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The Global Material Handling Equipment Market is influenced by a multitude of factors that contribute to its dynamics and growth. A significant driver is the increasing demand for automation and efficiency in industries such as manufacturing, logistics, and e-commerce. Material handling equipment, including conveyors, forklifts, cranes, and automated guided vehicles, plays a crucial role in streamlining processes and optimizing the movement of goods within facilities. The growing emphasis on reducing manual labor, improving productivity, and enhancing supply chain efficiency propels the demand for advanced material handling solutions globally.
The material handling equipment is crucial in the manufacturing and significant other industrial verticals. Especially, the movement, storage, and control over the products handled are some of the key operations carried out in the industrial units. As the material handling equipment involves machines, the operations are carried out effortlessly and eliminate the labor costs and the errors that occur due to human intervention.
Raw material availability and pricing play a crucial role in the material handling equipment market. The primary materials for manufacturing equipment include steel, aluminum, and various engineered materials for components like conveyor belts and automation systems. Fluctuations in the prices of these raw materials, influenced by factors such as steel tariffs, supply chain disruptions, and market demand, can impact the overall production cost of material handling equipment. Ensuring a stable and cost-effective supply of high-quality raw materials is essential for manufacturers to maintain competitiveness in the market.
Technological advancements in material handling equipment contribute to market growth. Innovations in automation, sensor technologies, and connectivity lead to the development of equipment with improved efficiency, safety features, and real-time data tracking capabilities. Continuous research and development in the industry drive advancements, expanding the applications of material handling equipment in various sectors and influencing the market's expansion.
End-user industries significantly influence the demand for material handling equipment. The manufacturing sector is a major consumer, utilizing equipment for tasks such as lifting, conveying, and sorting in production processes. The logistics and warehousing sectors also contribute to the market as companies seek advanced solutions for efficient storage, retrieval, and transportation of goods. Companies in the material handling equipment sector need to understand the specific requirements of these end-user industries to tailor their products accordingly and meet market demands.
Global economic conditions and trade policies also play a role in shaping the material handling equipment market. Changes in international trade agreements, tariffs, and geopolitical factors can impact the supply chain, affecting both producers and consumers. Companies in the market must navigate these global economic dynamics to ensure stability in their operations and explore new opportunities in emerging markets.
Environmental considerations and sustainability are gaining importance in the material handling equipment market. As awareness of environmental issues grows, there is an increasing preference for equipment with energy-efficient features and eco-friendly materials. Companies adopting green manufacturing practices and promoting the environmental benefits of their material handling equipment can gain a competitive edge.
Consumer preferences for automation, safety features, and adaptability influence the material handling equipment market. Businesses seek equipment that can be seamlessly integrated into their existing operations, enhance workplace safety, and adapt to changing production needs. Material handling equipment, with advanced automation capabilities and safety technologies, caters to these preferences. Companies that focus on delivering solutions that align with industry trends and customer demands can attract a broader customer base.
Weather conditions and climate considerations may impact the material handling equipment market, especially in outdoor applications. Equipment designed for outdoor use needs to withstand varying environmental conditions, including exposure to elements such as rain, snow, and extreme temperatures. Companies need to ensure that their material handling equipment is robust and engineered to handle diverse weather-related challenges.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | 5.07% (2024-2032) |
Material Handling Equipment Market Highlights:
Global Material Handling Equipment Market Overview
The Material Handling Equipment Market Size was valued at USD 2,16,946.9 Million in 2023. The Material Handling Equipment industry is projected to grow from USD 2,27,468.8 Million in 2024 to USD 3,37,998.7 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 5.07% during the forecast period (2024 - 2032). This market has undergone a technological boom, from conveyor belts to driverless forklifts. As the usage of robots grows, more automation will be used across the supply chain. This automation will significantly influence many parts of the supply chain, including personnel and warehouse management strategies as well as quick processing. Hence, the rising process automation further contributes to the material handling equipment market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Material Handling Equipment Market Trends
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Increasing E-Commerce and Logistics Industries to Bolster the Market.
Customization is at an all-time high as online shopping happens at a quicker rate than ever before. Customized systems and mining equipment will become more common, assisting the industry's growth even though a slight drop in demand in industrial use cases in 2020 and enormous development in the e-commerce market have aided the MHE industry's growth despite the pandemic. During the worldwide lockdowns, there was a healthy demand for grocery delivery and distribution, giving manufacturers higher expectations.
Additionally, the e-commerce industry is flourishing worldwide, which necessitates a lot of automation. Amazon, Walmart, and other large retailers are gradually introducing automated technology into their operations to make them more precise, efficient, secure, and cost-effective. Apart from that, the improvement of the manufacturing industry is a major factor in developing the market of material handling equipment.
Material Handling Equipment Market Segment Insights
Material Handling Equipment Type Insights
The Material Handling Equipment market segmentation, based on Type, includes transport equipment, positioning equipment, storage equipment, and others (unit load formation equipment, identification, and control equipment. The transport equipment segment is anticipated to hold the highest CAGR during the forecast period. It is owing to its utilization of transferring material from one site to another (for example, from a loading dock to a storage facility). This type of equipment is used to handle material in a single spot. Conveyors, cranes, industrial trucks & others (hoppers, reclaimers) are some of the major pieces of equipment that are being widely used across various industries.
Material Handling Equipment Industry Insights
Based on Industry, the Material Handling Equipment market segmentation includes automotive, consumer goods & electronics, pharmaceuticals, food & beverages, mining, construction, semiconductors, and others. The construction industry is booming due to significant building and restructuring initiatives in both developed and emerging economies. Furthermore, government initiatives for infrastructure development and enormous investment in the real estate industry are helping to drive the market ahead.
Figure 2: Material Handling Equipment Market, by Type, 2023 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Material Handling Equipment Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. the Asia-pacific region is expected to dominate the overall growth of the material handling equipment industry with a healthy CAGR of 9.7% during the forecast period. This is due to the increasing demand in the automotive, manufacturing, and other significant end-user industries. The countries such as South Korea, China, and Taiwan are increasingly adopting modern material handling methods in recent years to cater to the increasing production services.
Figure 3: MATERIAL HANDLING EQUIPMENT MARKET SHARE BY REGION 2023 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
North America is also expected to have substantial growth in material handling equipment which is due to the increasing sales across the region due to the e-commerce industry. The increasing growth of durable and non-durable goods is propelling the overall growth of the material-handling equipment industry. Moreover, North America is adopting automated warehouse practices across the region is fuelling the overall growth of the material handling equipment industry.
Material Handling Equipment Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Material Handling Equipment market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Material Handling Equipment industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Material Handling Equipment. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Material Handling Equipment industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Material Handling Equipment industry to benefit customers and expand the market sector. The Material Handling Equipment market has recently given medicine some of the most important advantages. Major Material Handling Equipment market players, including Liebherr Group (Switzerland), KION Group AG (Germany), Jungheinrich AG (Germany), and others, are attempting to increase market demand by funding R&D initiatives.
Liebherr Group (also known as Liebherr-International Deutschland) is a company that manufactures construction and mining equipment. It offers earthmoving machinery and material handlers, cranes, aerospace and transportation systems, machine tools, automation systems, and other machinery. The company also provides renting construction machines, fleet management systems, procurement, and logistics services.
Also, KION Group is a company that manufactures material handling equipment. Its products include industrial trucks, forklifts, towing vehicles, conveyors, sorters, palletizers, etc. The company offers maintenance and supply chain solutions to e-commerce, third-party logistics, and supermarkets.
List of the Key Companies in the Material Handling Equipment market include
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Liebherr Group (Switzerland)
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KION Group AG (Germany)
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Jungheinrich AG (Germany)
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Viastore Systems GmbH (Germany)
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Eisenmann AG (Germany)
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Columbus McKinnon Corporation (U.S.)
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Crown Equipment Corporation (U.S.)
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Hytrol Conveyor Co., Inc. (U.S.)
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Xuzhou Heavy Machinery Co., Ltd. (China)
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Toyota Industries Corporation (Japan).
Material Handling Equipment Industry Developments
March 2022, Toyota Industries announced the acquisition of via store, a Germany-Based logistics system integrator, to strengthen the materials handling equipment and software business.
September 2023: Daifuku Acquires Wynright Corporation to Expand North American Presence: Daifuku, a leading global provider of material handling solutions, acquired Wynright Corporation, a leading provider of intelligent material handling systems in North America. The acquisition will expand Daifuku's presence in North America and strengthen its position as a leading provider of material handling solutions worldwide.
September 2023: Crown Equipment Introduces New Forklift with Enhanced Safety Features: Crown Equipment Corporation, one of the world's largest material handling companies, introduced a new forklift with enhanced safety features. The new forklift is designed to help prevent accidents and injuries, and is equipped with a variety of innovative safety technologies.
Material Handling Equipment Market Segmentation
Material Handling Equipment Type Outlook
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Transport Equipment
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Positioning Equipment
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Storage Equipment
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Others
Material Handling Equipment Industry Outlook
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Consumer Goods & Electronics
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Automotive
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Food & Beverages
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Pharmaceutical
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Construction
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Mining
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Semiconductors
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Others
Material Handling Equipment Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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