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

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.