Material Handling Equipment Market
The Material Handling Equipment Market is poised to reach USD 28,642 million by 2028, expanding at an annual rate of 7.4% over the forecast period. Material handling equipment is an automatic tool used to move, store, manage, and prevent products throughout the production process. They help improve customer services, reduce delivery time and decrease handling costs.
Growth in the material handling equipment market is driven by strategic government initiatives to support new infrastructural development. Rising demand for better storage, safe transportation of goods, enhanced productivity in production plants and warehouses, and flexibility in warehouse activities will stimulate market growth. Further, the material handling equipment market research projects that the advent of innovative technologies such as cloud computing, artificial intelligence, 3D vision technology, and nanotechnology is projected to propel market growth. A surge in the number of automotive, construction, aviation, and healthcare industries along with the mounting cost of labor are likely to expand the material handling equipment market growth.
In 2021, the widespread outbreak of coronavirus fuelled the demand for automated solutions in the manufacturing industry. The intensified investment in automated solutions in the manufacturing industry over the forecast period will propel market growth. However, as per the material handling equipment market report, the huge setup cost of material handling cost and the unavailability of a trained workforce will restrain the market growth.
The e-commerce industry is anticipated to hold a larger share over the forecast period, owing to the augmenting adoption of material handling systems for the effective management of supply chains across the e-commerce sector. According to UNCTAD, the international sales on e-commerce platforms, including business-to-business (B2B) and business-to-consumer (B2C) sales, touched $26.7 trillion globally in 2019, with a surge of 4% from 2018.
Material Handling Equipment Market Segmentation:
Material Handling Equipment Market by Equipment Type
· Cranes & Lifting Equipment
· Industrial Trucks
· Continuous Handling Equipment
· Racking & Storage Equipment
Material Handling Equipment Market by Operation
· Assembly
· Distribution
· Transportation
· Others
Material Handling Equipment Market by Industry
· Automotive
· Food & Beverages
· Chemical
· Semiconductor & Electronics
· E-Commerce
· Aviation
· Pharmaceutical
· Construction
· Others
Material Handling Equipment Market by Region:
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· North America
o United States of America
o Canada
· Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
· RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
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