Authored By: Sarah
12 Sep 2024

Latest News: Material Handling Equipment Market is expected to grow by a CAGR of 5.86% during 2024-2028; Trends and Forecasts to 2018

The Material Handling Equipment Market is expected to grow at a CAGR of 5.86% to reach USD 13198.9 million by 2028. The material handling equipment market is experiencing significant growth due to the increasing demand for automation in manufacturing and construction industries, driven by the Fourth Industrial Revolution or Industry 4.0. This technological advancement integrates machine learning (ML) and big data analytics, enabling autonomous decision-making in labor-intensive processes. IoT, cyber-physical systems, and cloud computing are key technologies facilitating this trend. Robotic systems, controlled remotely by computers with ML capabilities, are increasingly being adopted in industrial facilities to streamline workflows and minimize human intervention. Advanced technologies such as AI and the IoT are revolutionizing material handling, leading to increased efficiency, productivity, and cost savings.

Europe dominates the regional market because of The Material Handling Equipment Market encompasses a wide range of machinery and tools utilized for the efficient movement and handling of materials in manufacturing, warehousing, and logistics operations. Key market drivers include increasing automation in manufacturing processes, rising e-commerce sales driving demand for efficient order fulfillment, and the growing trend towards lean manufacturing. Major market segments include forklifts, conveyors, cranes, and automated guided vehicles. Companies in this sector prioritize innovation and efficiency to meet evolving customer needs.

There are various factors that drive the Material Handling Equipment Market market which are as following: The construction industry is experiencing robust growth, driven by population expansion, economic development in emerging markets, and substantial government investment in large-scale infrastructure projects, including railways and highways. This trend is leading to an increase in public-private partnerships for infrastructure development. The construction sector's expansion is fueling the demand for material handling equipment, which is essential at most construction sites as critical machinery. The global construction industry's growth, particularly in key markets such as the US, China, and India, is significantly increasing the demand for various types of material handling equipment.

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Material Handling Equipment Market Segmentation

Type (Cranes and lifting equipment, Industrial trucks, Continuous handling equipment, Racking and storage equipment) Application (Construction, E-commerce, Food and Beverages, Automotive, Others) Geography (Europe, APAC, North America, Middle East and Africa, South America)

The market witnesses several challenges, which are as follows Material handling equipment plays a crucial role in corporate networks by facilitating the integration and sharing of operational data across industries. This connectivity, however, introduces potential risks, as the increased exposure to wide corporate networks heightens the likelihood of cyberattacks. Such breaches can compromise data integrity, confidentiality, and availability. Companies engaging external vendors for information sharing face enhanced vulnerabilities, with risks ranging from altered installation settings and asset location changes to production setting modifications and malfunctioning equipment. The consequences extend beyond data loss, encompassing potential physical damage to material handling equipment and increased operational risks.

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Some of the key companies that have been profiled in the report include: 

  • Beumer Group GmbH and Co. KG
  • Columbus McKinnon Corp.
  • Crown Equipment Corp.
  • Daifuku Co. Ltd.
  • FlexLink Holding AB
  • SSI Schafer IT Solutions GmbH
  • Godrej and Boyce Manufacturing Co. Ltd.
  • Honeywell International Inc.
  • Hytrol Conveyor Co.
  • Interroll Holding AG
  • Jungheinrich AG
  • KION GROUP AG
  • KUKA AG
  • Liebherr International AG
  • Mecalux SA
  • Mitsubishi Chemical Group Corp.
  • Murata Manufacturing Co. Ltd.
  • NACCO Industries Inc.
  • Toyota Industries Corp.
  • viastore SYSTEMS GmbH

Market Research Overview 

The industrial machinery and supplies and components market encompasses businesses involved in the manufacturing of industrial machinery and components, including presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio, the market size is determined by the consolidated revenue generated by these manufacturers supplying equipment for industrial applications. Key growth drivers in the global industrial machinery, supplies, and components market include expanding industrial output leading to capacity expansions in process and discrete industries, as well as increasing demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in developing countries. - The Material Handling Equipment Market is experiencing significant growth, fueled by the Increased construction activities across geographies. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Market Research Analysis

The Material Handling Equipment (MHE) market is witnessing significant growth due to the increasing demand from various industries such as logistics, semiconductors, consumer goods, and manufacturing. Electric forklifts are gaining popularity due to their energy efficiency and reduced emissions, while smart systems, robotics, and innovative technologies like the Internet of Things (IoT) are revolutionizing the industry by enhancing supply chain efficiency, reducing downtime, and improving worker safety awareness. Key equipment includes selective pallet racks, dock levelers, cranes, conveyors, and bulk materials handling systems. The semiconductors industry and logistics sectors are major downstream markets, driving private investment in advanced MHE. The warehousing industry is also undergoing industrialization, leading to increased automation and labor shortages. Consumer goods companies are focusing on improving their supply chain efficiency to meet growing demand for non-essential items. Bulk materials handling equipment is essential for industries like mining and construction. The focus on reducing downtime and improving safety is leading to increased adoption of advanced MHE, including automated guided vehicles and AGVs. Overall, the MHE market is expected to continue growing, driven by private investment, labor shortages, and the need for greater supply chain efficiency.


Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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