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Material Handling Equipment Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Material Handling Equipment Market
According to The Business Research Company's, The material handling equipment market size has grown strongly in recent years. It will grow from $193.08 billion in 2023 to $206.84 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to e-commerce growth, manufacturing sector expansion, global supply chain optimization, warehouse automation, increased port and terminal activities..
The material handling equipment market size is expected to see strong growth in the next few years. It will grow to $270.53 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to evolving e-commerce logistics, green and sustainable practices, global manufacturing shifts, rise in last-mile delivery demands, smart logistics integration.. Major trends in the forecast period include focus on ergonomic design for operator comfort and safety, customization and modular solutions in material handling systems, implementation of artificial intelligence for smart decision-making, expansion of autonomous material handling equipment, emphasis on safety technologies including collision avoidance..
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Market Drivers and Trends:
The rising e-commerce industries are expected to propel the material handling equipment market going forward. E-commerce is a business approach that allows people to buy and sell goods and services through the Internet. The e-commerce sector is rising due to changes in consumer preference, increased convenience, and personalized experience. The automatic material handling equipment provides convenience to businesses in packaging, bulk material handling, and managing the supply chain ecosystem in their industrial spaces. For instance, according to Forbes, an American business magazine, in the US, e-commerce sales reached $870 billion in 2021, up 50.5% from the previous year and 14.2% from 2020. Moreover, e-commerce accounted for 13.2% of retail sales in the US in 2021. Thus, such a rise in e-commerce will drive the growth of the material-handling equipment market.
Technological innovation is a key trend gaining popularity in the material handling equipment market. Major players are concentrating on creating innovative equipment technologies products, such as electric material handling equipment to strengthen their position. For instance, in May 2022, Linde Material Handling, a Germany-based manufacturer of forklift trucks and warehouse equipment company, introduced electric heavy-duty forklift trucks with load capacities ranging from 10 to 18 tones. This innovative, compact, heavy-duty truck series is built on the eight-ton range and includes a double drive, double lifting hydraulics, two batteries, and scaled pumps.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Beumer Group GmbH & Co. KG; Daifuku Co. Ltd.; KION Group AG; Toyota Industries Corporation; Honeywell International Inc.; SSI Schäfer Group GmbH; Jungheinrich AG; Crown Equipment Corporation; Hyster-Yale Materials Handling Inc.; Mitsubishi Caterpillar Forklift America Inc.; Mecalux S.A.; Murata Manufacturing Co. Ltd.; Liebherr Group; Swisslog Holding AG; Action Construction Equipment Ltd.; TGW Logistics Group GmbH; Viastore Systems GmbH; WITRON Logistik + Informatik GmbH; BHS Corrugated Maschinen- und Anlagenbau GmbH; Cimcorp Automation Ltd.; Columbus McKinnon Corporation; Eisenmann SE; Elettrric80 S.p.A.; Hanel GmbH & Co. KG; Hapman LLC; Hytrol Conveyor Company Inc.; ICM Airport Technics GmbH; Intelligented Co. Ltd.; Jervis B. Webb Company; KITO Corporation; KNAPP AG
Material Handling Equipment Market 2024 Key Insights:
• The material handling equipment market will grow to $270.53 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Surging E-Commerce Industry Driving Growth In Material Handling Equipment Market
• Technological Innovations Reshaping The Material Handling Equipment Market
• Asia-Pacific was the largest region in the material handling equipment market share in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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