Press release
Material Handling Equipment Market to hit $190bn will grow at over 5% CAGR by 2024
Material handling equipment market growth is attributed to the capability to deliver a rapid and efficient means for the transit of goods from the warehouses to their respective locations. In addition, these systems provide several benefits to different industry verticals such as food retail, general merchandise, and durable manufacturing by enhancing the productivity with the use of automated systems and eliminating the need for humans for tedious tasks to minimize manual errors.
A strong investment landscape to install this machinery in warehouses and distribution centers will offer significant growth opportunities to the material handling equipment market. Companies are actively integrating various advanced solutions in the warehouses and distribution centers due to the swift changes in the consumer preferences. Several manufacturers have introduced tracking sensors and telematics solutions into the equipment, which aids in providing data management solutions that support the companies managing their warehouse fleet efficiently.
Increasing demand for robotics is expected to drive the material handling equipment market demand. This is due to the ability of robots to improve the effectiveness of the manufacturing plant and surge customer satisfaction by delivering quality products in a timely manner. It also aids in transporting objects from one location to another easily by fitting the robot with an appropriate end of arm tool such as a gripper. In addition, they also aid in tasks such as collision detection and conveyor tracking.
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The industrial trucks market will witness significant growth over the forecast timeline. This growth is attributed to the need for recurrent flow of goods where the usage of a conveyor will not be useful. Furthermore, the loads carried on industrial trucks such as cranes have the alternative of varying the load based on the weight and shape which is not possible in conveyor systems.
E-commerce applications will drive the material handling equipment market size due to escalating need for faster deliveries to better cater to the consumers’ demand. Several vendors in the e-commerce industry are installing warehouse management system (WMS) to monitor the inventory levels and classify the stock locations.
The APAC material handling equipment market share is anticipated to witness substantial growth owing to the rapid industrial developments in countries such as China, India, and South Korea. In addition, low labor costs coupled with the reduced costs related to transportation also contribute to the regional growth. Rising demand for more advanced technologies such as big data analytics and Internet of Things (IoT) in logistics to manage the operational requirements will also fuel the material handling equipment market growth.
Some players operating in the material handling equipment market includes Kion Group AG, Daifuku Co. Ltd, Bastian Solutions LLC, Dematic GmbH & Co. Kg. In 2016, Vanderlande Industries introduced a new product called the Airtrax, a next level warehouse solution for hanging goods. The industry is fragmented in nature due to the presence of several players. These companies are focusing on integrating advanced technology solutions to remain prominent in the industry. The e-commerce industry requires faster time deliveries; therefore, the companies focus on industrial trucks with monitoring capabilities to gain higher visibility as well as address consumer demand.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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