According to a report from Research and Markets, the global pallet trucks market will grow at a CAGR of 6.04% from 2017 to 2021.

The latest trend gaining momentum in the market is the increased research and development of new types of batteries. The energy system plays an important role in 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.

According to the report, one of the major drivers for this market is the rising need for pallet trucks. A pallet truck is a material handling tool, widely used in the industrial sector and several supermarkets to lift and move packages. The equipment works by lifting the packages using a hydraulic system installed at the front of the jack, for elevating the package slightly above the ground to be moved. At present, companies around the world are increasingly willing to make use of modern technology and machinery, such as forklift and pallet trucks, in their workplaces to increase the productivity.