Material Handling Equipment Market Is Expected To Grow At A 6.7% CAGR Between 2022 And 2032, Future Market Insights

In 2022, it is anticipated that the global market for material handling equipment will be worth US$27,345.2 Million. The global market for material handling equipment is anticipated to grow at a 6.7% CAGR between 2022 and 2032, reaching a value of US$ 52,342.6 Million, according to FMI.

Sales of material handling equipment will rise between 2022 and 2032, generating a US$158.05 Million growth potential. This potential for growth is brought on by the expanding industrial sectors around the world, which call for more material handling equipment. Material handling equipment are commonly used in warehouses or manufacturing plants for various operations such as quick movement of goods or products, locating stock, preparing orders and localizing stock.

In the coming years, vision guided robotics, to reduce excessive downtime at warehouses, growing automation and technology advancements in material handling equipment are driving the market for the global material handling equipment market. However, the global material handling equipment market growth may be inhibited due to growing material handling equipment prices, rising steel prices and lack of skilled labor.

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Automated Material Handling Equipment witness High Demand in Modern Industrial Applications

A majority of manufacturers in various industrial areas are highlighting the importance of their personnel and employees, which is triggering the use of automated material handling equipment. Especially in manufacturing operations in hazardous environments, manufacturers are preferring minimal manual processes and more automation. This is expected to trigger the inclination towards automated material handling equipment, as a mounting number of end-use industries are exhibiting willingness to take advantage of automated material handling equipment.

While the rising trends of factory automation are contributing to the upsurge in demand for automated material handling equipment, their high installation costs continue to remain a hindrance. Though this high-tech material handling equipment are replacing their traditional counterparts, small businesses in end-use industries are struggling to deal with the high maintenance and initial costs of adopting material handling equipment. Manufacturers in the global material handling equipment market will have to implement a strategy to keep manufacturing costs under control and offer equipment for small end users in the coming years.

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Material Handling Equipment Market: Region-wise Analysis

The global material handling equipment market is broadly segmented into seven geographical regions - North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East & Africa. Currently, the market is witnessing impressive growth in the Asia Pacific region, as it is estimated to account for over one-third revenue share of the global material handling equipment market value.

The region is witnessing an upsurge in the adoption of automated technologies, and consequently, the demand for material handling equipment is majorly attributed to the increasing need for automation in operations to boost performance and efficiency of various business processes. Furthermore, the region is also expected to trigger demand for material handling equipment majorly across its food & beverage industry, creating more lucrative opportunities for market players catering to this segment of the end-use industries in the market.

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Material Handling Equipment Market: Competitive Landscape

Global material handling equipment market has key players mainly from North America, Western Europe, Japan and China. Some of the key players in this industry are

• Liebherr Group
• KION Group AG
• Jungheinrich AG
• Viastore Systems GmbH
• WITRON Logistik + Informatik GmbH
• Eisenmann AG
• Beumer Maschinenfabrik GmbH
• Jervis B. Webb Company
• Columbus McKinnon Corporation
• Crown Equipment Corporation
• Hyster-Yale Materials Handling,
• Hytrol Conveyor Co., Inc.
• Manitowoc Company, Inc.
• Xuzhou Heavy Machinery Co., Ltd.
• Toyota Industries Corporation.

In June 2020, Alta Equipment Group Inc. - a US-based industrial and construction equipment company - announced that it has entered a definitive agreement to acquire a US-based player in the material handling equipment market - PeakLogix. The company also stated that the strategy behind this acquisition revolves around its agenda of expanding geographical footprint and growing its material handling business while improving profitability.

Report Highlights

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

Key Segments Covered in the Material Handling Equipment Industry Analysis
Material Handling Equipment Market by Product Type:
• Conveying Equipment
• Industrial Trucks & Lifts
• Hoist
• Cranes & Monorails
• Automated Material Handling Equipment

Material Handling Equipment Market by End Use:
• Aerospace
• Agriculture
• Air Cargo
• Automotive
• Building and Construction
• Electrical & Electronic Equipment
• Industrial Machinery
• Shipping Industry
• Warehousing
• Postal/Express Delivery
• Other industries

Material Handling Equipment Market by Region:
• North America Material Handling Equipment Market
• Latin America Material Handling Equipment Market
• Europe Material Handling Equipment Market
• Asia Pacific Material Handling Equipment Market
• Middle East & Africa Material Handling Equipment Market

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.