Press release
Material Handling Market Forecast 2025-2034: Comprehensive Analysis And Growth Opportunities
Material Handling
What Is the Material Handling Market Size and Projected Growth Rate?
Over recent years, the material handling market size has seen a robust growth. The market worth, set at $44.54 billion in 2024, is projected to reach $48.76 billion in 2025. This represents a compound annual growth rate (CAGR) of 9.5%. This considerable growth in the past period can be linked to the progress in industrialization and manufacturing, the growth of e-commerce, the expansion of global supply chain networks, compliance with safety and ergonomics, as well as initiatives to boost efficiency and decrease costs.
Strong expansion is anticipated in the material handling market over the upcoming years, with projections suggesting it will reach $70.83 billion by 2029, experiencing a compound annual growth rate of 9.8%. This predicted growth during the forecast period can be attributed to factors such as the upward trajectory of e-commerce, the incorporation of automation and robotics, initiatives towards sustainability and green practices, emergence of intelligent warehousing, and adaptation to fluctuating market conditions. The primary trends for the forecast period encompass the use of augmented reality (AR) for training and maintenance purposes, predictive upkeep facilitated by machine learning, customisation and scalability, the collaboration between humans and robots (HRC) and the use of blockchain for achieving supply chain transparency.
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What Are the Major Segments in the Material Handling Market?
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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What Are The Driving Material Handling Market Evolution?
The expected boom in the e-commerce sector is predicted to stimulate growth in the material handling market. Rapid expansion in e-commerce is owed to the prevalent use of smartphones and internet accessibility, providing a variety of product options and convenience for the consumers. Material handling plays a crucial role in the e-commerce sector by optimizing product movement, storage, and retrieval within warehouse settings. This not only boosts order fulfillment efficiency but also minimizes customer delivery times. For example, the Census Bureau, a US government agency, reported that e-commerce sales in the first quarter of 2024 saw an 8.5% increase compared to the same time frame in 2023, which accounted for 15.6% of total retail sales. This represented a YoY growth of 2.8%. Therefore, the upsurge in the e-commerce sector is fuelling the material handling market growth.
Which Firms Dominate The Material Handling Market Segments?
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
What Trends Are Expected to Dominate the Material Handling Market in the Next 5 Years?
The adoption of lithium-ion technology is a growing inclination in the material handling market. Li-ion batteries are eco-friendly and provide greater energy densities compared to lead-acid or nickel-metal hydride batteries. The capacity to hold more electricity makes them ideal for electric vehicles in the sphere of material handling. Also, these batteries are not heavy, have a swift charging time and there's no need for cooling periods. For example, in July 2023, Hyundai Material Handling, a US company manufacturing industrial forklifts, introduced the B-X Electric Pneumatic Lithium Series. Besides a standard lead-acid battery, this new battery-powered B-X Series provides forklift owners with a lithium truck package encompassing a truck, a lithium battery and a charger. The essence of the B-X Series is its energy-efficient design, available in capacities from 5,000 to 7,000 lbs. This series also utilizes lithium-ion battery technology, which leads to longer runtimes, faster charging, and zero emissions.
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Which Is The Largest Region 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Material Handling Market?
2. What is the CAGR expected in the Material Handling Market?
3. What Are the Key Innovations Transforming the Material Handling Industry?
4. Which Region Is Leading the Material Handling Market?
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