Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The global material handling equipment market is experiencing significant trends that underscore the evolution of logistics, warehousing, and manufacturing processes. Material handling equipment encompasses a broad range of tools and machinery designed to efficiently move, store, and control goods and products throughout various supply chain stages. One notable trend is the increasing adoption of automation and robotics in material handling operations. As industries strive for greater efficiency, accuracy, and speed in their processes, automated material handling systems, including robotic pickers, conveyor systems, and autonomous guided vehicles (AGVs), are becoming integral to optimizing warehouse and distribution center operations.
Some of the government initiatives are presenting lucrative opportunities for the growth of the material handling equipment industry. Especially, the One Belt One Route(OBOR) initiative by the Chinese government has stimulated the development of the material handling equipment industry.
Moreover, the market is witnessing a growing demand for energy-efficient and environmentally sustainable material handling solutions. With a heightened focus on reducing carbon footprints and operating costs, industries are investing in electric and hybrid material handling equipment. Electric forklifts, pallet trucks, and conveyors with advanced energy management systems are gaining traction, aligning with global efforts to promote eco-friendly practices in material handling operations. This trend reflects the industry's commitment to sustainability and corporate social responsibility.
Additionally, there is an increased emphasis on the integration of data analytics and telematics in material handling equipment. The use of sensors and connectivity features allows businesses to collect and analyze data on equipment performance, maintenance needs, and overall operational efficiency. Predictive maintenance and real-time monitoring enable proactive decision-making, minimizing downtime, and optimizing the lifespan of material handling equipment. This trend aligns with the broader adoption of Industry 4.0 principles in logistics and manufacturing.
Furthermore, the market is influenced by the rise of e-commerce and the growing need for efficient order fulfillment systems. The surge in online shopping has led to increased demand for material handling equipment that can handle high-volume, small-item picking and sorting processes. Automated guided vehicles (AGVs) and robotic systems designed for e-commerce warehouses play a vital role in streamlining order processing and improving the speed of order fulfillment. This trend reflects the adaptation of material handling solutions to meet the challenges and opportunities presented by the e-commerce boom.
The global material handling equipment market is also witnessing innovations in ergonomics and safety features. Manufacturers are designing equipment with enhanced operator comfort, intuitive controls, and advanced safety technologies to reduce the risk of workplace accidents. This trend aligns with the industry's focus on creating safer and more comfortable working environments, contributing to increased productivity and employee satisfaction.
Despite these positive trends, challenges exist within the material handling equipment market. The initial investment costs associated with advanced technologies and automation can be a consideration for businesses, particularly for smaller enterprises. Additionally, the need for skilled labor to operate and maintain sophisticated material handling systems poses a challenge, highlighting the importance of training programs and workforce development.
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
-
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
-
Liebherr Group (Switzerland)
-
KION Group AG (Germany)
-
Jungheinrich AG (Germany)
-
Viastore Systems GmbH (Germany)
-
Eisenmann AG (Germany)
-
Columbus McKinnon Corporation (U.S.)
-
Crown Equipment Corporation (U.S.)
-
Hytrol Conveyor Co., Inc. (U.S.)
-
Xuzhou Heavy Machinery Co., Ltd. (China)
-
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
-
Transport Equipment
-
Positioning Equipment
-
Storage Equipment
-
Others
Material Handling Equipment Industry Outlook
-
Consumer Goods & Electronics
-
Automotive
-
Food & Beverages
-
Pharmaceutical
-
Construction
-
Mining
-
Semiconductors
-
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
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
