Pune, India, June 07, 2022 (GLOBE NEWSWIRE) --
The global material handling equipment market size is set to expand at a substantial CAGR during the forecast timeframe, due to the growing labor costs. The COVID-19 pandemic had a negative impact on the availability of labor force because several travel and movement restrictions were imposed by governments. This has prompted organizations to implement automation technologies in their supply chain processes to replace manual labor and save money. Material handling equipment facilitate faster product transfers and can assist companies in reducing their labor force to make their processes more efficient.
Below mentioned is a list of the key regional trends driving market forecast:
- Europe (By 2027, regional valuation will surpass USD 55 billion)
Bulk material handling equipment will gain traction:
Europe bulk material handling equipment market size will showcase a steady growth rate through 2027 due to the presence of reputed carmakers like Mercedes-Benz and Audi AG. The machines can enable fast transfer of large quantities of raw materials in a manufacturing plant. Conveyor belts are widely used in the region’s automotive sector to help cars descend smoothly from the production line.
They can also be used to carry parts across different sections of the warehouse, thereby helping heavier objects move more quickly. Clients can get their conveyor belts customized to suit their production requirements, accelerating their demand.
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Role of material handling machines in food & beverage sector:
The food & beverage sector will capture a sizeable share of the regional market by 2027. There is a high consumption of energy drinks and organic foods in France, Germany, and Italy, fueling the demand for food processing activities. Food processing companies work in harsh environments like extreme heat and moisture, which will foster the use of material handling equipment to transport raw materials and finished goods out of storage and pack them for shipping.
E-commerce sector will widely use material handling equipment:
E-commerce sector is growing at a considerable rate across Europe due to the rising adoption of online shopping platforms. According to Eurostat, in 2021, nearly 74% of internet users across Europe shopped online. Companies like eBay and Amazon are using automated guided vehicles (AGVs) to take products off the line before they come for bulk packaging and fulfill the growing individual orders. Such innovations will augment the demand for automated material handling equipment.
- North America (regional valuation will cross USD 40 billion by 2027)
Role of material handling equipment in food retail sector:
The food retail segment will hold a major share of North America material handling equipment market by 2027. The region has a wide range of food retail stores, such as Walmart, Kroger, and Costco Wholesale Corporation. The companies find that monitoring and transporting large quantities of inventory can be challenging, especially since customer demands are spiraling. Here is where material handling devices will be useful as they can help these end-users manage their inventory efficiently.
The machines also enhance the operational sequence and layout for racks & cabins and shelves in the warehouse. They can streamline all the production operations and play a key role in micro-fulfilment centers to enable speedy deliveries and improve customer satisfaction.
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Distributors will increase dependence on material handling machines:
The network of distributors has been expanding at a strong pace across North America, which will boost the product adoption. Distributors have exclusive access to cutting-edge material handling equipment because many product manufacturers collaborate with them to help them solve after-sales customer queries. Since these entities have a dedicated team of marketing, sales, and technical support experts, they will emerge as one of the most preferred sales channels.
Growing pharma sector will bolster material handling equipment adoption:
The pharma & healthcare sector in North America is showing commendable growth due to the heavy demand for new and improved medicines and vaccines every year. The COVID-19 pandemic was instrumental in accelerating the sale of material handling equipment across the region because of the high need for vaccines across the world. These machines were used to transport large quantities of vaccines and fill the time and distance gap in the overall supply chain.
- Asia Pacific (regional valuation to exceed USD 80 billion by 2027)
Car manufacturers will foster material handling equipment demand:
Asia Pacific has a thriving automotive sector due to the high demand for vehicles across the region. This situation has amplified the demand for material handling equipment among carmakers to get customized transportation solutions to fulfill their unique needs. Toyota, Nissan, Mitsubishi Motors Corporation, and Honda Motor Company are launching innovative autonomous material handling vehicles to improve their production efficiency.
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Industrial trucks to gain momentum:
Industrial trucks are witnessing a major uptick in their sale across the APAC region because they can conveniently transport large cargo. High-load-carrying and large-capacity trucks can move heavy industrial parts from one location to the other. The introduction of electric material handling trucks will not only improve a company’s efficiency across the supply chain but also reduce its carbon footprint.
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