What's Driving the Material Handling Equipment Market Growth? Top Manufacturers are Columbus McKinnon, Dematic, FlexLink, Hyster-Yale Group, JBT Corporation, KION Group
Digital technologies are implemented in warehouses, distribution centers, and transport & logistics to enhance the delivery methods and to speed up the processes. Increased focus of e-commerce companies to offer enhanced customer satisfaction will fuel the material handling equipment market growth. The market is projected to exceed USD 190 billion by 2024.
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The ongoing technological advancements in the automation industry coupled with the advent of Industry 4.0 and other advanced technologies, such as RFID and IoT, will propel the material handling equipment market growth over the coming years. Technologies such as Automatic Identification & Data Capture (AIDC) and IoT are becoming popular as they are cost-effective and help in improving the order fulfillment processes and enhancing the supply chain efficiency.
Material Handling Equipment Market, By Product:
o Storage and handling equipment
• Stacking frames
• Shelves, bins and drawers
o Industrial trucks:
• Automated guided vehicles (AGVs)
• Hand, platform and pallet trucks
• Order pickers
• Pallet jacks
• Side loaders
• Walkie stackers
o Bulk material handling equipment:
• Conveyor belts
o Automated storage and retrieval system (AS/RS):
o Unit-load AS/RS
o Multi-load AS/RS
Material Handling Equipment Market, By Application:
• General merchandise
• Food retail
• Food & beverage
• Durable manufacturing
The flourishing e-commerce sector is expected to provide growth opportunities to the material handling equipment market growth. A rapid rise in the e-commerce industry, primarily online shopping, has resulted in shorter product delivery times, which is increasing the pressure on distribution operations in warehouses and logistics. The efficient supply chain operation is considered to be the backbone of e-commerce industry owing to which online retailers are implementing automated warehouses and cargo barges to reduce the time to market their products.
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There will be a demand for industrial trucks owing to their ability to handle heavy loads of data efficiently. They can be used to move materials over variable paths without any restrictions on the area covered, supporting the wide-scale adoption of these trucks. This machinery enables mechanized pickup and deposit of loads, thereby eliminating the manual work in transporting and lifting. The rise in the cross-border commerce owing to the improving trade sector is escalating the material handling equipment market growth.
Major players in the material handling equipment market include:
• JBT Corporation
• Columbus McKinnon
• KUKA AG
• Hyster-Yale Materials Handling
The industry is highly fragmented and competitive in nature owing to the presence of various industry participants. Companies operating in the industry are actively investing in R&D and developing technologically-advanced products and undertaking strategic acquisitions & collaborations to strengthen the product portfolio to sustain in the market.
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Europe material handling equipment market will witness growth owing to stringent government regulations mandating the use of advanced equipment for operator safety coupled with rising labor costs across various economies. The developed logistics & transportation sector in France coupled with the advanced manufacturing industry in Germany will support the regional industry demand. Regulations pertaining to energy efficiency in Germany will spur the demand for electric trucks.
The thriving durable manufacturing sector is expected to provide growth opportunities to the material handling equipment market. A manufacturing facility involves several operations such as picking & placing of objects from conveyors, storage of materials, and transportation of goods to and from the production facility to the desired location. Conveyor systems used in the production facility are capable of carrying heavy materials to specific destinations thereby facilitating the movement of large volumes of loads quickly. Bulk material handling systems are gaining significance in the durable manufacturing sector due to their ability to handle large loads smoothly.
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