Press release
Global Material Handling Market Projected to Surpass $70.83 Billion by 2029 with 9.8% Annual Growth
Material Handling
The growth of the material handling market is projected to be fueled by the burgeoning e-commerce sector. The surge in e-commerce is stimulated by the extensive use of internet-enabled smartphones, providing customers with convenience and a variety of product options. The e-commerce sector benefits from material handling by honing the transportation, storage, and procurement of goods within warehouses, subsequently enhancing efficiency in meeting orders and shortening delivery timelines for consumers. For instance, the Census Bureau, a US government agent, reported that e-commerce sales in the first quarter of 2024 spiked by 8.5% compared to the corresponding period in 2023. This represented 15.6% of total retail sales, marking a year-on-year increase of 2.8%. Consequently, the growth of the e-commerce sector is driving the expansion of the material handling market.
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How will the growth rate of the material handling market shape industry trends by 2034?
The size of the material handling market has experienced significant growth in the past years. It is forecasted to rise from $44.54 billion in 2024 to $48.76 billion in 2025, with a compound annual growth rate (CAGR) of 9.5%. Factors like industrialization and manufacturing growth, the rise of e-commerce, the expansion of global supply chain networks, compliance with safety and ergonomics standards, and efforts towards efficiency and cost reduction have all contributed to the historic period's growth.
The market size of material handling is predicted to experience robust expansion in the coming years, reaching a value of $70.83 billion in 2029 with a compound annual growth rate (CAGR) of 9.8%. The escalation during the forecasted period is linked to factors such as the escalating growth of e-commerce, the incorporation of automation and robotics, the emphasis on sustainability and green initiatives, the emergence of intelligent warehousing, and adaptability to evolving market dynamics. Foreseen trends for the forecast period comprise the use of augmented reality (AR) for training and maintenance purposes, applying machine learning for predictive maintenance, achieving customization and scalability, encouraging human-robot collaboration (HRC), and employing blockchain for enhancing supply chain transparency.
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What trends are poised to drive the future success of the material handling market?
The material handling market is witnessing an upswing in the adoption of lithium-ion technology. Li-ion batteries not only have a lesser impact on the environment but also can store higher amounts of energy compared to lead-acid or nickel-metal hydride batteries, making them the preferred choice for electric vehicles used in material handling. They offer advantages such as light weight, rapid charging, and no need for cool-down periods. In July 2023, a notable event was the introduction of the B-X Electric Pneumatic Lithium Series by Hyundai Material Handling, a US-based industrial forklift manufacturing company. Besides the conventional option of a lead-acid battery, the new B-X Series offers a lithium truck package comprising a truck, a lithium battery, and a charger. The key offering of the B-X Series, which has capacities ranging from 5,000 to 7,000 lbs., is its energy-efficient design. Other benefits provided by the B-X series include extended runtimes, faster charging, and the absence of emissions, made possible through the integration of lithium-ion battery technology.
Which primary segments of the material handling market are driving growth and industry transformations?
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
Subsegments:
1) By Automated Guided Vehicles (AGVs): Tow Vehicles, Unit Load Carriers, Forklift AGVs
2) By Automated Storage and Retrieval Systems (AS/RS): Unit Load AS/RS, Mini Load AS/RS, Micro Load AS/RS
3) By Trucks and Lifts: Forklifts, Pallet Jacks, Order Pickers
4) By Cranes: Overhead Cranes, Gantry Cranes, Jib Cranes
5) By Pallet Racking: Selective Pallet Racking, Drive-In/Drive-Through Racking, Push Back Racking
6) By Conveying Systems: Belt Conveyors, Roller Conveyors, Chain Conveyors
7) By Hoists: Electric Hoists, Manual Hoists, Pneumatic Hoists
8) By Other Types: Packaging Equipment, Scissor Lifts, Dock Equipment
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Which geographical regions are pioneering growth in the material handling market?
Asia-Pacific was the largest region in the material handling market in 2024. Western Europe was the second-largest region in the global material handling market share. The regions covered in the material handling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the material handling market landscape?
Major companies operating in the material handling market include 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
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What Is Covered In The Material Handling Global Market Report?
•Market Size Forecast: Examine the material handling market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the material handling market for a structured understanding.
•Key Players Overview: Analyze major players in the material handling market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the material handling market.
•Segment Contributions: Evaluate how different segments drive overall growth in the material handling market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the material handling market.
•Industry Challenges: Identify potential risks and obstacles affecting the material handling market.
•Competitive Landscape: Review strategic developments in the material handling market, including expansions, agreements, and new product launches.
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