Material Handling Equipment Market Opportunities, Business Forecast To 2029

The global material handling equipment market size was valued at USD XX Billion in 2022 and is poised to grow at a significant CAGR of XX% over 2023-2029. The global material handling equipment market is experiencing significant growth driven by rapid industrialization and rising demand for automation. As industries expand and seek to optimize their operations, the need for efficient material-handling solutions increases. Automation enables enhanced productivity, reduced labor costs, and improved operational efficiency. With the growing emphasis on streamlining supply chain processes, the global material handling equipment market is poised for substantial growth in the coming years.

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The global material handling equipment market segmentation:
1) By Equipment Type: Forklifts, Conveyors, Cranes, Hoists, Automated Guided Vehicles (Agvs), Robotics, Storage, Retrieval Systems & Packaging Equipment.
2) By End-Use Industry: Material Handling Equipment, Including Manufacturing, Warehousing, Logistics, Construction, Retail, Automotive, Healthcare, Food and Beverage.
3) Technology: Manual Equipment, Semi-Automated Systems, and Fully Automated Systems.
4) Application: Bulk Material Handling, Unit Load Handling, Storage & Retrieval, Order Picking, and Sorting.

AGV is Dominated the Material Handling Equipment Market:
The most anticipated segment in the material handling equipment market is the automated guided vehicle (AGV) segment. AGVs are autonomous mobile robots designed to handle material transportation tasks in industrial settings. These vehicles are equipped with sensors and navigation systems that enable them to navigate and interact with their environment without human intervention. The demand for AGVs is driven by their ability to enhance operational efficiency, improve safety, and reduce labour costs. AGVs can handle repetitive and time-consuming tasks, allowing human workers to focus on more complex and value-added activities. With the increasing adoption of automation in industries, the AGV segment is expected to witness significant growth in the material-handling equipment market.

Asia Pacific Leads Global Material handling equipment Market:
Asia Pacific, the Material Handling Equipment market holds a market share of XX% in 2022 and the market is expected to grow at a significant CAGR during the forecast period. The significant adoption is attributed to the growing food retail sector in Asia Pacific that offers various opportunities to the market owing to their ability to increase the efficiency and speed of the picking and sorting processes.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The material handling equipment market further reveals that the key players increasingly adopting strategies such as the launch of newer products, frequent product approvals, and long-term alliances to improve market revenue share and gaining significant geographic presence across the region. In July 2020, Vanderlande Industries B.V, one of the logistics process automation providers, introduced HOMEPICK, a goods-to-person (GtP) picking solution. The product complements its automated storage and retrieval system (AS/RS) and facilitates online grocery orders.

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Key players in the material handling equipment market report are Beumer Group, Daifuku Co., Ltd., Honeywell International, Inc., Kion Group Ag, Mecalux, S.A., Murata Manufacturing Co., Ltd., Ssi Schaefer, Swisslog Holding Ag, Toyota Industries Corporation, Vanderlande Industries B.V.

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