Material Handling Market Growth Accelerates: Strategic Forecast Predicts $70.83 Billion by 2029

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What Is the Expected CAGR for the Material Handling Market Through 2025?
The size of the material handling market has seen robust growth in the past few years. With an expected rise from $44.54 billion in 2024 to $48.76 billion in 2025, the market is set to grow at a compound annual growth rate (CAGR) of 9.5%. This historical growth spurt can be ascribed to factors such as the upsurge in industrialization and manufacturing, widening of e-commerce, global supply chain networks, adherence to safety and ergonomics regulations, and initiatives aimed at improving efficiency and reducing costs.

What's the Projected Size of the Global Material Handling Market by 2029?
The future is bright for the material handling market, as its size is projected to experience considerable growth in the upcoming years. With a compound annual growth rate (CAGR) of 9.8%, the market is set to reach a value of $70.83 billion by 2029. This expected growth during the forecast period could be a result of several factors such as the rising trajectory of e-commerce, incorporation of automation and robotics, emphasis on sustainability and green campaigns, emergence of smart warehousing, and flexibility towards fluctuating market dynamics. The forecast period could also witness groundbreaking trends such as the utilization of augmented reality (AR) for training and maintenance purposes, predictive maintenance enabled by machine learning, customization and scalability, collaboration between humans and robots (HRC), and the adoption of blockchain for enhancing transparency in the supply chain.

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Top Growth Drivers in the Material Handling Industry: What's Accelerating the Market?
The e-commerce industry's growth is likely to fuel the development of the material handling market in the future. The growth of e-commerce is bolstered by the prevalent use of smartphones and internet connectivity, providing consumers with easy access and a broad spectrum of product options. The efficiency of order fulfillment and the reduction of delivery times for customers is improved by material handling, which streamlines product movement, storage, and retrieval within warehouses, thus augmenting the e-commerce sector. For example, the US Census Bureau, a government body, revealed that e-commerce sales in the first quarter of 2024 surged by 8.5% compared to the corresponding period in 2023, accounting for 15.6% of all retail sales, a rise of 2.8% from the previous year. Hence, the growth of the e-commerce industry is instrumental in propelling the material handling market's expansion.

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What Trends Will Shape the Material Handling Market Through 2029 and Beyond?
The use of lithium-ion technology is a rising trend within the material handling sector. These batteries provide a greener alternative to lead-acid and nickel-metal hydride batteries, offering a greater energy density and the ability to store more electricity. This makes them particularly favored for electric vehicles that serve in material handling. They also have other benefits, such as being lightweight, charging faster, and they do not require cooldown periods. For example, in July 2023, the US-based industrial forklift producer, Hyundai Material Handling, introduced the B-X Electric Pneumatic Lithium Series. This series offers the choice of a standard lead-acid battery but also provides a lithium-powered package, which includes a truck, and a charger, in addition to the lithium battery. The essential feature of the B-X Series is its energy-saving design, with capacities that range from 5,000 to 7,000 lbs. Plus, the B-X Series can utilize lithium-ion battery technology, which provides longer operating times, faster recharging, and zero emissions.

What Are the Main 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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Which Top Companies are Driving Growth in the Material Handling Market?
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

Which Regions Will Dominate the Material Handling Market Through 2029?
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.

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