The Material Handling Equipment Market is experiencing a substantial surge in demand, driven by a myriad of factors aimed at enhancing customer service, streamlining operations, and boosting overall productivity. This growth can be attributed to the manifold benefits offered by material handling equipment, such as reducing the risk of damage during transit and significantly cutting down the time taken to transfer goods from one location to another.
According to Future Market Insights (FMI), the global material handling equipment market is poised to attain a valuation of US$ 4,411.5 million in 2023. FMI’s analysis further anticipates a steady compound annual growth rate (CAGR) of 4.5% during the period spanning 2023 to 2033, ultimately reaching a market valuation of US$ 6,555.9 million.
Increased sales of material handling equipment between 2023 and 2033 will result in an additional opportunity worth US$ 6,555.9 million. This development can be attributed to the expansion of the industrial sector globally, which raises the demand for material handling equipment. Furthermore, the developing industrial and
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Again, manufacturers, factory owners, and industry personnel are keen on reducing the hard labor and process timing of goods and product transportation. The development of industries like transportation, agriculture, courier services, shipping, and machinery is further augmenting the demand for material handling equipment in the international market.
The increasing usage of material handling equipment is primarily to enhance customer service, improve operations and productivity as well as reduce the risk of damage. The use of material handling equipment can lessen the time taken to transfer goods from one location to another and lessen the risk of damage while the goods are in transit. All of these considerations, along with others, will drive the growth of the material handling equipment market during the forecast period.
“Increasing automation of various industrial verticals is expected to propel the global growth of the material handling equipment market over the forecast period,” says an FMI analyst.
Key Takeaways:
- High initial and maintenance costs may hamper the market growth.
- In 2023, North America’s material handling equipment market will hold 27.3% of the market share.
- The material handling equipment market in the Asia Pacific region will account for 21% of the overall market share in 2023.
- By product type, the industrial trucks and lifts segment will dominate the market space.
- Many start-ups in the material handling equipment market are focusing on product innovation.
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Competitive Landscape
Liebherr Group, KION Group AG, Jungheinrich AG, Viastore Systems GmbH, WITRON Logistik + Informatik GmbH, Eisenmann AG, Beumer Maschinenfabrik GmbH, Jervis B. Webb Company, Columbus McKinnon Corporation, Crown Equipment Corporation, Hyster-Yale Materials Handling, Hytrol Conveyor Co., Inc., Manitowoc Company, Inc., Xuzhou Heavy Machinery Co., Ltd., and Toyota Industries Corporation among others are some of the major players in the material handling equipment market profiled in the full version of the report.
Leading market participants are keen on expanding their capacities and resources to meet the growing demands. These businesses also employ tactics like strategic partnerships and joint ventures to strengthen their market position.
More Insights into Material Handling Equipment Market Report
In its latest report, FMI offers an unbiased analysis of the global material handling equipment market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (conveying equipment, industrial trucks & lifts, hoist, cranes & monorails, automated material handling equipment), end use (aerospace, agriculture, air cargo, automotive, building & construction, electrical & electronic equipment, industrial machinery, shipping industry, warehousing, postal/ express delivery, other industries), and region.
According to the latest FMI reports, based on segmentation, the trucks and lifts segment is expected to make significant contributions to the overall market growth. This segment is in high demand due to its use in transferring products and materials to distant areas of factories and industries. This segment enables easy and seamless material handling without any personal contact with the staff.
Based on region, the material handling equipment market in North America will present significant growth. In 2022, this regional market will account for 27.3% of the overall market share. A well-established and growing e-commerce sector along with the growing adoption of automation is expected to drive the material handling equipment market to grow in this region during the projected period. Europe and Asia Pacific will also present notable growth in the material handling equipment market during 2022-2032.
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Key Segments Covered in the Material Handling Equipment Industry Analysis
Material Handling Equipment Market by Product Type:
- Conveying Equipment
- Industrial Trucks & Lifts
- Hoist
- Cranes & Monorails
- Automated Material Handling Equipment
Material Handling Equipment Market by End Use:
- Aerospace
- Agriculture
- Air Cargo
- Automotive
- Building and Construction
- Electrical & Electronic Equipment
- Industrial Machinery
- Shipping Industry
- Warehousing
- Postal/Express Delivery
- Other industries
Material Handling Equipment Market by Region:
- North America Material Handling Equipment Market
- Latin America Material Handling Equipment Market
- Europe Material Handling Equipment Market
- Asia Pacific Material Handling Equipment Market
- Middle East & Africa Material Handling Equipment Market
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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