Pune, India, Feb. 13, 2023 (GLOBE NEWSWIRE) -- The global material handling equipment market size was USD 206.50 billion in 2021. The market is projected to grow from USD 216.18 billion in 2022 to USD 319.63 billion by 2029 at a CAGR of 5.7% during the 2022-2029 period. Fortune Business Insights™ publishes this information in a report titled, "Material Handling Equipment Market, 2022-2029". As per the report, the market is projected to grow during the projected period due to increasing awareness regarding water-borne diseases. Additionally, the e-commerce industry is flourishing worldwide, necessitating a lot of automation.
Key Industry Development:
Aarekies Brienz AG, based in Brienz, Switzerland, obtained material handling equipment from the Liebherr Group called the 'LH 60 M Port Litronic.' The organization can efficiently manage common freight and big items by employing the product.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 5.5% |
| 2029 Value Projection | USD 319.63 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 206.50 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 160 |
| Segments Covered | By Equipment Type, By Industry and By Region |
| Growth Drivers | Increasing E-Commerce and Logistics Industries to Bolster the Market |
| High Initial Cost Involved for Purchasing & Maintaining to Hamper the Market |
Key Takeaways
- Surging Robotics and Process Automation to Propel the Market.
- Transport Equipment to Show Major Growth Owing to Durability
- Construction Industry to Hold Highest CAGR Owing to Restructuring Activities
- The Asia Pacific market is estimated to exhibit a notable CAGR
- Major Players Focusing on Expansion Strategies to Strengthen their Market Positions
COVID-19 Impact:
Supply Chain Disruptions Amid Pandemic Hampered Market Growth of Material Handling Equipment
The COVID-19 pandemic affected several industries globally. The disruptions in the supply chain and interrupted manufacturing operations affected the material handling equipment market growth during the pandemic. Also, governments imposed stringent restrictions on import/export activities and instructed employees to work at 50% capacity, which hampered the overall business performance during the initial lockdown phase.
Drivers & Restraints:
- Increasing E-commerce & Logistics to Bolster Market Growth
- The market is expected to gain momentum during the projected period due to various industries' surging robotics and process automation.
- Also, increasing e-commerce and logistics industries is anticipated to bolster the market growth in the coming years.
- Furthermore, increasing the adoption of online shopping and changing consumer preferences are major growth factors.
- However, high initial costs associated with purchasing and maintaining may hinder market growth.
Report Coverage:
The report highlights well-researched data regarding the current market scenario and the latest trends adopted by the companies to enhance their business performance. Also, the drivers and restraints affecting the market growth during the forecast period are discussed further in this report. The pre and post-pandemic impacts on market expansion are mentioned further along with the leading players in the global market. Furthermore, regional insights on segmented market areas are given further in this report.
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Companies Operating in Material Handling Equipment Market Analysis Report
- Daifuku Co., Ltd. (Japan)
- Liebherr Group (Switzerland)
- Schaefer System International Ltd. (Germany)
- Toyota Industries Corporation (Japan)
- Beumer Group (Germany)
- Jungheinrich AG (Germany)
- Godrej Group (India)
- Kion Group AG (Germany)
- Action Construction Equipment Ltd. (India)
- Hyster-Yale Materials Handling, Inc. (U.S.)
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Segments:
Transport Equipment Segment to Dominate Market Due to Durability
By equipment type, the market is categorized into transport equipment, positioning equipment, storage equipment, and others (unit load formation equipment, identification, and control equipment). Transport equipment is further divided into sub-segments such as conveyors (roller, chain, wheel, vertical belt, screw conveyor, and inclined belts), cranes (jib cranes, bridge cranes, gantry cranes, hammerhead, telescopic, and crawler), industrial trucks (hand trucks, pallet trucks, lift truck, and others), hoppers, and reclaimers. The positioning equipment segment is sub-segmented into dock levelers, hoist, and others. The storage equipment segment is further segregated into an automatic storage/retrieval system, selective pallet rack, and others.
Construction Industry to Dominate Market Due to Rising Reconstruction Activities
Based on industry, the market is divided into consumer goods & electronics, automotive, food & beverages, pharmaceutical, construction, mining, semiconductor, and others. The construction industry is expected to lead the market due to increasing reconstruction activities and developing economies.
Geographically, the market share is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Regional Insights:
Asia Pacific Dominates Global Market Due to Emerging Construction Activities
Asia Pacific is expected to exhibit a higher CAGR during the forecast period due to the increasing development in construction activities in developing countries. Also, the regional market registered USD 89.35 billion in 2021. The region is expected to dominate the global material handling equipment market share in the coming years.
North America holds the second-largest market share due to the presence of leading market players in the industry, which is expected to fuel regional market growth.
Competitive Landscape:
New Product Launch Allows Companies to Propel Growth
The key market players focus on expanding their business globally by implementing various business growth strategies. These strategies include forming strategic alliances and acquiring supporting companies. Also, implementing innovative product development ideas to launch new product allow companies to attract customers.
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Major Table of Contents:
- Global Material Handling Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
-
- Key Findings
- By Equipment Type
- Transport Equipment
- Positioning Equipment
- Storage Equipment
- Others (Unit Load Formation Equipment, Identification and Control Equipment)
- Transport Equipment
- Conveyors
- Cranes
- Industrial Trucks
- Others (Hoppers, Reclaimers, etc.)
- Conveyors
- Roller
- Chain
- Wheel
- Others (Vertical, Screw Conveyor, Inclined Belt, etc.)
- Cranes
- Jib Cranes
- Bridge Cranes
- Gantry Cranes
- Others (Hammerhead, Telescopic, Crawler, etc.)
- Industrial Trucks
- Hand Trucks
- Pallet Trucks
- Lift Truck
- Others (Pallet Jacks, Side Loaders, Walking Stackers, etc.)
- Positioning Equipment
- Dock Leveler
- Hoist
- Others (Rotary Index Table, Lift/Tilt/Turn Table, Parts Feeder, Balancer, etc.)
- Storage Equipment
- Automatic Storage/ Retrieval System
- Selective Pallet Rack
- Others (Sliding Racks, Stacking Frames, Push-back Racks, etc.)
- By Industry
- Consumer Goods & Electronics
- Automotive
- Food & Beverages
- Pharmaceutical
- Construction
- Mining
- Semiconductors
- Others (Aviation, Chemicals)
- By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
-
- North America Material Handling Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
-
- Key Findings
- By Equipment Type
- Transport Equipment
- Positioning Equipment
- Storage Equipment
- Others (Unit Load Formation Equipment, Identification and Control Equipment)
- Transport Equipment
- Conveyors
- Cranes
- Industrial Trucks
- Others (Hoppers, Reclaimers, etc.)
- Conveyors
- Roller
- Chain
- Wheel
- Others (Vertical, Screw Conveyor, Inclined Belt, etc.)
- Cranes
- Jib Cranes
- Bridge Cranes
- Gantry Cranes
- Others (Hammerhead, Telescopic, Crawler, etc.)
- Industrial Trucks
- Hand Trucks
- Pallet Trucks
- Lift Truck
- Others (Pallet Jacks, Side Loaders, Walking Stackers, etc.)
- Positioning Equipment
- Dock Leveler
- Hoist
- Others (Rotary Index Table, Lift/Tilt/Turn Table, Parts Feeder, Balancer, etc.)
- Storage Equipment
- Automatic Storage/ Retrieval System
- Selective Pallet Rack
- Others (Sliding Racks, Stacking Frames, Push-back Racks, etc.)
- By Industry
- Consumer Goods & Electronics
- Automotive
- Food & Beverages
- Pharmaceutical
- Construction
- Mining
- Semiconductors
- Others (Aviation, Chemicals)
-
TOC Continued…!
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FAQ’s
What is the material handling equipment market growth?
The global material handling equipment market, in terms of revenue, is expected to grow at a compound annual growth rate of 5.7% from 2022 to 2029 to reach USD 319.63 billion by 2029.
How big is the material handling equipment market?
The material handling equipment market size was estimated at USD 206.50 billion in 2021 and is expected to be USD 216.18 billion in 2022.
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