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Material Handling: Efficiency Redefined for Industry
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According to The Business Research Company's, The material handling market size has grown strongly in recent years. It will grow from $40.45 billion in 2023 to $44.46 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to industrialization and manufacturing growth, e-commerce expansion, global supply chain networks, safety and ergonomics compliance, efficiency and cost reduction initiatives.
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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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
Material Handling Market 2024 Key Insights:
• 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%.
• E-Commerce Industry Growth Fuels Demand For Material Handling Services
• Lithium-Ion Technology As An Emerging Trend In The Material Handling Market
• Asia-Pacific was the largest region in the material handling market in 2023
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