New York, Nov. 14, 2022 (GLOBE NEWSWIRE) -- The global material handling equipment market size reached US$ 227.9 Billion in 2022, and over the projection period of 2022 to 2032, it is anticipated to grow by over 6%. Modern technology is being used by the goods manufacturing and distribution sector to increase productivity, which is fuelling the material handling equipment industry to reach a valuation of US$ 408.13 Billion by the year 2032.
As demonstrated over the preceding years, the introduction of robotics in the material handling machinery and system has improved operations and production of industries around the world. So material handling equipment manufacturing plants are working quickly to produce high-quality products with fewer production and supply chain facilities.
The increased need for this automated equipment is encouraging manufacturers to enhance their supply networks. The COVID-19 epidemic has shown how quickly material handling instruments must be able to change course if stock, procurement, personnel, or other circumstances cause activities to be disrupted, and automated processes are a crucial tool to react quickly and increase efficiency.
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Key Takeaways of the Global Material Handling Equipment Market Study
- In terms of revenue share, the North American region represented more than 35% of the marketplace for material handling equipment in 2022.
- Germany's market for material handling equipment generated nearly US$ 6.5 Billion in sales in 2022, and during the period 2022 to 2032, it is expected to rise steadily.
- During the projection period, the e-commerce application segment is predicted to have the greatest share in overall demand for material handling equipment.
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Competitive Landscape for Material Handling Equipment Market
Among several others, BEUMER Group, Daifuku Co., Ltd., Honeywell International, Inc., KION Group AG, Mecalux, S.A., Murata Manufacturing Co., Ltd., SSI SCHAEFER, Swisslog Holding AG, TOYOTA Industries Corporation, and Vanderlande Industries B.V. are some of the prominent players in the global market for material handling equipment.
And furthermore, a considerable level of mechanization of warehouses by utilization of order picker forklifts, electric pallet trucks, and others is required due to the global e-commerce industry's success in recent years. To increase their operations' accuracy, efficiency, security, and cost-effectiveness, giant retailers like Amazon, Walmart, and other major retailers are increasingly integrating automated technologies. In addition, the availability of skilled personnel for operating these instruments has played a significant role in the growth of the market for material handling equipment as well.
Moreover, technology has advanced significantly in this business, from manual forklifts to robot-guided walkie stackers. The finished goods supply chain is anticipated to increasingly employ automated material handling equipment as the utilization of robots increases. Many aspects of the supply chain, involving staff and inventory management techniques as well as speedy processing, are expected to be disrupted by this automation and favour the global material handling equipment manufacturing over the projected timeline.
Recent Developments in the Material Handling Equipment Market
- Toyota Material Handling introduced its Mole and Mouse Automated Guided Carts in April 2021. Buyers should be able to automate routine and repetitive operations with this new product, which is ideal for production lines, distribution centres, warehouse racking systems, and manufacturing facilities.
- Similar to this, in July 2020, a goods-to-person or GTP picking system was unveiled by Vanderlande Industries B.V, one of the suppliers of logistics process automation. This new product, by the name of HOMEPICK, supports online merchandise ordering and supports its automated retrieval and storage system like a piece of conventional warehouse equipment.
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