New York, May 17, 2023 (GLOBE NEWSWIRE) -- According to Persistence Market Research’s analysis for 2023 to 2033, the U.S. and Canada material handling carts market is valued at US$ 680.8 million in 2023 and is forecasted to expand at 6.6% between 2023 and 2033. Sales of material handling carts in the U.S. and Canada are predicted to reach US$ 1.29 billion by 2033.
Increasing demand for automation in the material handling industry has led to a growing need for advanced technologies such as robotics and artificial intelligence that can improve efficiency, speed, and safety in operations. Benefits of automated carts, such as reduced labor costs, increased accuracy, and improved ergonomics, are driving their adoption in a wide range of industries, including manufacturing, logistics, healthcare, and retail.
The market is a dynamic and highly competitive industry, characterized by companies striving to offer better products and services to customers while leveraging technologies and partnerships to gain a competitive edge. The significance of each country's economy and manufacturing sector in this regard is noteworthy, with the United States having a larger and more established industry as compared to Canada and Mexico.
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Key Takeaways from Market Study
- The U.S. and Canada material handling carts market is anticipated to reach a valuation of US$ 1.29 billion by the end of 2033.
- The online segment of the market is projected to increase at a CAGR of 7.9% during the forecast period.
- Automatic material handling carts account for a prominent market share of 71% in 2023.
- The United States leads the North American material handling carts market and accounted for a significant market share of 85.6% in 2022.
“Demand for material handling carts is rising in various industries such as healthcare, retail, and e-Commerce with the creation of more ergonomic and customizable cart designs. Moreover, the COVID-19 pandemic increased the demand for material handling carts, especially in healthcare and e-Commerce,” says an analyst at Persistence Market Research.
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Competitive Landscape
Important Key Manufacturers for U.S. and Canada Material Handling Carts Market are Flexqube, Manitowoc, Beumer Group, Crown Equipment Corporation, American Grinding and Machining Co., Toyota, Qingdao Benco Industry Co. Ltd, Sharp Industries, Savant Automation, Steel King Industries, Laksi Carts Inc, Grainger, RDM Industrial Products, Unitran Manufacturers Ltd, Rubbermaid Commercial Products, Galifco Oregon, Steel Mill Cranes, Leeco Steel and more
Tier I players, such as Toyota Material Handling, Crown Equipment Corporation, Flexqube, and other leading and experienced companies account for around 25% to 30% market share, with revenue exceeding US$ 180 million in 2021. On the other hand, tier II and other players such as Beumer Group, Sharp Industries, and Jamerson Pallet and Manufacturing LLC account for 65% to 70% share, with a product revenue of less than US$ 80 million.
Find More Valuable Insights
The research report analyzes the market demand trends of the U.S. and Canada material handling carts market. Market estimations and growth projections are based on factors such as end-use industries development, COVID-19 crisis impact, replacement ratio, and adoption rate of material handling carts.
The market has been studied and segmented based on product type, material, sales channel, application, and country. The report provides qualitative and quantitative information on various players in this market. This report also tracks the supply and demand sides of the market.
For additional insights on how the U.S. and Canada material handling carts market will shape up over the decade, write to sales@persistencemarketresearch.com
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The Industrial Automation division of Persistence Market Research offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry.
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