NEWARK, Del, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Throughout the projection period from 2018 to 2022, the material handling equipment market has grown steadily, demonstrated by its 4.2% year-on-year growth rate. A survey by FMI states that the market value increased from US$ 3,580.9 million at the end of 2018 to US$ 4,221.5 million in 2022.
According to FMI's estimates, the overall market could be valued at US$ 4,411.5 million in 2023. Furthermore, the forecast report anticipates it to record a compound annual growth rate (CAGR) of 4.5% over the next ten years. This forecast period may conclude by 2033, when the overall market value is expected to reach a stunning worth of US$ 6,555.9 million.
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The growing use of intelligent manufacturing techniques and industrial automation has made advanced material-handling machinery indispensable for optimizing processes, augmenting productivity, and mitigating manual labor. Moreover, government expenditures in infrastructure development projects, particularly in emerging economies, have increased the adoption of material-handling equipment to enable efficient transportation and warehousing operations.
There has also been an increased demand for material handling equipment due to the explosive growth of e-commerce and the growing logistics industry. Consequently, to handle and move items throughout fulfillment centers and distribution hubs effectively, material handling equipment and instruments are in greater demand these days.
The demand for energy-efficient equipment that lowers carbon footprints is surging with the growing emphasis on sustainability and ecologically friendly activities. So, eco-friendly solutions are getting prioritized by material handling equipment manufacturers to meet market needs.
Key Takeaways from the Global Material Handling Equipment Market Study Report by FMI:
- The North American region dominated the global market with an overall global market share of 27.3% in 2022. Likewise, the regional market in the United States alone captured a global revenue share of 16.9% that year. So, the manufacturers in the United States are in an advantageous position to establish market trends and achieve consistent growth in the global market.
- The regional markets in Europe contributed to nearly 23.4% of the total revenue generated by the global market in 2022. With a robust industrial base, Germany is the prominent country for producing material handling equipment, with a 6.2% global market share in 2022. Meanwhile, the United Kingdom regional market is projected to witness an annual growth rate of 3.5% through 2033.
- There is expected greater growth and competition in the Asia Pacific market as the need for material handling equipment is surging with rapid industrialization. China and India, for instance, are poised to witness annual growth rates of 5.1% and 5.5% respectively over the next ten years.
"The Material Handling Equipment Market is experiencing robust growth, driven by increasing demand across various manufacturing, logistics, and e-commerce industries. The market is characterized by technological advancements, automation, and a focus on enhancing efficiency and productivity. As global supply chains continue to evolve, the Material Handling Equipment Market is poised to expand further in the coming years." - says a lead analyst at Future Market Insights (FMI)- opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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Competitive Landscape for the Material Handling Equipment Market Key Players:
- Liebherr,
- KION,
- Jungheinrich,
- Viastore,
- WITRON Logistik,
- Eisenmann,
- Beumer Maschinenfabrik,
- Jervis B. Webb,
- Columbus McKinnon,
- Hyster-Yale,
- Hytrol,
- Manitowoc,
- Xuzhou,
- Toyota
are some top market players. These leading market players who spend more research and development to create innovative equipment designs have somewhat consolidated the market under their brand names.
However, the increasing adoption of material handling equipment in small-scale industries offers profitable prospects for new manufacturing firms entering the local markets. A larger consumer base for such equipment may be drawn in through increasing automation, integrating IoT and AI technologies, and enhancing safety measures. Start-ups may also reach a wider clientele and break into untapped markets by expanding the selection of material handling equipment customized to meet specific demands.
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Material Handling Equipment Market Segmentation
By Product Type:
- Conveying Equipment
- Industrial Trucks & Lifts
- Hoist
- Cranes & Monorails
- Automated Material Handling Equipment
- Other Equipment Types
By End Use:
- Aerospace
- Agriculture
- Air Cargo
- Automotive
- Building and Construction
- Electrical & Electronic Equipment
- Industrial Machinery
- Shipping Industry
- Warehousing
- Postal/Express Delivery
- Other industries
By Region:
- North America Market
- Latin America Market
- Europe Market
- Asia Pacific Market
- The Middle East & Africa Market
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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