NEW YORK, April 18, 2024 /PRNewswire/ — The global material handling equipment market size is estimated to grow by USD 14096.55 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 6.49% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 38%.
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APAC is expected to play a pivotal role in propelling the global material handling equipment market
Geographic Landscape:
The Material Handling Equipment (MHE) market in Europe is experiencing significant growth due to industrialization and automation in various sectors. The warehousing industry, particularly in developed countries, is a major downstream market for MHE, driven by private investment, labor shortages, and the need for supply chain efficiency. The adoption of automation, telematics solutions, and technology breakthroughs, such as the Internet of Things, is reducing downtime and increasing productivity in industrial facilities. The increasing urbanization and population growth in Europe are fueling demand for residential properties and commercial construction projects, which require MHE for handling bulk materials and ensuring worker safety awareness. The modernization of industrial facilities and production capacity expansion in sectors like e-commerce, logistics, manufacturing, and wholesaling are also driving the demand for MHE. Key industries, including pharmaceuticals, food retail, and the semiconductors industry, are investing in MHE to improve their supply chain efficiency and meet the growing demand for non-essential items. The legislative reforms and safety and quality standards are also increasing the adoption of MHE in SMEs and traditional handling equipment sectors. Market consolidation and intense competition are shaping the MHE landscape, with key players investing in R&D to offer innovative solutions, such as conveyors, cranes, dock levelers, selective pallet racks, motor vehicle lifts, lifting accessories, and baggage handling systems. The market is expected to continue growing, driven by the increasing demand for material handling solutions in various industries and sectors.
Research Analysis
The Material Handling Equipment Market in the industrialization era is experiencing significant growth due to automation in various sectors, including the warehousing industry. The market encompasses a wide range of equipment such as Conveyors, Cranes, Dock levelers, Selective pallet racks, and Electric forklifts. These technologies are essential for handling non-essential items in manufacturing, wholesaling, and logistics sectors. Private investment in innovative technologies like Robotics, Smart systems, and the Internet of Things (IoT) is driving the market’s expansion. These advanced systems help reduce downtime, increase supply chain efficiency, and improve worker safety awareness. Bulk materials in industries like consumer goods and semiconductors are efficiently managed with these material handling solutions. Key industries like the semiconductors industry and logistics sectors are major consumers of material handling equipment. The integration of these technologies in downstream markets contributes to the market’s continuous growth. Overall, the Material Handling Equipment Market plays a crucial role in streamlining operations and enhancing productivity in manufacturing and logistics industries.
Market Drivers
The Material Handling Equipment (MHE) market experiences robust growth, driven by population and economic expansion in emerging markets. This trend is particularly evident in the US, China, and India. Government investment in infrastructure projects, such as railroads, highways, and airports, fuels the demand for MHE, including baggage handling systems. SMEs and large corporations in sectors like food retail, consumer goods, semiconductors, and logistics increasingly adopt MHE, such as Conveyors, Cranes, Dock levelers, and Selective pallet racks. Market consolidation and intense competition characterize the MHE industry, with innovative technologies like robotics, smart systems, electric forklifts, and IoT connectivity driving operational efficiency and safety standards. Automation integration and automated technologies are key trends, addressing labor shortages and reducing downtime in manufacturing, wholesaling, and warehousing industries. Legislative reforms and safety awareness prioritize worker safety, while the adoption of IoT connectivity and real-time monitoring enable predictive maintenance and supply chain efficiency. The MHE market caters to various downstream industries, handling non-essential items like bulk materials and essential goods, such as food and consumer goods. Private investment in MHE continues to grow, propelling the market forward.
Market Overview
The Material Handling Equipment Market is a significant sector, encompassing various types of equipment used for the transfer, storage, and handling of materials in industries. These essential tools include conveyors, pallet trucks, forklifts, cranes, hoists, and automation systems. The market is driven by factors such as increasing industrialization, automation trends, and the need for efficient and productive material handling solutions. Companies are focusing on developing innovative technologies, like robotics and IoT, to enhance productivity and reduce labor costs. The global market for Material Handling Equipment is expected to grow steadily, with major players like Kion Group, Toyota Material Handling, and Hangcha Group dominating the landscape. The market is segmented by product type, application, and region, with Asia Pacific being the largest market due to its robust industrial sector.
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About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
