As per Future Market Insights, the platform trolley market is anticipated to attain a value pool of USD 500 million by 2023-end. Global demand for platform trolleys is expected to rise at a CAGR of 5% to USD 900 million in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value of Platform Trolleys in 2023 | USD 550 million |
| Projected Market Value of Platform Trolleys in 2033 | USD 900 million |
| Growth Rate (2023 to 2033) | 5% CAGR |
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Expansion of the retail sector: The growth of the retail sector, especially in emerging markets, is driving the demand for platform trolleys for transporting goods within retail stores and warehouses.
Rising demand for ergonomic and customizable platform trolleys: The trend towards ergonomic and customizable platform trolleys that can be tailored to specific user requirements is driving the growth of the market. Manufacturers are developing platform trolleys with adjustable heights, load capacities, and other features to meet the diverse needs of end-users.
Increasing focus on workplace safety: The growing emphasis on workplace safety and the need to reduce manual handling of heavy loads is driving the demand for platform trolleys. Platform trolleys can help reduce the risk of injuries and accidents in the workplace by enabling safe and efficient transport of goods and materials.
Development of electric and autonomous platform trolleys: The development of electric and autonomous platform trolleys presents an opportunity for manufacturers to offer more advanced and efficient solutions to their customers. Electric platform trolleys can reduce the need for manual pushing and pulling, while autonomous trolleys can enable unmanned transport of goods.
Increasing demand for platform trolleys in the healthcare sector: The healthcare sector requires reliable and hygienic material handling equipment for transporting medical supplies and equipment. The increasing demand for healthcare services presents an opportunity for manufacturers to expand their presence in this sector.
Growing demand for platform trolleys in the hospitality industry: The hospitality industry requires platform trolleys for transporting food, linens, and other supplies within hotels, resorts, and other hospitality establishments. The growing demand for hospitality services presents an opportunity for manufacturers to expand their customer base in this sector.
Expansion of the e-commerce industry: The e-commerce industry is expected to continue growing, driven by the increasing preference for online shopping. This presents an opportunity for manufacturers to cater to the growing demand for platform trolleys in e-commerce warehouses and distribution centres.
Adoption of sustainable manufacturing practices: The trend towards sustainability and environmental responsibility presents an opportunity for manufacturers to develop and market platform trolleys made from eco-friendly materials and using sustainable manufacturing practices. This can help manufacturers differentiate themselves and appeal to environmentally conscious customers.
Increasing use of lightweight and durable materials: The trend towards lightweight and durable materials, such as aluminium and high-strength plastics, is driving the development of platform trolleys that are easier to manoeuvre and transport, while also providing greater load capacity.
Growing demand for custom-built platform trolleys: The trend towards customization is driving the development of platform trolleys that can be tailored to specific user requirements. Manufacturers are offering a range of customizable features, such as adjustable heights, load capacities, and wheel types.
Adoption of automation and smart technologies: The trend towards automation and the Internet of Things (IoT) is driving the development of platform trolleys with smart features, such as sensors and wireless connectivity, which enable remote monitoring, tracking, and control.
According to latest research estimates, Platform Trolley Market is set to record CAGR of 4.5-5% during 2021-2031. Demand for Platform Trolley will witness steady recovery in short-term, with optimistic growth outlook in the long-run. The digital transformation of industrial landscape means that there are favorable growth prospects for the market in the forecast period.
One of the primary factor which is expected to drive the growth of the market is increasing need for platform trolley from commercial places such as hotels, restaurants, supermarket and hypermarket and airports where heavy loads are needed to take from one place to another.
Another major factor taken into consideration is swiftly growing construction industry is putting the lime light on growing needs of platform carts at construction sites for transporting goods and luggage in a convenient way which is predicted to increase adoption rate of platform trolleys in the coming years.
On the basis of material type, plastic material type segment is gaining traction owing to the benefits offer by this segment as this material prevents the product from rusting. Another important application of platform trolley is a warehouse where this product plays crucial role in managing products efficiently.
Based on material type, plastic platform trolley is expected to hold major share in the global platform trolley market. It is best suited when one’s primary concern is maximum load capacity as it is strongest and toughest as compare to stainless still material type product.
Plastic material type segment is expected to hold its dominance over other segment over the forecast period owing to its easy to handle property, rust resistant and durability.
According to the opinions learnt from the end users, when one has to transport the material in bulk amount foldable product type is good for every time usage due to its bigger size and can be store anywhere and anytime. Hence, it is projected that the foldable product type is expected to account for the higher share over other segments throughout the forecast period.
According to the World Economic Forum, GDP in the country of the USA dropped 5% in Q1 2020 and around 33% in Q2 2020 alone. End-users from various industries faced numerous challenges to balance customer demands, meet performance standards and achieve desired profits, yet the motion control industry has fared far better, as compared to other industries in the country. Based on research,the USA market is considered to be the mature market.
European countries have been severely impacted by the COVID-19 crisis, which has led to a decline in economic activities.
However, in the case of many companies one of the key issues is the shutdown of the production and sales of the product which was halting the demand during the year 2020 and is expected to drop the market over the year 2020
Growing retail sector in particularly in countries of Eastern European is expected to drive the demand of the product in upcoming years. Hence, this region is expected to grow with the significant growth rate over the forecast period
Some of the leading manufacturers and suppliers include
Manufacturers are highly focused on providing customized products which are characterized by the highest quality, functionality and durability. to their customers due to which demand of the product is gaining traction in various end use industry.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Platform Trolley Market
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