Pallet Market in India 2020-2024 | 12% CAGR Projection Over the Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--Nov 11, 2019--
The pallet market size in India is expected to post a CAGR of over 12% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled pallet market in India 2020-2024. (Graphic: Business Wire)
The growth of containerization in India is one of the primary reasons for the pallet market growth in India. The growth of international trade and the rise in port traffic is driving the need for containerization in India. The container port traffic in India grew by more than 13% during 2017-2018. Containerization reduces congestion in ports, shortens shipping time, and reduces losses from damage and theft. The growth of containerization in India has increased the use of pallets because shipping containers have smooth, level surfaces that permit quick pallet movement with forklifts of different sizes.
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As per Technavio, the rising popularity of pallet tracking technologies will contribute to the market’s growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Pallet Market in India: Rising Popularity of Pallet Tracking Technologies
Vendors engaged in the manufacturing of pallets are continuously working on customizations as per their customers’ requirements to stay ahead of the competition. The use of cost-effective and time-saving material handling equipment is of utmost importance to improve the operational efficiency of logistics operations. Tracking technologies such as RFID, sensors, and tags are being embedded in pallets to enable supply chain monitoring. A rise in the use of RFID and other tracking technologies for tracking plastic pallets is expected to drive market growth during the forecast period.
“Apart from the rising popularity of pallet tracking technologies, factors such as the emergence of pallet pooling, and the adoption of reusable pallets will have a significant impact on the growth of the pallet market in India value during the forecast period,” says a senior analyst at Technavio.
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Pallet Market in India: Segmentation Analysis
This market research report segments the pallet market in India by material (wood, plastic, metal, and corrugated paper), end-user (food and beverages, chemicals and pharmaceuticals, retail, construction, and others).
The wood segment led the pallet market growth in India. Wood pallets are the most widely used pallets as they are more durable and more cost-effective than other pallet types. Wood pallets are increasingly being adopted by production units, distribution centers, and manufacturing units because of their cost-effectiveness. Thus, the wood segments will continue to dominate the pallet market in India.
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Some of the key topics covered in the report include:
Five Forces Analysis
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KEYWORD: INDIA ASIA PACIFIC
INDUSTRY KEYWORD: TRANSPORT LOGISTICS/SUPPLY CHAIN MANAGEMENT
SOURCE: Technavio Research
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PUB: 11/11/2019 09:52 AM/DISC: 11/11/2019 09:52 AM