Material Handling Equipment Market Is Estimated To Grow At A CAGR Of 7% Percent And Is Expected To Reach USD 46.38 Billion By 2027.
As per the report by Stellar Market Research, the Material Handling Equipment Market size is expected to reach USD 46.38 billion with a CAGR of 7% percent during the forecast period. Material handling equipment is used to store, manage, and regulate items and materials in processes such as manufacturing, packaging, shipping, and distributing. This equipment assists in the improvement of logistics and the reduction of labor work in manufacturing operations. Material handling equipment is mechanical automated equipment that is used for the storage, control, and management of materials and goods. It is used in the industry to handle tasks such as manufacturing, shipping, packaging, and distributing, and is classified as positioning equipment, unit load formation equipment, transport equipment, and storage equipment based on these operations. Sortation conveyor systems are among the best pieces of equipment utilized in the industry for organizing items and resources. Shipping is the most common application for material handling equipment.
Material Handling Equipment Market Scope and Dynamics:
The increasing requirement for global manufacturing businesses to automate operations and facilitate the flow of goods effectively is the primary force driving the industry. Increased investment in the construction and industrial sectors, rising consumer expenditure on both non-durable and durable goods, an increase in fixed investment spending, and a rise in mining activities globally all contribute to market growth. The replacement of old machinery with modern automated systems and robotics, as part of the increasing industrial shift toward artificial intelligence and industry 4.0, is also supporting growth in the Material Handling Equipment Market. A significant industry trend is the increased use of cleaner battery-powered electric materials handling devices.
Demand for automated guided vehicles and automated conveyors is likely to rise significantly in the coming years. The majority of sales are generated by mature industrialized countries in Europe and the United States, which are supported by solid replacement demand and a shift toward automation and modernization of manufacturing processes in key end-use sectors.
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The Impact of COVID-19 on the Material Handling Equipment Market:
The industry is expected to develop due to the huge growth of the e-commerce sector. And, during the COVID-19 epidemic, consumers prefer online shopping to adhere to social distancing norms, lockdowns, and other precautions, which boosted the growth of the Material Handling Equipment Market. The coronavirus (COVID-19) pandemic had a detrimental impact on the growth of the material handling equipment industry by 2020. Several government organizations had implemented strict lockdowns to halt the spread of the virus. This disrupted global supply chains stop production facilities and delayed multinational businesses’ commercial expansion ambitions.
Material Handling Equipment Market Insights:
The market was dominated by the Asia Pacific area in 2021. It is expected to increase during the forecast period. Increasing warehouse automation and E-commerce expansion in countries such as China, Japan, and India, among others, are important factors driving the market growth. Growing healthcare and food and beverage industries are also driving market expansion in the Asia Pacific. North America is expected to grow as well. Demand for durable and non-durable items is increasing in manufacturing enterprises and automated warehouses, which are driving market expansion in this region.
Material Handling Equipment Market Segmentation:
By Storage & Handling Equipment
Racks
• Stacking frames
• Shelves, bins & drawers
• Mezzanines
By Industrial Trucks
Automated Guided Vehicles (AGVs)
• Hand, platform & pallet trucks
• Order pickers
• Pallet jacks
• Side loaders
• Walkie stackers
By Bulk Material Handling Equipment
Conveyor belts
• Stackers
• Reclaimers
• Elevators
By Region
North America
• Europe
• Asia-Pacific
• MEA &Africa
• Latin America
Key Players in Material Handling Equipment Market:
BEUMER Group
• Daifuku Co., Ltd.
• Honeywell International Inc.
• Kion Group AG
• Mecalux, S.A
• Murata Machinery Ltd.
• SSI Schaefer AG
• Swisslog Holding AG
• Toyota Material Handling Group
• Vanderlande Industries B.V
• Schaefer Holding International GmbH
• Godrej
• ACE
• Om engineering
• Beumer Group GmbH
• Kardex AG
• viastore systems Inc.
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