USD 225.51 billion
Material Handling Equipment Market Size, Share, Growth Analysis, By Product(Cranes & Lifting Equipment, Industrial Trucks, Continuous Handling Equipment and Racking & Storage Equipment), By Application(Automotive, Food & Beverages¸ Semiconductor & Electronics, E-Commerce, Pharmaceutical and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20I2237 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
64
|Figures:
77
Material Handling Equipment Market Insights
Global Material Handling Equipment Market size was valued at USD 225.51 billion in 2022 and is poised to grow from USD 238.36 billion in 2023 to USD 371.40 billion by 2031, growing at a CAGR of 5.7% in the forecast period (2024-2031).
The expected growth of the market is driven by fast industrialization and an increasing demand for automation in material handling equipment. The start of the COVID-19 pandemic originally had adverse effects on the warehousing industry, with an important strike in the movement of products, particularly non-essential substances.
Moreover, the market faced considerable challenges during the original stages of the pandemic, marked by a sharp weakening in sales due to global labor deficiencies and a decrease in demand. The development of isolated investment in industrial equipment and machinery serves as a needle of a robust U.S. economy, poised to excite activity in key downriver sectors.
Therefore, an uptick in industrial equipment and machinery ventures is probable to agree with increased demand for industry products.
The market's enhanced development can be attributed to sharp awareness of worker safety, the rising need for well-organized bulk material management, and the increasing integration of Industry 4.0, marked by wide use of the Internet of Things.
The demand for these products is expected to be pushed by the mounting prominence on diminishing interruption and attractive supply chain efficiency. The widespread adoption of automation and unceasing industrial advancements in the market have led to the formation of entirely automated industrial facilities in developed nations.
Continuing modernization efforts in industrial facilities and infrastructures, intended at ornamental production capacity, are predictable to drive the growth of the material handling equipment market.
Particularly, the e-commerce application segment is composed for important development through the estimated period, driven by factors such as the increasing reach of online shopping platforms, and the continuous development of logistics infrastructure. This trend is convincing warehouse owners to participate in efficient material handling equipment into their facilities to enhance the management of the supply chain ecosystem.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Cranes & Lifting Equipment
Fastest Growth
Cranes & Lifting Equipment
Growth Rate
5.7% CAGR
Global Material Handling Equipment Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Material Handling Equipment Market Segmental Analysis
The global material handling equipment market is segmented on the basis of product, application and region. By product, the market is segmented into cranes & lifting equipment, industrial trucks, continuous handling equipment and racking & storage equipment. By application, the market is segmented into automotive, food & beverages¸ semiconductor & electronics, e-commerce, pharmaceuticals and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Product
The segment encompassing cranes and lifting equipment emerged as the market leader, contributing to more than 35.0% of the global revenue in 2021. Its widespread application across diverse end-use industries, including construction, manufacturing, motor vehicle lifts, and lifting accessories, is poised to propel the material handling equipment market. Continuous handling equipment ensures seamless operations in picking, sorting, and packaging, presenting a contrast to traditional handling equipment, which is susceptible to picking errors. An additional advantage of continuous handling equipment lies in its ability to enable producers to reduce costs and shorten delivery times through a streamlined process.
The racking and storage equipment segment is projected to witness a Compound Annual Growth Rate (CAGR) of 6.8% during the forecast period, primarily owing to its role in enhancing storage capacity. This equipment not only minimizes costs associated with renting additional storage space but also reduces workload and enhances throughput. Manufacturers favor industrial trucks for their practical features, such as flat surfaces or forks that can be inserted beneath pallets or various storage platforms. Unlike other trucks that necessitate separate machinery for lifting, industrial trucks offer the dual benefit of powered or manual lifting.
Analysis By Application
The e-commerce sector emerged as the market leader, contributing to more than 20.0% of the global revenue in 2021. This dominance is attributed to factors such as the widespread adoption of online shopping platforms, the presence of major online merchants, and the continuous development of logistics infrastructure, all of which are expected to fuel the demand for these products in the e-commerce industry. Notably, numerous grocery stores have transformed into convenience outlets offering fast-food-like services, including frozen food, ready-to-eat meals, and fresh items, contributing to the expansion of the food industry. This shift has significantly transformed manufacturing and material handling procedures within the frozen food industry.
The pharmaceutical sector is anticipated to achieve a Compound Annual Growth Rate (CAGR) of 6.6% throughout the forecast period. In response to the escalating prevalence of various diseases, pharmaceutical storage and material handling equipment present a crucial solution to meet the rising demand for medicines. These systems are strategically implemented to enhance productivity, reduce time, labor, waste, and overall expenditures, optimize product quality, and elevate safety measures. Analogously, a conveyor system known as a baggage handling system is integral in airports, facilitating the seamless transportation of checked-in luggage from ticket counters to locations for aircraft loading. Furthermore, it plays a pivotal role in conveying bags from the aircraft to the baggage claim area. Consequently, the increased adoption of baggage handling systems contributes to the substantial growth of this product within the aviation industry.
Global Material Handling Equipment Market By Product
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Material Handling Equipment Market Regional Insights
The Asia Pacific region emerged as the market leader, contributing to over 35.0% of the global revenue in 2021. This substantial market dominance is linked to the flourishing food retail sector in Asia Pacific, presenting lucrative opportunities due to its capacity to enhance the efficiency and speed of picking and sorting processes. Anticipated growth in Europe is expected to be supported by integrated solutions aligned with new legislative reforms focusing on safety and quality. Additionally, the demand for material handling equipment in manufacturing, ports, and warehousing industries is predominantly propelled by industrial trucks and automated categories.
Anticipated growth in material handling equipment is forecasted for North America, driven by rising sales within the region's burgeoning e-commerce industry. The expanding market for both durable and non-durable goods is a significant factor contributing to the overall progress of the material-handling equipment sector. Furthermore, the adoption of automated warehouse practices throughout North America is acting as a catalyst for the industry's overall expansion.
Global Material Handling Equipment Market By Region
- Largest
- Fastest
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Material Handling Equipment Market Dynamics
Drivers
Rise in Sales of Durable and Nondurable Goods
- The Market is suffering a distinguished upswing, attributed to a surge in the sales of durable and nondurable goods. This discriminating demand is propelled by various factors, including evolving industrial needs, enlarged consumer spending and financial growth. As industries spectator an increasing need for efficient logistics and supply chain solutions, the demand for equipment has strengthened. This trend is particularly manifest in North America, where the e-commerce industry's robust growth is driving a noteworthy uptick in the movement of goods, requiring material handling solutions to rationalize processes and meet consumer expectations. The market's response to the mounting sales of durable and nondurable goods underlines the crucial role that material handling equipment plays in facilitating unified and effective operations across varied industries.
Focus on Sustainability
- The market is undertaking a transformative shift with a swelling emphasis on sustainability. As industries know the imperative to minimize environmental impact, there is a rising trend within the sector to adopt ecological practices. Companies are ordering the development and utilization of energy-efficient and environmentally responsible material handling solutions. This includes the integration of technologies such as electric-powered vehicles and advanced automation systems, contributing to reduced carbon footprints and enhanced operational efficiency. Moreover, a heightened focus on sustainable tracing of materials for manufacturing further underscores the industry's commitment to develop a more environmentally aware and responsible approach within the material handling domain.
Restraints
Integration Complexity
- The increased sales accredited to the thriving e-commerce industry and the rising demand for durable and non-durable goods. Though, this growth is escorted by the integration complexity within the industry. The developing landscape of material handling equipment necessitates urbane and integrated solutions to address the intricate challenges posed by automation, robotics, and advanced technologies. As industries struggle to enhance their operations, the integration of these complex systems becomes dominant for efficiency, productivity, and maintaining a competitive edge in the dynamic market
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Material Handling Equipment Market Competitive Landscape
The market exhibitions a moderate level of merging, with a handful of major players imposing a significant share of the revenue. These key industry participants are advantageously intent on the introduction of innovative products to support their market positioning. Additionally, their focus extends to performing strategic initiatives, including partnerships, product launches, and collaborations, enhancing their overall market presence.
Top Player’s Company Profiles
- Toyota Industries Corporation
- KION Group AG
- Jungheinrich AG
- Hyster-Yale Materials Handling, Inc.
- Crown Equipment Corporation
- Daifuku Co., Ltd.
- Mitsubishi Logisnext Co., Ltd.
- Columbus McKinnon Corporation
- SSI Schaefer
- Dematic
- Vanderlande Industries
- BEUMER Group
- Liebherr Group
- Anhui Heli Co., Ltd.
- Doosan Corporation Industrial Vehicle
- Clark Material Handling Company
- Terex Corporation
- Komatsu Ltd.
- Godrej Material Handling
- Manitou Group
- Bastian Solutions
- Raymond Corporation
Recent Developments
- In February 2024, Big Lift LLC revealed its acquisition of ePicker LLC, a rapidly expanding provider of material handling equipment headquartered in Fort Worth, Texas.
- In January 2024, Konecranes, a prominent manufacturer and supplier of material handling equipment and solutions, introduced its new brand identity: "Moves what matters." This initiative aims to underscore the company's position as a global leader in the industry, emphasizing its commitment to moving what is essential for businesses and industries worldwide.
- In October 2023, HD Hyundai Construction Equipment India unveiled its latest lineup of excavators, forklifts, and wheel loaders, introducing new models equipped with advanced features and enhanced capabilities.
Material Handling Equipment Key Market Trends
Focus on Ergonomics and Safety
- The manufacturers are gradually ordering the integration of ergonomic principles into the development of handling equipment, knowing the pivotal role they play in ornamental operator comfort, reducing fatigue, and eventually improving overall efficiency. The relentless promise to safety is evident through the addition of cutting-edge technologies. This sharp focus on biotechnology and safety not only aligns with controlling standards but also underscores the industry's dedication to developing a workplace environment that prioritizes the well-being of operators and reduces the risk of accidents, thereby contributing to the maintainable growth of the sector.
Material Handling Equipment Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analyses, the material handling equipment market is witnessing significant growth, propelled by a surge in demand across various industries worldwide. This expansion is particularly notable in North America, driven by the flourishing e-commerce sector and increased sales of both durable and non-durable goods. Automation is a key trend, with the adoption of automated warehouse practices contributing substantially to the industry's overall growth. In addition, safety remains a paramount concern, leading companies like Crown Equipment Corporation to introduce innovative forklifts equipped with enhanced safety features. On the global scale, strategic acquisitions, such as Daifuku's acquisition of Wynright Corporation and Toyota Industries' acquisition of a via store in Germany, are reshaping the competitive landscape and strengthening companies' positions in materials handling equipment and software businesses. As businesses strive for efficiency and streamlined operations, the material handling equipment market continues to evolve with a focus on technological advancements and comprehensive solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 225.51 billion |
| Market size value in 2031 | USD 371.40 billion |
| Growth Rate | 5.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Material Handling Equipment Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Material Handling Equipment Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Material Handling Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Material Handling Equipment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Material Handling Equipment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Material Handling Equipment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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