According to Future Market Insights, the worldwide material handling equipment market is expected to be valued at USD 4,411.5 million in 2023. According to FMI, the worldwide material handling equipment market is expected to record a 4.5% CAGR between 2023 and 2033, reaching a valuation of USD 6,555.9 million.
The burgeoning e-commerce businesses and increased automation in the logistics sectors are driving demand for material handling equipment. Liebherr Group, KION Group AG, Jungheinrich AG, Viastore Systems GmbH, Eisenmann AG, and others are the top five important participants in the global market.
According to a recent FMI report, material handling equipment sales could increase between 2023 and 2033, creating a growth potential of USD 2,144.4 million. This expansion potential is due to the increasing industrial sectors throughout the world, which require an increase in material handling equipment.
During the forecast period, the expanding industrial and factory automation with increased technology and process automation is expected to generate a development opportunity for the global material handling equipment market.
Manufacturers, factory owners, and industry personnel are more focused on lowering the hard labor and process timing of goods and product movement and transportation. The expansion of industries such as transportation, agriculture, courier services, shipping, and machinery is driving up demand for material handling equipment in the global market.
| Report Attributes or Data Points | Details |
|---|---|
| Global Material Handling Equipment Market Valuation in 2022 | USD 4,221.5 million |
| Estimated Global Market Share in 2023 | USD 4,411.5 million |
| Forecasted Global Market Size by 2033 | USD 6,555.9 million |
| Projected Global Market Growth Rate from 2023 to 2033 | 4.5% CAGR |
| Historical Market Growth Rate from 2018 to 2022 | 4.2% CAGR |
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By 2018 end, the net worth of total material handling equipment sold globally was figured to be around USD 3,580.9 million. The global demand for material handling equipment progressed at a CAGR of 4.2% during the forecast period between 2018 and 2022, reaching a total of USD 4,221.5 million in 2022, according to a report from Future Market Insights (FMI).
End-use industries such as agriculture, aerospace, automotive, electrical & electronic equipment, warehousing, building and construction, shipping industry, industrial machinery, postal/express delivery, and others augmented the growth of the market from 2018 to 2022.
Following the COVID-19 pandemic in leading nations, most key market companies saw large decreases in material handling equipment sales and profit margins. Furthermore, government limitations and the constrained lockdown have an impact on the targeted market's supply chain. These considerations point to a decline in material handling equipment sales in 2020.
The growing trend toward factory automation is boosting the need for automated material handling equipment. The production process, including material handling and transportation, has become complex as a result of a lack of current technology deployment and effective management. Manufacturers are utilizing established systems for material management and transportation to tackle this complexity.
The increasing manufacturing automation enables them to reduce transportation duties and costs. The use of new technology is streamlining the production process as a whole.
Factory automation involves the installation of automated material handling equipment, such as robots and electronic devices, at the production site to transport, push, pull, and store materials and products. This automation is replacing human labor in manual transportation tasks and fueling market development.
Rising Use of Material Handling Equipment to Accelerate the Market Growth
The material handling equipment market is driven by the rising use of employing it to improve customer service by making it easier for customers to find, transfer, and send any product or products they desire.
The use of material handling equipment can reduce the time it takes to transfer things from one location to another. When items are handled physically for transit and movement, there is a danger that they may be harmed.
Product damage may be reduced by using material handling equipment to safely and smoothly convey materials. Other benefits of material handling equipment include reduced operating time due to greater equipment utilization, increased productivity and job efficiency, decreased total production time, and the ability to carry out safe, suitable, effective, and standard transport operations.
Similarly to robots, additional equipment such as conveyor belts, heavy-duty pulleys, industrial lifts, and cranes are in high demand from a variety of end-use sectors. The majority of aerospace, automobile, air freight, electrical, and electronic equipment industries make extensive use of automated material handling technology.
Other end-use industries, including the building and construction industry, machinery, agriculture, and warehousing, are seeing increased usage of conveyor belts, hoists, monorails, industrial lifts, and cranes.
The aforementioned benefits of using material handling equipment, as well as the expanding trend of factory automation with increasing demand in end-use industries, are likely to drive market revenue for the material handling equipment market.
High Initial Cost of Acquiring and Maintaining Material Handling Equipment to Restrain the Market Growth
The high initial cost of acquiring and maintaining material handling equipment is one of the principal factors that may limit industry expansion. The high investment costs for installation, procurement, programming, integration, and other services are preventing small and medium-sized firms from competing with global giants. High maintenance costs may also be a stumbling hurdle to market expansion in the coming years.
Expanding E-commerce Business to Fuel Market Growth in the Region
The overall market in North America accumulated a market share of 27.3% in 2022. The North American region is predicted to develop faster in the projected period.
Because of the significance of the e-commerce business to the region's expanding sales, the global market for material handling equipment is expanding due to increased demand for both durable and non-durable goods.
Furthermore, the implementation of automated warehousing techniques across North America is propelling the material handling equipment market forward.
| Regional Market Comparison | Global Market Share in Percentage |
|---|---|
| United States | 16.9% |
| Germany | 6.2% |
| Japan | 5.6% |
| Australia | 1.1% |
Rapid Adoption of E-commerce Services in the Region to Fuel the Market Growth
The material handling equipment market in Asia Pacific accumulated a significant market share of 21% in 2022 and is expected to maintain the trend over the forecast period.
In the projected period 2023 to 2033, the Asia Pacific region is predicted to develop significantly. Countries such as China and India are likely to give a multitude of prospects, supporting OEMs in expanding their end-user markets.
The rapid adoption of e-commerce services during the pandemic, which favored equipment purchases, may be a crucial element driving regional market development.
| Regional Markets | CAGR (2023 to 2033) |
|---|---|
| United Kingdom | 3.5% |
| China | 5.1% |
| India | 5.5% |
Adoption of Cutting-edge Tools to Gain Traction in Europe
The European material handling equipment market accumulated a market share value of 23.4% in 2022. During the forecast period 2023 to 2033, Europe is estimated to lead the material handling equipment market. The adoption of cutting-edge goods to support a significant industrial presence in the area is likely to boost market expansion.
Several European enterprises provide sales opportunities, ranging from the food and beverage industry to technology. Aside from industrial industries, the same-day delivery model-driven e-commerce sector contributed to regional demand in 2020, and this trend is likely to continue throughout the projection period.
| Regional Market Comparison | Global Market Share in Percentage |
|---|---|
| North America | 27.3% |
| Europe | 23.4% |
| Asia Pacific | 21% |
The material handling equipment end users select the industrial trucks & lifts sector by product type because it is utilized to transfer products and materials to certain distance areas of factories and industries. The majority of end customers in various industrial sectors respect their workforce and workers, which stimulates the deployment of automated material handling equipment.
The utilization of industrial trucks and lifts allows for seamless and simple material handling without any personal contact with industrial staff or workers. This may be extremely useful in hazardous production areas. Industrial cranes and lifts offer greater job freedom in mobility than conveyor belts.
Other conveying type handling equipment does not offer horizontal or vertical movement of goods. Industrial trucks and lifts are in high demand in end-use applications due to their increased efficiency, versatility, and ease of operation. They are especially popular among material handling equipment end users.
| Category | Top Segment |
|---|---|
| By Tipping Type | Rear Tipper Body |
| By End Use | Construction Industry |
| Category | Market Share in Percentage |
|---|---|
| By Tipping Type | 50% |
| By End Use | 35% |
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With the growing e-commerce industry, material handling equipment may be more relevant than ever, and every business needs it to flourish by providing remarkable benefits. Hence, now is the best time to dive into this market. Some flourishing Start-ups in the material handling equipment industry are:
By developing new factories in the targeted market, the main players in the worldwide market are focused on expanding their capabilities and resources to satisfy the growing demand for Material Handling Equipment. In addition, prominent businesses are pursuing partnership and joint venture methods to expand their reach and resources. Organizations may use the tool to manage common shipments and large commodities more efficiently. The key market players are:
Recent Developments
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.5% from 2023 to 2033 |
| Market Value in 2023 | USD 4,411.5 million |
| Market Value in 2033 | USD 6,555.9 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
Product Type, End Use, Region |
| Regions Covered |
North America; Latin America; Europe; Asia Pacific; The Middle East and Africa |
| Key Countries Profiled |
United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, Malaysia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled |
Liebherr Group; KION Group AG; Jungheinrich AG; Viastore Systems GmbH; WITRON Logistik + Informatik GmbH; Eisenmann AG; Beumer Maschinenfabrik GmbH; Jervis B. Webb Company; Columbus McKinnon Corporation; Crown Equipment Corporation; Hyster-Yale Materials Handling; Hytrol Conveyor Co., Inc.; Manitowoc Company, Inc.; Xuzhou Heavy Machinery Co. Ltd.; Toyota Industries Corporation |
| Customization | Available upon Request |
The market is expected to reach a valuation of US$ 4,411.5 million in 2023.
China is anticipated to surge at a CAGR of 5.1% through 2033.
The market is expected to reach US$ 6,555.9 million in 2033.
The United States is likely to surge at a CAGR of 16.9% through 2023.
await the market The emerging trend of factory automation and tech progress to present a dollar opportunity for the market players.
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