New York, Jan. 10, 2024 (GLOBE NEWSWIRE) -- In 2022, the global material handling equipment market was valued at approximately $227.9 billion. It is expected to grow at a rate of 6% from 2022 to 2032, reaching an estimated $408.13 billion by the end of 2033. This growth is driven by increased industrial activity and a growing demand for automation and robotics in material handling systems.
The use of drum lifters, crown pallet jacks, electric pallet trucks, and other lifting accessories in various industries such as engineering, machining, and automobile lifts is contributing to the expansion of the material handling equipment market. Modern order-lifting forklift equipment ensures accurate picking, sorting, and packing, minimizing errors.
Automated material handling equipment is becoming increasingly popular as it streamlines production processes, reduces costs, and shortens delivery times. This trend is expected to continue, leading to significant growth in production and adoption of automated material handling equipment in the near future.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2022 | US$ 227.9 Billion | |
| Estimated Revenue 2032 | US$ 408.13 Billion | |
| Growth Rate - CAGR | 6% | |
| Forecast Period | 2022-2032 | |
| No. of Pages | 333 Pages | |
| Market Segmentation | By Product Type, Application, Region | |
| Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa | |
| Key Companies Profiled |
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Key Drivers Fueling Market Expansion:
- Automation Revolution: The rising adoption of automated material handling systems like robots, automated guided vehicles (AGVs), and warehouse management systems (WMS) is enhancing efficiency, accuracy, and safety in warehouses and production facilities.
- E-commerce Boom: The thriving e-commerce sector is fueling demand for sophisticated material handling solutions to expedite order fulfillment and delivery processes.
- Infrastructure Development: Ongoing investments in infrastructure projects globally are creating a strong demand for heavy-duty material handling equipment like forklifts, cranes, and excavators.
- Supply Chain Resilience: The focus on building resilient supply chains amidst disruptions is leading companies to invest in adaptable and flexible material handling equipment.
In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at - https://www.persistencemarketresearch.com/market-research/material-handling-equipment-market.asp
Market Challenges
In today's fast-moving world of logistics and online shopping, automation is crucial, and automated handling equipment fits right into this need. However, the market faces challenges due to the significant upfront costs involved in setting up this equipment in warehouses. This includes expenses for purchasing, installing, and configuring complex accessories, programming, and other related services, which can be a barrier to growth, especially for small and medium-sized businesses.
Many businesses, particularly smaller ones, find it challenging to invest a large amount of money due to the low-volume production and delayed returns on their investment. The need for substantial funds often leads these businesses to seek financial assistance. Moreover, the ongoing high costs for maintaining the equipment pose another obstacle to the global market's expansion.
The cost of software upgrades, essential for testing and training the automated system to work efficiently with minimal accidents, adds to the overall expenses. Additionally, the replacement of various parts and devices, along with increasing ownership costs, contributes to a slowdown in the market, limiting the overall demand for material handling equipment.
Key Market Trends
The current trends in the market highlight a significant surge in the adoption of Autonomous Mobile Robots (AMRs) and the incorporation of Data Analytics, contributing to substantial market growth.
The landscape of material handling operations and production processes is undergoing a transformative shift with the widespread integration of robots. In a bid to optimize productivity, manufacturing facilities are swiftly embracing automated mobile robots within their production setups. This trend is not only prevalent within manufacturing but is extending across the supply chain vertical, proving to be a lucrative strategy for enhancing profits among delivery partners.
As the demand for automation and robotic utilization continues to rise, there is a parallel increase in the call for more sophisticated automated products within the industry. Consequently, automated procedures are emerging as pivotal components in the supply chain sector, enabling swift responses and heightened productivity.
A noteworthy example is Amazon, a prominent e-commerce giant and technology group, which, in June 2022, introduced its inaugural fully autonomous mobile robots designed for use in their facilities. These robots are specifically designed to lift package-carrying carts, showcasing a tangible manifestation of the industry's inclination towards embracing autonomous solutions for enhanced operational efficiency.
Market Segmentation
Product Insights
The part of the market related to cranes and lifting equipment was the biggest in 2021, making up more than 35% of the total global revenue. These are widely used in various industries like construction, manufacturing, vehicle lifts, and lifting accessories. They help in smooth operations for picking, sorting, and packaging, unlike traditional handling equipment, which is more prone to errors. Continuous handling equipment also assists manufacturers in reducing costs and speeding up delivery times due to its efficient processes.
The racking and storage equipment segment is expected to grow at a rate of 6.8% over the forecast period. This equipment helps increase storage capacity, leading to cost savings by eliminating the need for extra storage space. Industrial trucks, favoured by manufacturers, have practical features like flat surfaces or forks for pallets, offering manual or powered lifting options.
Applications Insights
In 2021, the e-commerce sector led the market, contributing to over 20% of the global revenue. Factors like increased online shopping, the presence of large online retailers, and improved logistics infrastructure are driving the demand for material handling equipment in this industry. Changes in grocery stores towards convenience services, offering frozen food, ready-to-eat meals, and fresh items, are also impacting material handling procedures.
The pharmaceutical segment is expected to grow at a rate of 6.6% over the forecast period. The demand for pharmaceutical storage and material handling equipment is rising to meet the growing need for medicines. These systems aim to increase productivity, save time, labor, and costs, optimize product quality, and enhance safety. Baggage handling systems in the aviation industry are also contributing to the growth of material handling equipment.
Regional Landscape
The Asia Pacific region dominated the market in 2021, representing over 35% of the global revenue. The significant adoption is linked to the growing food retail sector, offering opportunities for efficiency and speed improvement in picking and sorting processes. Europe's growth is expected to be supported by integrated solutions based on new safety and quality legislation. North America is witnessing an expansion due to increased demand for automated warehousing operations, driven by the growth of e-commerce.
Latin America is estimated to grow at a rate of 6.0% over the forecast period, with investments in industries such as automotive and food and beverage driving the demand for material handling equipment.
Key Players Cited in the Report
The material handling equipment market is highly competitive and concentrated. Companies adopt both organic and inorganic strategies for growth. For example, in April 2021, Toyota Material Handling introduced Mole and Mouse Automated Guided Carts, designed to automate repetitive tasks in various operational settings.
In July 2020, Vanderlande Industries launched HOMEPICK, a goods-to-person picking solution, complementing its automated storage and retrieval system and catering to online grocery orders. Some prominent players in the market include BEUMER GROUP, Daifuku Co., Ltd., Honeywell International, Inc., KION GROUP AG, Mecalux, S.A., Murata Manufacturing Co., Ltd., SSI SCHAEFER, Swisslog Holding AG, TOYOTA INDUSTRIES CORPORATION, and Vanderlande Industries B.V.
Key Questions Answered in the Report on the Material Handling Equipment Market
- What is the current size of the global material handling equipment market?
- What is the projected market size by 2030?
- What are the main factors driving market growth?
- Which segment is expected to grow the fastest?
- Which regions are expected to dominate the market?
- Who are the major players in the market?
- What are the key factors shaping the future of the market?
- Are there any specific challenges or risks facing the market?
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