The global material handling equipment market size is estimated to grow from USD 38.2 billion in 2020 to USD 57.92 billion in 2027, with a CAGR of 7.2% during the forecast period (2021-2027). Companies implementing automated solutions and robots to handle various types of material handling are expected to accelerate the growth of the material handling equipment market globally. Automated products will improve the efficiency of processes and provide a cost-effective solution for managing goods in warehouses and facilities. Automated material handling solutions is an emerging trend in the global market.
Factors Affecting the Material Handling Equipment Industry over the Forecast Period:
- The advancement of next-generation RFID in 3PL, food & retail, and e-commerce industries with big data and IoT technology have driven the demand for material handling equipment.
- An increase in the number of warehouses and demand for logistics solutions are estimated to propel the demand for material handling equipment.
- Electric material handling solutions are fueling the growth of the global market due to increasing concern of environment-friendly products and fuel-efficient solutions. Also, government initiatives for the growth of electric vehicles are expected to play an important role in the growth.
- Growing demand for automated storage and retrieval system (ASRS) in e-commerce due to the onset of COVID-19 and the rising presence of startup companies offering robotic solutions for warehouse automation will enhance the market size in the coming years.
- However, the high initial cost of material handling equipment and the easy availability of cheap labor in developing countries impede the growth of the material handling equipment market.
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Impact of COVID-19 on Material Handling Equipment Market:
The COVID-19 pandemic has disrupted the global material handling equipment market, and companies have been forced to restructure their plans to cope with the pandemic. COVID-19 influences the world economy in various ways: impacting the supply chain and market and its financial effect on companies. Several companies have delayed their plans due to global economic issues and a lack of investment in new technologies.
Scope of the Report
The report outlines the global material handling equipment market study based on product, system type, function, and industry.
Based on the product, the material handling equipment market has been segmented into–
- Conveyors and Sortation Systems
- Automated Storage and Retrieval Systems (ASRS)
- Automated Guided Vehicles (AGV)
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Based on the system type, the material handling equipment market has been segmented into –
- Unit Load Material Handling Systems
- Bulk Load Material Handling Systems
Based on the function, the material handling equipment market has been segmented into –
- Waste Handling
Based on the industry, the material handling equipment market has been segmented into –
- Semiconductor & Electronics
- Food & Beverages
- Metals and Heavy Machinery
Material Handling Equipment Market: Regional Outlook
Based on the region, the global material handling equipment market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In 2019, North America held the largest share in the global material handling equipment market, followed by Asia-Pacific and Europe. Moreover, Asia Pacific is expected to grow with a relatively high growth rate over the forecast period.
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Key Global Material Handling Equipment Market Competitors Includes –
The global Material Handling Equipment Market is fairly consolidated, with limited players across the globe. The key companies operating in the global material handling equipment market are–
- Daifuku Co., Ltd.
- Jungheinrich AG
- BEUMER Group
- Kion Group AG
- Mecalux, S.A.
- Toyota Industries Corporation
- Hyster-Yale Materials Handling, Inc.
- JBT Corporation
- SSI Schaefer
- Murata Machinery
- KUKU AG.
The material handling equipment market report thoroughly analyzes macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market player’s presence in the respective segment and region/country. The information concluded in the report includes the inputs.
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