As per Future Market Insights, the Industrial Carts market is anticipated to attain a value pool of US$ 800 million by 2023-end. Global demand for industrial carts is expected to rise at a CAGR of 8.5% to US$ 1,800 million in 2033.
Data Points | Key Statistics |
---|---|
Expected Market Value in 2023 | US$ 800 million |
Projected Market Value in 2033 | US$ 1,800 million |
Growth Rate (2023 to 2033) | 8.4% CAGR |
Going Green: Sustainability and Efficiency as Prominent Drivers of the Industrial Carts Market
Unleashing the Potential: Opportunities and Growth Prospects in the Industrial Carts Market
The Shift to Electric: How Electric-Powered Carts are Shaping the Future of the Industrial Carts Market
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According to research estimates, the Industrial Carts market is projected to witness lucrative growth over the coming decade. Industrial Carts Market is projected to rise with a growth rate of 6.5%-7% during the period of 2021 to 2031.
Investments in new facilities as well as burgeoning demand for in-house transport and distribution equipment in various industries across the globe is a key driving factor behind growth in device sales.
Industrial Carts play a pivotal role in-house transportation, distribution, processing, and storage of heavy duty goods as well as bulk quantities of products or parcels. The device is effective in small to medium space transportation, decreasing the workload of human labor and eliminating fuel based vehicles.
Also the space occupancy of industrial carts is relatively greater than forklifts or stacker in case of mentioned goods categories. This factor is also poised to benefit the medium and small scale enterprisers who otherwise on procuring and investing high value in mechanized and automated material handling equipment will opt for industrial carts as an economic option.
Expansion in warehousing and storage facilities has proved to be a crucial factor behind the sales growth of the device in recent years in manufacturing as well as e-commerce, courier and logistics industries.
With the rapid growth of the mentioned non-industrial domains at present and in upcoming years as well, production and sales rate of industrial carts is projected to grow manifold in fulfilling the demand prospects.
From past few years Industrial carts has been a popular solution for material handling in the production firms as the in house transportation of materials & components has a significant role for manufacturing process, the ongoing growth in the manufacturing industry across the developing regions is also expected to support the growth of the market.
North America region is expected to have a significant market share in terms of demand due to the presence of various production industries in the USA and Canada.
As North America is home to many manufacturing companies which are the prime demanding sectors, the steady growth in industrial production indices is estimated to be the prime driving factor for the demand for Industrial Carts.
East Asia Region is also considered to be another prominent market due to the rapid enhancement of the e-commerce, courier, and logistics industry in the region. Also, the region with high Industrial development indices in nations like China, ASEAN, and India, is expected to be a haven for device sales in large, medium, and small-scale industrial enterprises in upcoming years.
Some of the leading manufacturers and suppliers of the device include
Leading manufacturers are focused on providing solutions for the respective end-use verticals in order to gain a competitive advantage. Omnichannel sales routes consisting of offline and online sales channels have also been employed by the OEMs to establish their footprint. To enhance their reach in emerging markets Companies are creating acquisitions and collaborations with local manufacturers and customers.
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Industrial Automation
September 2022
REP-GB-181
250 pages
Explore Industrial Automation Insights
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