LONDON--(BUSINESS WIRE)--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
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.
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR40091
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.
Register for a free trial today and gain instant access to 17,000+ market research reports.
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.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at email@example.com.