Pallet Jacks Market Size - By Type, By Operation, By Capacity, By End Use Industry, By Distribution Channel, Growth Forecast, 2025 - 2034

Pallet Jacks Market Size

The global pallet jacks market size was valued at USD 7.4 billion in 2024 and is projected to grow at a CAGR of 4.7% between 2025 and 2034. The market for pallet jacks is expanding due to the surging demand for material handling equipment along with the rapid growth of warehouses and distribution centers across developing regions.
 

New warehouse, distribution center, and production facility construction is driving a strong demand for material handling equipment, such as pallet jacks. The increasing emphasis on enhancing supply chain efficiency and minimizing lead times is also promoting companies to invest in sophisticated material handling solutions.
 

As per the Wall Street Journal, the largest global industrial real-estate operator, estimated that Chinese third-party logistics providers and e-commerce companies accounted for 20% of the net new warehouse leasing across the U.S. in 2024 through the third quarter, showing a sharp increase over recent years. In New Jersey, one of the primary leasing locations in major U.S. logistics markets, China-based logistics companies leased 5.6 million square feet of warehouse space through the third quarter.
 

In comparison to all of 2023, the amount of warehousing space leased by those companies in that region nearly tripled by one quarter. A value of 6.42% in 2022 indicates that in 2022, there were 6.42% more warehousing and storage establishments in the United States than in 2021. In 2023, there is only a 3.63% growth in warehouses in the United States rate.
 

The warehousing landscape in the UK and Ireland is undergoing a transformation across multiple fronts. On the one hand, Ireland’s continuous economic growth has led to a need for more warehousing space and logistics efficiencies that would facilitate the movement of goods. In the UK, moreover, the ramifications of Brexit intensified the need to secure storage within the country’s borders, and the aftermath of the 2020 pandemic and geopolitical situation have led businesses across the world to follow suit.
 

The UK boasts the most mature logistics market in Europe, propelled by the early adoption of outsourcing non-core activities by manufacturers and retailers. This strategic move has not only fueled the country's logistics sector but also brought about a rapid rate of expansion compared to its EU counterparts. The UK leads the way in industrial and logistics real estate investments in Europe, with over 14.7 billion invested in 2022. Ireland, with 471 million Euros invested in 2022 and 995 million the year before, currently holds 10th place in Europe.
 

Pallet Jacks Market Trends

• The pallet jack industry has grown steadily in recent years. Advancements in technology have resulted in a number of developments that promise to improve productivity and decrease long-term operating costs for industry operators.
   
• In recent years, many transitions have taken place within the pallet jack industry towards the use of electric pallet jack. As more companies begin to make the switch and the production of electric pallet jack increases, there will be more resources put into the development of improved energy systems.
   
• The recent years have already delivered a number of creative and practical solutions within the global pallet jack industry and the future looks even more promising. Technology developers and market innovators are looking for ways to improve the products and processes in the pallet jack market and as a result many companies are investing in new projects.
   
• The rise of self-driving vehicles has gained momentum and companies throughout industries have been looking at ways in which they can incorporate the technology into their operation. In the pallet trucks market, the use of automatic guided vehicles has become commonplace, with warehouses and companies looking to reduce the workload.
   

Pallet Jacks Market Analysis

Based on the operation, the pallet jacks market is divided into manual pallet jack and electric pallet jack. In 2024, manual pallet jack dominated the market, generating revenue of USD 4.3 billion and expected to grow at a CAGR of 4.4% during the forecast period.
 

• In recent years there has been rapid growth of automation and digitalization of warehouse operations, as a result there is a demand for pallet jacks that can manage the large capacity of goods with smart technology.
   
• Electric pallet jacks are gaining popularity across smart warehouses operation. The trend towards sustainability is also prevalent, with companies looking to lower their carbon footprint by acquiring electric pallet jacks that consume renewable energy sources.
   
• Technological advancements like improved battery life, wireless communications, and AI-based systems will transform the industry even more. Hangcha Group has produced a new logistics handling equipment called the A Series Lithium-ion Walkie Pallet Jack for the intense operating environment of the North American market. With its AC drive technology, it provides high performance as well as limited maintenance costs. It is safe, dependable, and easy to operate. This 5,000lb load capacity walkie pallet jack is a great piece of equipment for palletized material handling, unloading, and loading in warehouses, supermarkets, and workshops.

Based on end use industry, the pallet jacks market is segmented into retail, logistics and warehousing, food, and beverages, automotive, steel plants and others. In 2024, logistics and warehousing segment dominates the market with 36% market share and the segment is expected to grow at a CAGR of 5% from 2025 to 2034.
 

• The logistics and warehousing industry are experiencing robust growth due to the expansion of global trade and the rise of third-party logistics providers. This has led to a surge in the need for pallet jacks to enhance operational efficiency and reduce manual labor.
   
• Moreover, surging e-commerce sectors across the globe boosting the demand for logistics and warehouses. According to Shopify estimation, global ecommerce sales are forecast to hit USD 6.09 trillion in 2024. In 2024, total revenue from online transactions is set to surpass USD 6 trillion, after an 8.4% increase from the previous year. This number is expected to continue growing over the next few years, proving that the ecommerce business model is becoming an increasingly lucrative option for companies.
   
• China and the United States are the largest contributors to global ecommerce, with sales from these two countries totaling more than USD 2.32 trillion in 2023. In 2027, growth is anticipated to slow slightly to 7.2%, to take online sales revenues to $7.57 trillion. By 2027, it is estimated that world retail ecommerce sales will hit USD 8.09 trillion, surpassing the USD 8 trillion milestone for the first time.
   

Based on capacity, the pallet jacks market is segmented into light-duty (below 2 tons), medium-duty (2 to 5 tons) and heavy-duty (above 5 tons). In 2024, the medium-duty (2 to 5 tons) segment dominates the market and is expected to grow at a CAGR of over 5.2% from 2025 to 2034.
 

• Medium-duty pallet jacks, which have a capacity between 2 and 5 tons, are increasingly being adopted in sectors that involve moderate load handling. Their versatility and potential to support a broad spectrum of applications make them a choice for warehouses and distribution facilities. Also, technologies like the incorporation of electric-powered systems are improving the operational efficiency and ease of operation of medium-duty pallet jacks, thereby increasing adoption.
   
• Heavy-duty pallet jacks, which are suitable for loads exceeding 5 tons, are being used more widely in manufacturing, construction, and heavy equipment managing industries. An increased focus on business efficiency and safety in the workplace has created a demand for these heavy-duty solutions for moving big and heavy materials.
   
• In addition, the innovation of advanced features such as ergonomically designed structures and improved durability is compelling the usage of heavy-duty pallet jacks for high-capacity operations. Hyster has developed the Direct Store Delivery (DSD) package for the W45ZHD pallet truck. Lithium-ion powered, it is among the most advanced and productive tools for DSD Operation.

In terms of country, the United States led the pallet jacks market with 82% of the North American pallet jacks market share and estimated USD 1.8 billion in revenue during 2024.
 

• The expansion of the U.S. pallet jacks industry is primarily driven by rapid growth of warehouses and distribution centers.
   
• As per the Wall Street Journal, the largest global industrial real-estate operator, estimated that Chinese third-party logistics providers and e-commerce companies accounted for 20% of the net new warehouse leasing across the U.S. in 2024 through the third quarter, showing a sharp increase over recent years.
   
• In New Jersey, one of the primary leasing locations in major U.S. logistics markets, China-based logistics companies leased 5.6 million square feet of warehouse space through the third quarter. In comparison to all of 2023, the amount of warehousing space leased by those companies in that region nearly tripled by one quarter.
   
• A value of 6.42% in 2022 indicates that in 2022, there were 6.42% more warehousing and storage establishments in the United States than in 2021. In 2023, there is only a 3.63% growth in warehouses in the United States rate.
   

The Europe pallet jacks market was valued at USD 1.9 billion in 2024 and is projected to grow at a CAGR of 4.4% between 2025 and 2034.
 

• The UK boasts the most mature logistics market in Europe, propelled by the early adoption of outsourcing non-core activities by manufacturers and retailers. This strategic move has not only fueled the country's logistics sector but also brought about a rapid rate of expansion compared to its EU counterparts.
   
• The UK leads the way in industrial and logistics real estate investments in Europe, with over 14.7 billion invested in 2022. Ireland, with 471 million Euros invested in 2022 and 995 million the year before, currently holds 10th place in Europe.
   

The Asia Pacific pallet jacks market was valued at USD 2.4 billion in 2024 and is projected to grow at a CAGR of 5.2% between 2025 and 2034.
 

• According to the Invest India, The Indian warehouse market is predicted to reach $34.99 Bn by 2027, with a CAGR of 15.64% from 2022. The market is currently experiencing unprecedented demand, outpacing supply by 1.4 times in the first half of 2023. The country's Grade-A Warehousing stock soared to a staggering 177 Mn sq. ft (2023), with an additional 140 Mn sq. ft added since CY 2016, highlighting the industry's ability to adapt and expand in response to the growing needs of various sectors.
   

The Middle East and Africa pallet jacks market was valued at USD 400 million in 2024 and is projected to grow at a CAGR of 4.1% between 2025 and 2034.
 

• Saudi Arabia's logistics sector benefits from an active pipeline of over 200 PPP projects, with an additional 300 under review. These collaborations valued at over USD 50 billion enable private sector participation in critical infrastructure development, reducing reliance on state funding while fostering innovation. Riyadh leads with a 98 percent occupancy rate, while Jeddah and Dammam follow closely at 97 percent each. Riyadh’s prime warehouse spaces now command rents exceeding SR250 ($66.6) per sq. meter, while city-wide averages hit $55.
   

Pallet Jacks Market Share

• The top five companies in Pallet Jacks industry are Crown Equipment Corporation, Raymond Corporation, Hyster-Yale Materials Handling, Linde Material Handling, Mobile Industrial Robots, and they collectively hold a share of 8%-12% in the market.
   
• These companies continue to acquire and merge with others, expand facilities, and make various collaborations to increase their product offerings, access customer bases, and secure their market positions.
   
• Hyster-Yale reported its financial performance for the year ended December 31, 2024, highlighting growth across key metrics compared to 2023. The company's revenues increased to $4,308.2 million in 2024, up from $4,118.3 million in 2023. Operating profit also saw an improvement, rising to $244.8 million in 2024 from $208.7 million in the previous year. Additionally, net income grew to $144.2 million in 2024, compared to $128.1 million in 2023, reflecting the company's continued financial progress.
   

Pallet Jacks Market Companies

Major players operating in the pallet jacks industry are:

• Allman
• Clark
• Crown Equipment Corporation
• CUBLIFT 
• Doosan
• Howard Handling
• HU-LIFT
• Hyster-Yale Materials Handling
• Jungheinrich 
• Linde Material Handling
• Mobile Industrial Robots
• Raymond Corporation
• RICO
• Toyota Material Handling
• Vestil
   

To improve the product and market share key players are constantly investing in technological activities and are also entering into partnerships to provide improved and better solutions for the customers. These investments are benefiting both companies and customers as they help develop and offer solutions as per the changing technological trends and thus the customer requirements.
 

In May 2024, Toyota Material Handling announced a significant expansion to its Columbus, Indiana headquarters. The company which first began building forklifts in Columbus in 1990 is investing $100 million in a new 295,000-square-foot manufacturing facility dedicated to producing electric products. This expansion marks another milestone in Toyota’s growth as a company and its longstanding partnership with the state of Indiana, and highlights the organization’s commitment to innovation, sustainability, and solving customer problems.
 

In May 2025, Jungheinrich introduces its new strategic framework for the next five-year period. With Strategy 2030+, the company is aiming to build on its deep roots and immense potential to transform into an even stronger global partner for its customers, delivering material handling solutions of exceptional value. By executing its strategic plan, the Group is targeting revenues of 10 billion euros and an EBIT ROS of 10 per cent on an organic basis by 2030.
 

Building on its strong core business in Europe, key strategic action fields for Jungheinrich will include further global expansion with a focus on North America and the Asia-Pacific (APAC) region, significant growth and innovation in the warehouse automation business, as well as an extension of the product portfolio to Mid-Tech industrial trucks.
 

Pallet Jacks Industry News

• In August 2024, Clark expanded its range of electric pallet trucks with four new models for pedestrian operation. The new pallet jacks are from the WS and SWX series with load capacities from 1.2 to 1.6 tons. The compact and maneuverable pedestrian stackers are suitable for transporting goods over short distances, for use in space-critical aisles and for loading and unloading trucks. Equipped with stable four-point support, the high lift pallet trucks achieve high residual load capacities even at great lifting heights.
   
• In March 2024, Mobile Industrial Robots at LogiMAT launched the MiR1200 Pallet Jack, which uses 3D vision and AI to identify pallets for pickup and delivery “with unprecedented precision.”  The company’s approach is to reduce pick-and-place cycle times, deliver best-in-class pick accuracy, and allow the company to continuously deliver advanced, AI-based functionality and value to our customers.
   
• In April 2022, Toyota Material Handling (TMH) launched two AC-powered walkie pallet jacks under the brand Tora-Max including an all-new Compact Electric Walkie Pallet Jack. These new models add to Toyota’s industry-leading lineup of electric products and are an ideal solution for customers in the warehousing, manufacturing, beverage, retail, and distribution industries. The Compact Tora-Max Walkie Pallet Jack delivers optimal maneuverability and exceptional power with a capacity of up to 3,300 pounds.
   

The pallet jacks market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) and volume (Thousand Units) from 2021 to 2034, for the following segments:

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Market, By Type

• Rider pallet jack
• Center rider pallet jack
• Weighing scale pallet jack
• Low profile pallet jack
• All-terrain pallet jack
• Others (multi-directional pallet jack etc.)

Market, By Operation

• Manual pallet jack
• Electric pallet jack

Market, By Capacity

• Light duty (below 2 tons)
• Medium-duty (2 to 5 tons)
• Heavy-duty (above 5 tons)

Market, By End Use Industry

• Retail
• Logistics and warehousing
• Food and beverages
• Automotive
• Steel plants
• Others (manufacturers etc.)

Market, By Distribution Channel  

• Direct sales
• Indirect sales

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea  
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • South Africa
  • Saudi Arabia
  • UAE