Material Handling Equipment Market Size, Share,Industry, Forecast and outlook (2024-2031)

Market Overview :

The rise of automation and the implementation of industry 4.0 principles increased the demand for efficient material handling solutions. Material handling equipment systems are integrated into automated manufacturing and distribution processes which leads to higher productivity, reduced labor costs and improved efficiency.

The rise in globalization trade increases the shipping and transportation of goods across the border. Efficient handling of goods is essential for smooth logistics operation that includes loading and unloading of cargo containers, optimization storage and timely deliveries. Rapid urbanization and infrastructure growth also emerges in the economies and led to increasing construction.

North America is expected to hold a share of around 1/4th of the global market during the forecast period 2023-2030. In North America, there is a rapid growth of e-commerce that fuels demand for efficient material handling solutions. As online shopping continues to rise, companies require advanced equipment to manage inventory order fulfillment and distribution within warehouses and distribution centers, these factors, boost the market.

Market Trends :

Advancement in Technology

Automation technologies such as autonomous mobile robots, automated guided vehicles and robotic arms have revolutionized material handling processes. The technologies can perform repetitive tasks, optimize warehouse layouts and enhance overall workflow efficiency and also new electric material-handling vehicles shows tremendous growth in the market.

For instance, on 9 May 2023, Toyota Material Handling introduced three new electric material-handling vehicles that focus on enhancing operator comfort and efficiency and these new vehicles include a Side-Entry End Rider, Industrial Tow Tractor and Centre Rider Stacker. It aims to improve uptime and reduce energy costs with features like an automatic parking brake and standard power steering.

Growing automation acceptance and commercial technological developments have led to the establishment of completely automated industrial facilities in industrialized countries. Cloud-based platforms enable remote monitoring, management and analytics of material handling equipment from anywhere, enhancing visibility and control. Also, AR and VR technologies are used to provide training to the operator, guide them and offer remote assistance, these features enhance technology.

Bentley Systems is set to showcase upgraded features and innovations within its SYNCHRO platform at CONEXPO in Las Vegas in March. The company's SYNCHRO platform is transforming into the next generation of construction management for civil infrastructure projects and is a pivotal component of the new Bentley Infrastructure Cloud and also allows contractor and managers to enhance their project planning.

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Market Segmentation :

The global material handling equipment market is segmented based on equipment, operation, technology, end-user and region.

The Investments in Infrastructural Projects Drives the Cranes and Lifting Equipment Segment

During the forecast period, cranes & lifting equipment is expected to hold a share of more than 1/4th of the global market. Increasing investment in industrial and infrastructure projects that includes the construction of bridges, roads and ports drives the demand for cranes and lifting equipment for handling heavy materials and components. The expansion of manufacturing units and industrial sectors requires cranes and lifting equipment for tasks such as moving raw materials and transporting raw materials.

For instance, on 23 February 2023, Liebherr introduced the LR 1400 SX, an addition to its range of crawler cranes. At CONEXPO, the LR 1400 SX will be equipped with a 134,514 ft. main boom and a 144,357 ft. luffing jib. Notably, the crane boasts a compact transport weight of 50,706 USt (46 t), facilitating easy transportation between different job sites.

Geographical Share :

The Rising Need of Warehouse Storage in Asia-Pacific

In 2022, Asia-Pacific is expected to hold the dominant position in the global material handling market with around 1/3rd share of the market. Asia-Pacific witnessed a rise in infrastructure projects, such as the development of ports, airports and logistics parks, which require sophisticated material handling equipment to handle cargo efficiently. Increasing warehouse storage for facilitating raw materials boost the growth of the market.

For instance, on 26 September 2022, Mitsubishi Logisnext Co., Ltd. entered into a partnership with xSQUARE Asia to bring intelligent warehousing solutions to Asia-Pacific, this collaboration aims to address the increasing demand for warehouse automation in the region. Mitsubishi Logisnext, a prominent player in the material handling and logistics industry, will leverage its expertise in manufacturing a wide range of material handling equipment, including forklifts and other industrial vehicles.

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Competitive Landscape

The major global players include TOYOTA INDUSTRIES CORPORATION, Liebherr Group, Manitowoc, KION GROUP AG, Columbus McKinnon Corporation, BEUMER GROUP, Eisenmann SE, Crown Equipment Corporation, Daifuku Co., Ltd and Hyster-Yale Materials Handling, Inc.

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