Material Handling Equipment Market is Going to Boom | Toyota Industries Corporation, KION GROUP AG, Jugheinrich AG, Daifuku Co., Ltd.

The global material handling equipment market is slated to witness robust gains in the near future. There is an evident increase in the demand for industrial trucks that facilitate the transfer of heavy goods easily and reliably.

Automated guided vehicles (AGVs) have gained a high demand since they carry loads across the facility floor without the need for any onboard operator or driver. They can be operated with the help of integrated systems of hardware and software components.

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Developments in the sensor industry will support research and development linked with AGVs. Since they do not require personnel for operation, they considerably help reduce the cost of labor. There will also be an increase in demand for side loaders that help carry long loads in the steel and wood sectors.

Study suggests that the global material handling equipment market size could amass USD 200 billion in terms of valuation by 2027. A major factor supporting the growth in the industry is the growing integration of technologies like IoT and RFID into the equipment. The surging adoption of IoT across the manufacturing industry will supplement the demand for connected material handling equipment that is advanced, up-to-date, and offer advanced services.

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In a bid to strengthen its economy, the manufacturing industry in developing countries across Latin America has witnessed significant growth. This is because the region aims at becoming a financially- independent region as well as a manufacturing hub in the coming times. Mexico ranked first among the U.S. trade partners in total trade during the year 2019, valuing nearly USD 614.5 billion. The processed food industry in the region has particularly grown two folds. This will help boost the adoption of bulk material handling equipment from the food and beverage sector.

Brazil in particular boasts of a strong automobile manufacturing sector, boosting the demand for robotics and conveyor systems in the production facilities. The government authorities across the region are encouraging the overall industrial sector through fiscal incentives driving the adoption of material handling systems.

The expanding 3PL sector is likely to drive the use of material handling equipment primarily in distribution centers and warehouses. Since online retailing has gained traction, many companies are leveraging the benefits of third-party logistics providers to meet the rising consumer demands. This will encourage the 3PL service providers to advance their warehouses and storage facilities to facilitate on-time and prompt delivery of shipments. Material handling equipment allows the load and unload products from store products at large heights in racks, transportation trucks, and move the products across the united through constrained spaces.

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From the above, it may be conferred that the rise in industrialization over the years has supported the need for a reliable and safe solution to move products across distances. The advent of technology has supplemented the development of advanced material handling equipment that meets the constantly growing technological needs spanning various sectors of the economy.

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