The global Material Handling Equipment market will be worth US$ 213.35 billion in 2022, according to Future Market Insights. According to FMI, the worldwide Material Handling Equipment market will rise at a 5.7% CAGR between 2022 and 2032.
According to a new FMI estimate, Material Handling Equipment sales will expand between 2022 and 2032, generating a US$158.05 billion growth opportunity. This potential opportunity is due to the world’s developing industrial sectors, which necessitate an increase in material-handling equipment.
The burgeoning e-commerce businesses and increased automation in the logistics sectors are driving the demand for material handling equipment. Liebherr Group, KION Group AG, Jungheinrich AG, Viastore Systems GmbH, Eisenmann AG, and others are the top five important participants in the global Material Handling Equipment market.
During the forecast period, the growing industrial and factory automation with increased technology and process automation is expected to generate a growth opportunity for the global Material Handling Equipment market. Manufacturers, factory owners, and industry people are more focused on minimising the effort and process timing of goods and product movement and transportation.
The expansion of sectors such as transportation, agriculture, courier services, shipping, and the machinery industry is driving up demand for Material Handling Equipment in the global market.
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North America Continue Dominance in the Global Material Handling Equipment Market
Expanding E-commerce Business to Fuel the Market Growth in the Region
The market for material handling equipment in North America is anticipated to hold the highest market share in 2022 at 27.3%. The North American region is expected to experience rapid growth between 2022 and 2032.
due to the e-commerce industry’s importance to the region’s expanding sales. The increased demand for both durable and non-durable goods is driving growth in the global market for material handling equipment. Additionally, the market for material handling equipment is being driven forward by the adoption of automated warehousing techniques across North America.
Growth of the Material Handling Equipment Market in Asia-Pacific stand
Rapid Adoption of E-Commerce Services in the Region to Fuel the Market Growth
In 2022, the Asia-Pacific market for material handling equipment is anticipated to reach a sizeable market share of 21%, and it is anticipated that this trend will continue throughout the forecast period.
The Asia Pacific region is expected to experience significant growth between 2022 and 2032. China and India, for example, are likely to offer a wide range of opportunities, assisting OEMs in extending their end-user markets.
Regional market growth will be significantly influenced by the pandemic’s rapid e-commerce service adoption, which favoured equipment purchases.
Growth of the Material Handling Equipment Market unfolds in Europe
Adoption of Cutting-edge Tools to Gain Traction in Europe
In 2022, a market share value of 23.4% is anticipated for the European market for material handling equipment. Europe is anticipated to dominate the market for material handling equipment from 2022 to 2032. The adoption of innovative products to support a sizable industrial presence in the region is likely to spur the growth of the material handling equipment market.
Europe is home to a number of businesses that offer sales opportunities in a variety of sectors, including the food and beverage industry and technology. In addition to industrial sectors, the same-day delivery model-driven e-commerce industry also played a role in the region’s demand in 2020, and this pattern is anticipated to hold throughout the projection period.
The key players operating in the global market are focusing on expanding their capacities and resources to meet the growing demand for Material Handling Equipment by establishing new plants in the targeted market. Also, the key players are adopting collaboration & joint venture strategies to increase their presence and resources.
Some of the key developments are–For instance, In March 2021, Aarekies Brienz AG, based in Brienz, Switzerland, acquired an industrial truck called ‘LH 60 M Port Litronic’ from Liebherr Group. Organizations can use the product to efficiently manage common shipments and large items.
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Material Handling Equipment Market by Category
By Product Type, the market is segmented as:
- Conveying Equipment
- Industrial Trucks & Lifts
- Cranes & Monorails
- Automated Material Handling Equipment
By End Use, the market is segmented as:
- Air Cargo
- Building and Construction
- Electrical & Electronic Equipment
- Industrial Machinery
- Shipping Industry
- Postal/Express Delivery
- Other industries
By Region, the market is segmented as:
- North America
- Latin America
- South Asia & Pacific
- East Asia
- Middle East & Africa