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Global Material Handling Equipment Market size was valued at around 237.47 billion in 2023 and is expected to reach a value of USD 387.78 billion by 2032, at a CAGR of 5.6% over the forecast period (2024–2032).
The material handling equipment market is a vital and dynamic sector throughout the world with a central intermediary function to provide in manufacturing procedures as well as logistics in the majority of businesses. The industry is engaged with the management of a very extensive variety of material movement, storage, control, and protection apparatus by manufacturing activities, warehousing, distribution, and transportation. Material handling equipment has been an integral part in the prevention of manual handling and operation maximization in the form of increased efficiency, productivity, and safety as a means of doing things in a better way.
The sector has experienced unprecedented growth with increasing orders for automation and state-of-the-art technology. Organizations are embracing higher volumes of automated technology such as robot systems, automated guide vehicles (AGVs), and conveyor systems in order to attain maximum operational effectiveness and minimal touch. The technologies are being increasingly adopted in industries such as e-commerce, autos, food and beverage, and pharmaceuticals, where scalability, accuracy, and speed are given importance. In addition to this, convergence of Internet of Things (IoT), artificial intelligence (AI), and data analytics with material handling systems has introduced real-time monitoring, predictive maintenance, and improved decision-making, contributing to market growth.
Material handling equipment demand has been strongly fuelled by e-commerce growth and need for efficient supply chain management, and also technological innovation. The rapid growth of electronic commerce has led to a surge in demand for distribution centres and warehouses, which likewise require sophisticated material handling systems for processing huge amounts of merchandise efficiently. In order to remain competitive with rising demands for efficient handling of logistics and timely order delivery, companies are installing palletizers, sorters, and automatic storage and retrieval systems (AS/RS).
Workplace safety and ergonomic solutions are also a major driver of the market. Next-generation material handling equipment is being employed in markets to reduce workplace injury and comply with regulatory requirements. The equipment, including forklifts, cranes, and hoists, is made safe at the operator level and load-handling capacity optimization.
Sustainability increasingly is emerging as a growth imperative in the material handling equipment segment with firms seeking to create energy-efficient and environmentally friendly solutions. Electric and renewable energy-driven solutions are gaining prominence as firms try to lower their carbon footprint and overheads.
Key Findings:
The market scope is segmented because of by Equipment Type, by System Type, by Operation.
Based on the Equipment Type of the market is segmented into Conveyors, Forklifts, Cranes, Automated Storage and Retrieval Systems (AS/RS), Pallet Trucks, Others.
Conveyors business has led the market for material handling equipment, due to its wide use across a wide range of industries such as manufacturing, e-commerce, automotive, and food and beverages. Conveyors are critical in process optimization because they facilitate continuous smooth flow of products over distances with little or no need for human intervention. The capacity to manage different materials ranging from light packages to heavy loads is what renders them extremely versatile and unavoidable in massive operations.
Among e-commerce retail industry, the skyrocketing trend in online buying has compelled demand for conveyors chiefly. Warehouse distribution facilities use automatic conveyor systems for quick and accurate sorting, packing, and sending orders as per high-volume business needs. Moreover, integration with next-generation technologies like IoT and sensors has made the conveyors even more efficient in real-time tracking, predictive repair, and calibration, further enhancing their demand to an extreme.
Based on the System Type of the market is segmented into Automated Systems, Semi-Automated Systems, Manual Systems.
The Automated Systems business has spearheaded the material handling equipment market with tighter demands of efficiency, precision, and operating expenses savings by numerous sectors. Automated systems like robotic arms, automated guide vehicles (AGVs), and automated storage and retrieval systems (AS/RS) have caught pace because they facilitate material handling at increased speeds and in a repetitive sequence. These systems reduce human involvement, minimize errors, and use maximum productivity, and thus become a requirement in industries like e-commerce, automobiles, and manufacturing.
The growth rate of e-commerce has been one of the major forces toward the prevalence of automated systems. Large warehouses and distribution centres increasingly use these systems in stock handling, order processing automation, and quick turnaround time. Moreover, integration of more recent technologies such as IoT, artificial intelligence, and machine learning has improved the ability of automated systems with real-time monitoring, predictive maintenance, and better utilization of resources.
Automated systems also facilitate increased workplace safety and ergonomic needs by performing less manual work and related risk factors. While semi-automatic and manual systems may still remain viable for certain applications, automated systems offer unparalleled scalability, working capacity, and cost-effectiveness in the long term, and thus are the preferred choice for industries looking for high volume and accuracy in material handling operations.
By region, Insights into the markets in North America, Europe, Asia-Pacific, Latin America and MEA are provided by the study. The Asia Pacific market led the market and held more than 34.9% of worldwide revenue in 2021. Due to its capacity to improve the efficiency and pace of the sortation and picking process, the expanding food retail business in Asia Pacific is attributed with the common usage. Systematically combined solutions on the basis of bringing new legal reforms in aspects of quality and safety are apt to help stimulate Europe's development. In addition, automated cases and industrial tractors are mainly driving the request for material handling equipment from manufacturers, warehouses, and ports industries.
Firms are now delivering quality products because of high demand for contemporary products in warehouses triggered by the high usage of e-commerce websites. It has been estimated that the rising need for automated warehouse operations in North America will drive the market growth. A 6.0% compound annual growth rate (CAGR) is predicted in Latin America during the forecast period. Latin American industry is driven mainly by growing investment in numerous end-use sectors like food and beverages and autos.
In February 2024, one of the world's largest manufacturers of material handling products, Bobcat, revealed its expanded product range following its decision to make Doosan Industrial Vehicle (DIV) part of it on a strategic level. The company has renamed all of its machinery, from forklift trucks and other warehousing equipment, in a bid to increase its product portfolio and secure new customers.
In May 2023, three TMH electric forklifts have been launched. Incorporating these products into its existing line, the company will establish itself as a prominent material handling product and solutions supplier.
In April 2023, the recently launched SP1500 high level order pickers from Crown Equipment Corporation, an international material handling equipment manufacturer and supplier, incorporate new features such as an ergonomic operator station with programmable controls for improved safety and speed of order picking.
In March 2023, Li-Cycle, a leader in lithium-ion resources, and KION Group, a specialist in material handling equipment, have entered into a strategic alliance to enhance the company's position in the battery recycling and sustainability products market.
In January 2023, Crown Equipment Corporation diversified its product offerings to cover electric counterbalance forklifts and internal combustion forklifts with 5.5 tonnes maximum load capacity.
The report will cover the qualitative and quantitative data on the Global Material Handling Equipment Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.
Study Period | 2024-32 |
Base Year | 2023 |
Estimated Forecast Year | 2024-32 |
Growth Rate | CAGR of 5.6% from 2024 to 2032 |
Segmentation | By Equipment Type, By System Type, By Operation, By Region |
Unit | USD Billion |
By Equipment Type |
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By System Type |
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By Operation |
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By Industry Vertical |
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By Region |
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North America accounted for the highest xx% market share in terms of revenue in the Material Handling Equipment market and is expected to expand at a CAGR of xx% during the forecast period. This growth can be attributed to the growing adoption of Material Handling Equipment. The market in APAC is expected to witness significant growth and is expected to register a CAGR of xx% over upcoming years, because of the presence of key Material Handling Equipment companies in economies such as Japan and China.
The objective of the report is to present comprehensive analysis of Global Material Handling Equipment Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.
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Material Handling Equipment Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends:
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28 Mar 2023
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