Press release
Material Handling Market Outlook 2024-2033: Size, Share and Growth Forecast
The material handling market size is expected to see strong growth in the next few years. It will grow to $64.85 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to e-commerce growth trajectory, automation and robotics integration, sustainability and green initiatives, rise of smart warehousing, adaptation to changing market dynamics.e-commerce growth trajectory, automation and robotics integration, sustainability and green initiatives, rise of smart warehousing, adaptation to changing market dynamics. Major trends in the forecast period include augmented reality (ar) for training and maintenance, predictive maintenance with machine learning, customization and scalability, human-robot collaboration (hrc), blockchain for supply chain transparency.
Market Overview -
Materials handling refers to the movement of raw goods from their native site to the point of use in manufacturing, their subsequent manipulation in production processes, and the transfer of finished products from factories and their distribution to users or sales outlets.
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E-Commerce Industry Growth Fuels Demand For Material Handling Services
The growth of material handling market witnessed growth owing to a rise in the e-commerce industry. For instance, in September 2022, according to the International Trade Administration, a US-based department of commerce, consumer ecommerce now makes up 30% of the UK's overall retail sector (up from 20% in 2020), with an annual e-commerce revenue of more than $120 billion. In 2021, 82% of people in the UK will have made at least one online purchase. The increase in e-commerce is mostly driven by COVID-19 as people preferred shopping online rather than visiting any physical store. Rising e-commerce industry growth boosted the demand for material handling services and with this increase, the industry players in the material handling market are focusing on developing customized equipment and systems such as manufacturing engineered systems, smart warehousing, and remotely tracked transport vehicles. Therefore, the increase in online shopping is expected to drive the material handling market during the period.
Competitive Landscape -
Major companies operating in the material handling market report are Mitsubishi Logisnext Co.Ltd., Komatsu Ltd., Toyota Industries Corporation, Liebherr Group, Doosan Corporation, Kion Group AG, Jungheinrich AG, Crown Equipment Corporation, Daifuku Co. Ltd., Cascade Corporation, Hyster-Yale-Materials Handling, Dematic Group, Manitou Group, Hangcha Group Co. Ltd., SSI Schaefer Systems International, Hoist Liftruck Mfg. Inc., Anhui Heli Co. Ltd., Clark Material Handling Company, Columbus McKinnon Corporation, Raymond Corporation, Bastian Solutions LLC, Eisenmann AG, Godrej & Boyce Manufacturing Co. Ltd., Hytrol Conveyor Co., Combilift Ltd., Viastore Systems, Schaefer Systems International Pvt. Ltd., EMH Inc., Carolina Material Handling Services Inc., Beumer Group, KUKA AG, AGV International, TGW Logistics Group, Interroll Group
Lithium-Ion Technology As An Emerging Trend In The Material Handling Market
Lithium-ion technology is an emerging trend in the material handling market. Li-ion batteries are environmentally friendly and offer higher energy densities than lead-acid or nickel-metal hydride batteries. It can store more electricity and is mostly preferred for electric vehicles that are used in material handling. Additionally, lithium-ion batteries are lightweight, charge quickly, and don't require cool-down intervals. For instance, in July 2023, Hyundai Material Handling, a US-based manufacturer of industrial forklifts, launched the B-X Electric Pneumatic Lithium Series. With the option to use a standard lead-acid battery, the new battery-powered B-X Series offers forklift owners a lithium truck package that includes a truck, a lithium battery, and a charger. The B-X Series' core is an energy-efficient design that comes in capacities ranging from 5,000 to 7,000 lbs. The B-X Series also has access to lithium-ion battery technology, which offers extended runtimes, quicker charging, and zero emissions.
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Key Segments -
The material handling market covered in this report is segmented -
1) By Type: Automated Guided Vehicles, Automated Storage And Retrieval Systems, Trucks And Lifts, Cranes, Pallet Racking, Conveying Systems, Hoists, Other Types
2) By Operations: Assembly, Distribution, Transportation, Other Operations
3) By End User: Food & Beverages, Automotive, Construction, Consumer Goods & Electronic, Pharmaceuticals, E-Commerce, Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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