The Global Hand Trucks Market Is Expected To Value At USD 791.7 Million By 2028 - The Driving Factors and Industry New Trends
Hand trucks and trolleys' versatility in handling lightweight items, heavy loads, and stacking multiple objects at once make them an ideal choice in a variety of industries such as household, warehouse, logistics, automotive or manufacturing sectors. As a result of the post-Covid19 effects, global e-Commerce sales reached $4.5 trillion by 2021, creating a favorable situation for the hand truck market. The hand trolley is expected to become a key piece of equipment, generating millions of dollars over the forecast.
According to the most recent Business Research Insights report, the global hand trolley market was valued at USD 647.6 million in 2021, USD 680.7 million in 2022, and USD 791.7 million in 2028, with a CAGR of 2.6% during the 2022-2028 period.
Also giving projections to this market, another research from Technavio provided the forecasted growth of the global hand trolley industry in the market between 2021 and 2026. According to this study, the rise of supermarket and food service retail chains is increasing demand for various types of trolleys, propelling the global trolley market to grow by USD 412.46 million between 2021 and 2026, with a predicted CAGR of 3.93%.
It is impossible to say which study is more accurate because they only provide predictions for the future. However, there is one notable feature that these two reports clearly shared, and that is the rapid growth of the global hand truck market value. This significant growth of the market is expected to be from the following driving factors:
Driving Factors
Supermarket and Food Service Industry Expansion:
Rapid urbanization and population growth have increased global demand for fast-food restaurants and supermarkets. Many food service companies, such as McDonald's, Burger King, Starbucks, and Pizza Hut, are expanding their networks by opening new food service retail locations. Similarly, the number of supermarkets is increasing as a result of significant investments in expansion plans by leading supermarket players. The increasing demand for trolleys in supermarkets and the food service industry will be crucial in propelling the global trolley market forward.
Logistics and Retail E-commerce Boost:
Hand trucks and dollies are in high demand in the logistics and retail e-commerce sectors, as they reduce the need for manual lifting, moving, or positioning of stacks of goods. Following the covid-19 outbreak, retail e-commerce sales in 2021 totaled approximately 5.2 trillion US dollars worldwide ( according to Statista). This figure is expected to rise by 56% over the next few years, reaching approximately 8.1 trillion dollars by 2026. Because of the high demand for manually powered vehicles to transport cargo or bulky items, the Retail & Logistics segment is expected to lead the overall Hand truck market. The global hand truck market is expected to benefit significantly from the world's rapidly growing e-commerce sector.
Latest Trends in Hand Trucks Market
The market's high competitiveness and the advancement of technology in the wheels dolly are the major forces that have resulted in a new trend known as Powered dollies, Battery hand trucks, or Motorized hand trucks. Aside from the frame, wheels handle, and casters that are the same as the traditional hand trucks, the motorized hand trucks are equipped with motors that run on gas or a battery that is rechargeable for the ones run by electricity. Workers and laborers can move large and heavy items quickly and efficiently thanks to powered engines. Electric hand trucks are useful for transporting items over long distances while saving labor. However, the cost of powered hand trucks is an issue to consider, especially when it is dependent on the price of electricity or gas.
WOODEVER is among the top leading hand truck manufacturers and suppliers in Taiwan and APAC region. With our slogan “Better solutions come in handy” WOODEVER’s vision is to provide innovative and cost-effective solutions that assist users all over the world transport materials more safely and efficiently.
“BETTER SOLUTIONS COME IN HANDY”
WOODEVER manufactures and innovates a wide array of hand trucks and platform carts such as upright hand trucks, convertible hand trucks, appliance hand trucks, hand trucks for special purposes, industrial platform carts, etc. Additionally, we offer project services for global sourcing, bulk buying, OEM & ODM, consultation, and customization for business customers. With over 20 years of expertise in the material handling equipment industry, WOODEVER has successfully provided solutions for our 353 clients spanning America, Europe, and Australia.
Please feel free to contact us or learn more about us here:
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China factory
Vietnam factory
Factory with a total area of more than 45,000 meters square
Vietnam hydraulic Stamping Machine
Production capacity up to more than 50,000 units of hand trucks monthly
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