhance productivity, are better alternatives than forklifts, and can be used in small warehouses and fulfillment centers.

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In 2022, APAC Dominated Global Market

APAC was the largest region, in terms of revenue, in 2022. The dominance of the region on the global market is attributed to the high adoption of industrial automation solutions. Essentially, the rapid industrialization and urbanization in emerging economies, including India and China, are driving the demand for energy-efficient equipment, thus boosting the sale of automated material handling solutions.

The growth of the market is especially robust in China, Japan, India, and South Korea, on account of the rapid industrialization. China is expected to show the fastest increase in revenue in the Asia-Pacific region, owing to the significant inclination toward eco-friendly material handling equipment. Moreover, manufacturing and logistics companies as well as those offering such machines are continuously investing and expanding in developing countries. As a result, the sales of these products in the region are expected to show a robust expansion in the coming years.

High Demand across End-Use Industries Drives Sales Growth

The high demand for these solutions from different end users, coupled with the high availability of a wide range of products rated for different load handling capacities, is expected to fuel electric jack and stacker sales over the forecast period. Additionally, the rapid proliferation of logistics centers and warehouses in different regions is supporting the demand for such material handling solutions.

Rising Investment in Automation and IoT

The increasing deployment of IoT to automate daily routine tasks, decrease labor costs, and improve productivity is a key driver for the market. Different types of machine handling equipment are used in warehouses and logistics centers to increase safety and efficiently transport goods. The field of IoT has itself witnessed several advancements in recent years.

Till 5–10 years ago, several industries used traditional methods of loading and unloading materials and goods in warehouses. However, companies are now automating their operations to optimize production. Here, IoT and automation are helping industries set up smart factories and warehouses. This change supports order processing from warehouses, to improve the customer experience. Several industries, including warehousing & logistics, retail, and manufacturing, are continuously adopting automated equipment, thereby increasing the need for jacks and stackers in the forthcoming years.

Expanding E-Commerce Sector Is Offering Growth Opportunities

The increasing usage of warehouses and logistics centers owing to the rapid expansion of the e-commerce industry is further accelerating the need for battery-operated jacks and stackers. The requirement for logistics centers and warehouses has increased rapidly owing to the rising demand for the online delivery of products. Additionally, the growing demand for one-day delivery of goods has considerably increased the requirement for warehouses, thus supporting the progress of the electric pallet jack and stacker market.

Key Electric Pallet Jack and Stacker Manufacturers Are:

• Toyota Industries Corporation
• Jungheinrich AG
• Hyster-Yale Materials Handling Inc.
• EP Equipment
• Hangcha Forklift
• Hyundai Construction Equipment Co. Ltd.
• KION GROUP AG
• Doosan Corporation
• Mitsubishi Logisnext Co. Ltd.
• Crown Equipment Corporation

Market Size Breakdown by Segment

The report analyzes the impact of the major drivers and restraints on the electric pallet jack and stacker market, to offer accurate market estimations for 2017–2030.

Based on Product

• Electric Pallet Jack
• Electric Pallet Stacker
  • Electric Straddle Pallet Stacker
  • Electric Counterbalanced Pallet Stacker

Based on Type

• Operator Driven
  • Walkie
  • Ride-on
• Self-Driven

Based on Battery

• Lead-Acid
• Lithium-Ion

Based on Load Capacity

• Between 1000-2000 KG
• Above 2000 KG
• Below 1000 KG

Based on Application

• Ground Level Transport
• Lifting and Stacking
• Order Picking

Based on End User

• Warehousing & Logistics
• Food & Beverages (F&B)
• Healthcare

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • U.A.E.