Industrial manufacturing and processing across several products are witnessing a more sophisticated and organized approach by incorporating material handling equipment. The equipment is used to sort, transport, orient, and handle material used during a production or storage process quickly and effectively. Owing to these properties, almost every industry is considering making material handling equipment a part of their production line. Growing industrial manufacturing and logistics sectors are creating tremendous demand for such equipment. As a result, the material handling equipment market was valued at US$ 138.54 billion in 2017. The figure is expected to rise to US$ 224.08 billion in 2026, with a 5.5% growth rate over the forecast period of 2018 to 2026.
Market Synopsis
Industrial Trucks and Forklifts to Drive Away the Top Spot
Industrial trucks and forklifts are an essential part of any major manufacturing plant, as they carry heavy loads on the shop floor much faster than human material handlers. This equipment also plays a vital role in inventory control and warehouse management. Being a major part of material handling, industrial trucks and forklifts acquire the majority of the market share in the overall material handling equipment market. In terms of market value, the truck and forklift are closely followed by conveyors. Conveyors are the most common material handling system available and an essential component for unattended material transit within the manufacturing unit. Other equipment, including cranes and hoists, pallets, racks, and shelves, also claim a fair share of the overall market. Automated material handling equipment is the fastest-growing equipment and is projected to grow by leaps and bounds in the coming years. Major manufacturers and robotic companies are focusing on improving automated material handling devices, and the sub-segment is expected to take over traditional equipment during and beyond the forecast period from 2018 to 2026.
Automotive, Manufacturing, and Processing Compete for the Top Position
With respect to end-use industries, manufacturing and processing, and the automotive industry face off in close quarters for the majority of market share and market value. The exponential growth of the automotive industry and the introduction of advanced assembly lines created a positive impact on the demand for material handling equipment. The manufacturing and processing sectors are also running at full capacity, and the scale is on a path to perpetual rise, along with the need for more sophisticated material handling equipment. Besides, transportation and logistics are the fastest-growing segments in the material handling equipment market. Growing global trade and a consistent rise in e-commerce depend heavily on material handling equipment and have a high probability of achieving significant market value in the coming years.
Asia Pacific to Reign Supreme over North America and Europe in Terms of Market Value
The presence of developing countries and a high concentration of automotive and manufacturing process units crowned Asia-Pacific as the leading region in the material handling equipment market. Countries such as China, India, South Korea, and Taiwan, among others, are witnessing tremendous growth in their manufacturing capacities and are procuring more material-handling methods to enhance their capabilities. North America trails Asia-Pacific in terms of market value. This region is one of the earliest to adopt automated material handling equipment, and industrial automation is growing at a brisk pace in this region. Europe does not lag far behind North America in terms of market value.
Market Segmentation
Good Opportunities A tug-of-war between local and international players in the material handling equipment market
Growing market prospects created an impulse among local and international material-handling equipment manufacturers. The presence of several players made the market fragmented, and intense competition ignited between them to maintain the market position. Companies are introducing their state-of-the-art equipment, such as ASRS and AGV, to bring technological innovation to the market. Besides, carrying out strategies for acquisition and creating long-term partnerships is a common strategy observed in recent times. Companies are striving day in and day out to retain their customers’ faith and expand their geographical presence. The research study includes the business strategies and recent developments of a few of the most prominent players in the material handling equipment market, including Liebherr Group, Daifuku Co., Ltd., Kion Group AG, Flexlink, Hyster-Yale Materials Handling, Inc., Viastore Systems GmbH, Crown Equipment Corporation, Toyota Industries Corporation, Hytrol Conveyor Co., Inc., JBT Corporation, Intelligrated, Inc., Dematic GmbH & Co., KG, Columbus McKinnon, and KUKA AG, among others.
Key questions are answered in this report.
What are the latest trends in the material handling equipment market and potential opportunities for players?
How will studies of productive tools and quality management have an impact on the global as well as regional material handling equipment market?
Which is the largest and fastest-growing segment in terms of equipment type and end-user?
Which is the most attractive geographical region or country for the overall material handling equipment market?
How will automation and robotics play a vital role in the overall material-handling equipment market in the coming years?
What are the market sizes and trends in developing regions such as the Asia Pacific, the Middle East, Africa, and Latin America?
Frequently Asked Questions:
The market for Material Handling Equipment Market is expected to reach US$ 224.08 billion in 2026.
The Material Handling Equipment Market is expected to see significant CAGR growth over the coming years, at 5.5%.
The report is forecasted from 2018-2026.
The base year of this report is 2017.
Liebherr Group, Daifuku Co., Ltd., Kion Group AG, Flexlink, Hyster-Yale Materials Handling, Inc., Viastore Systems GmbH, Crown Equipment Corporation, Toyota Industries Corporation, Hytrol Conveyor Co., Inc., JBT Corporation, Intelligrated, Inc., Dematic GmbH & Co., KG, Columbus McKinnon are some of the major players in the global market.
