- Automated Guided Vehicles (Agvs)
- Storage and Retrieval Systems
- Packaging Equipment
Material Handling Equipment Market is estimated to be valued at USD XX Billion in 2022 and is poised to grow at a significant CAGR of XX% over 2023-2029. Material handling equipment refers to a broad category of machinery and tools used for the movement, storage, control, and protection of materials and products throughout various industrial processes. It includes equipment such as forklifts, conveyors, cranes, pallet jacks, and automated systems designed to improve efficiency and productivity in handling materials. The market for material handling equipment is anticipated to experience growth driven by rapid industrialization and the rising demand for automation. However, the COVID-19 pandemic initially had a detrimental impact on the warehousing industry, leading to a significant slowdown in product movement, particularly for non-essential items. The market faced challenges such as labor shortages and a sharp decline in demand during the pandemic's initial phase. Despite these setbacks, the market is expected to rebound as industries recover and the need for efficient material handling solutions persists. Private investment in industrial equipment and machinery indicates a strong U.S. economy, stimulating activity in key downstream markets like manufacturing and wholesaling. This, in turn, is expected to drive demand for industry products such as material handling equipment. The market is anticipated to grow faster due to increased emphasis on worker safety, effective management of bulk materials, and the adoption of Industry 4.0 technologies, including the Internet of Things. Rising needs to reduce downtime and improve supply chain efficiency further contribute to the market's growth prospects.
Material Handling Equipment Market Key Developments:
In July 2021, In Kolbaskowo, Poland, KION GROUP AG constructed an industry-leading industrial truck manufacturing. The factory, which is part of the KION Industrial Trucks & Services sector, manufactures counterbalance trucks for all brands. The firm is concentrating on expanding its European production locations and catering to consumers across the EMEA area as a result of this.
Fastest Growing Market
Increased demand for warehouse automation is expected to drive the global material handling equipment market. With the growth of e-commerce and the need for efficient order fulfillment, warehouses are adopting automated systems to streamline their operations. Automated material handling equipment such as conveyors, robotic systems, and automated guided vehicles (AGVs) offer benefits like increased productivity, reduced labor costs, and improved accuracy in picking and sorting tasks. These solutions help warehouses handle a larger volume of goods and enhance operational efficiency. The demand for material handling equipment is expected to rise as companies seek to optimize their warehouse operations and meet the growing demands of online shopping, thereby driving the growth of the global material handling equipment market.
Asia Pacific dominated the material handling equipment market. The growing food retail sector in the Asia Pacific offers various opportunities to the material handling equipment market as this equipment increases the efficiency & speed of the picking & sorting processes.
Some of the key players operating in the material handling equipment market include BEUMER GROUP, Daifuku Co., Ltd., Honeywell International, Inc., KION GROUP AG, Mecalux, S.A., Murata Manufacturing Co., Ltd., SSI SCHAEFER, Swisslog Holding AG, TOYOTA INDUSTRIES CORPORATION, Vanderlande Industries B.V.
Key factors that are driving the material handling equipment market growth include rapid industrialization and increased demand for automation in material handling equipment which will drive market growth over the forecast period.