The global material handling equipment market is expected to witness significant growth in the coming years due to industrial advancements and the rising demand for automation and robotics in material handling systems. The global material handling equipment market is projected to experience substantial growth, reaching approximately $230.63 billion in 2024 and $385.9 billion by 2031, reflecting a compound annual growth rate (CAGR) of 7.60%. As industries evolve, the need for efficient and automated systems to streamline operations, reduce costs, and enhance productivity becomes more crucial. The market is projected to grow steadily, driven by various factors, including the widespread use of advanced lifting accessories such as drum lifters, crown pallet jacks, and electric pallet trucks across multiple industries.
One of the key factors contributing to the expansion of the material handling equipment market is the growing adoption of automated systems in sectors like engineering, machining, and automotive. Traditional material handling equipment is often prone to picking and selection errors. However, modern order-lifting equipment, such as forklifts, ensures error-free operations in picking, sorting, and packing processes. Moreover, automated material handling systems not only simplify production but also help manufacturers reduce costs and delivery times, making them an essential component of modern industrial operations.
In many industrialized nations, new manufacturing and storage facilities are being fully automated to optimize efficiency. This shift toward automation is expected to further fuel the growth of the material handling equipment market in emerging economies, where industrial setups and facilities are undergoing extensive remodeling. As industries in these regions invest in modernizing their operations, the demand for material handling solutions will likely see a considerable rise.
Another major factor contributing to the growth of this market is the rapid expansion of the eCommerce sector. With the increasing adoption of online shopping platforms, there is a growing need for efficient material handling systems in warehouses to manage inventory, order fulfillment, and logistics. Platform trucks, electric pallet jacks, and other material handling equipment are becoming essential for eCommerce companies to streamline their supply chains and distribution networks. This trend is expected to drive significant demand for material handling equipment over the forecast period.
Furthermore, the use of integrated solutions that combine electric pallet trucks, manual forklifts, and walkie stackers is expected to be a game changer in the industry. These solutions offer greater flexibility and efficiency in handling materials, making them highly sought after in sectors such as manufacturing, logistics, and warehousing. The adoption of rough terrain forklifts and other specialized equipment is also anticipated to drive growth in the material handling equipment market, particularly in industries such as ports and logistics.
In recent years, the fourth industrial revolution has brought significant changes to fabrication and material handling practices. New business models and the advent of Industry 4.0 technologies, such as the Internet of Things (IoT), are transforming the way materials are handled in various industries. These advancements are expected to create new growth opportunities for manufacturers and suppliers of material handling equipment.
In addition to cranes and lifting equipment, the racking and storage equipment segment is projected to experience notable growth. Pallet stacker equipment, in particular, is gaining popularity due to its ability to increase storage capacity without the need for additional space. This equipment also reduces workload, improves throughput, and enhances overall efficiency in storage facilities. These benefits are driving the adoption of electric stackers and other storage solutions in industries such as warehousing and logistics.
When it comes to application segments, the eCommerce sector leads the material handling equipment market, accounting for a significant share of total sales. The growth of the eCommerce sector, coupled with the expansion of online shopping platforms, is driving the demand for material handling equipment in warehouses and distribution centers. Platform trucks, order picker forklifts, and other equipment are becoming essential for managing the growing volume of goods handled by eCommerce companies.
In the pharmaceutical sector, the use of material handling equipment is also expected to see strong growth. The increasing demand for medications and the need for efficient storage and handling solutions in pharmaceutical facilities are driving the adoption of pallet stacker systems and other material handling equipment. These systems help improve output, reduce labor costs, and enhance product quality, making them essential for the pharmaceutical industry.
In Europe, countries like the UK and Germany are expected to play a significant role in the growth of the material handling equipment market. The region's focus on workplace safety and the implementation of new legal regulations regarding industrial equipment are contributing to the increased demand for material handling solutions. Additionally, the expansion of capital funding for industrial machinery and equipment is expected to further boost the market in Europe.
The Asia-Pacific region is also a key market for material handling equipment, with countries like Japan and South Korea expected to see strong growth. The expanding food retail industry in the region, along with the increasing adoption of Industry 4.0 technologies, is driving the demand for material handling solutions. In Japan, the focus on improving supply chain efficiency and reducing downtime is expected to boost the market for material handling equipment in the coming years.
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One of the key factors contributing to the expansion of the material handling equipment market is the growing adoption of automated systems in sectors like engineering, machining, and automotive. Traditional material handling equipment is often prone to picking and selection errors. However, modern order-lifting equipment, such as forklifts, ensures error-free operations in picking, sorting, and packing processes. Moreover, automated material handling systems not only simplify production but also help manufacturers reduce costs and delivery times, making them an essential component of modern industrial operations.
Key Trends Driving the Material Handling Equipment Market
The growth of industrial infrastructure and increased investments in machinery are expected to boost the demand for material handling equipment. As industries across various sectors continue to expand and modernize, there is a growing need for advanced equipment that can handle larger volumes of materials with greater precision and efficiency. Additionally, the ongoing trend of automation in industrial facilities, particularly in developed economies, is likely to play a significant role in driving the demand for material handling equipment.In many industrialized nations, new manufacturing and storage facilities are being fully automated to optimize efficiency. This shift toward automation is expected to further fuel the growth of the material handling equipment market in emerging economies, where industrial setups and facilities are undergoing extensive remodeling. As industries in these regions invest in modernizing their operations, the demand for material handling solutions will likely see a considerable rise.
Another major factor contributing to the growth of this market is the rapid expansion of the eCommerce sector. With the increasing adoption of online shopping platforms, there is a growing need for efficient material handling systems in warehouses to manage inventory, order fulfillment, and logistics. Platform trucks, electric pallet jacks, and other material handling equipment are becoming essential for eCommerce companies to streamline their supply chains and distribution networks. This trend is expected to drive significant demand for material handling equipment over the forecast period.
Future Growth Opportunities for Market Players
The rising adoption of digital technologies and the growth of eCommerce platforms are creating new growth opportunities for material handling equipment manufacturers. Automated warehouse equipment, such as electric pallet jacks and forklifts, is increasingly being integrated into modern warehouse racking systems. This integration is helping companies optimize their storage capacity, reduce labor costs, and improve overall efficiency.Furthermore, the use of integrated solutions that combine electric pallet trucks, manual forklifts, and walkie stackers is expected to be a game changer in the industry. These solutions offer greater flexibility and efficiency in handling materials, making them highly sought after in sectors such as manufacturing, logistics, and warehousing. The adoption of rough terrain forklifts and other specialized equipment is also anticipated to drive growth in the material handling equipment market, particularly in industries such as ports and logistics.
In recent years, the fourth industrial revolution has brought significant changes to fabrication and material handling practices. New business models and the advent of Industry 4.0 technologies, such as the Internet of Things (IoT), are transforming the way materials are handled in various industries. These advancements are expected to create new growth opportunities for manufacturers and suppliers of material handling equipment.
Product Type and Application Insights
Among the various product types in the material handling equipment market, cranes and lifting equipment hold a significant share of the market. Manufacturers prefer industrial pallet trucks due to their versatility and ability to handle a wide range of materials. These trucks feature level surfaces or prongs that can be easily placed under pallets, making them ideal for use in various storage platforms. Other sub-segments, such as platform trucks and industrial vehicles, are also expected to contribute to the market's growth, as they offer unique capabilities for material handling.In addition to cranes and lifting equipment, the racking and storage equipment segment is projected to experience notable growth. Pallet stacker equipment, in particular, is gaining popularity due to its ability to increase storage capacity without the need for additional space. This equipment also reduces workload, improves throughput, and enhances overall efficiency in storage facilities. These benefits are driving the adoption of electric stackers and other storage solutions in industries such as warehousing and logistics.
When it comes to application segments, the eCommerce sector leads the material handling equipment market, accounting for a significant share of total sales. The growth of the eCommerce sector, coupled with the expansion of online shopping platforms, is driving the demand for material handling equipment in warehouses and distribution centers. Platform trucks, order picker forklifts, and other equipment are becoming essential for managing the growing volume of goods handled by eCommerce companies.
In the pharmaceutical sector, the use of material handling equipment is also expected to see strong growth. The increasing demand for medications and the need for efficient storage and handling solutions in pharmaceutical facilities are driving the adoption of pallet stacker systems and other material handling equipment. These systems help improve output, reduce labor costs, and enhance product quality, making them essential for the pharmaceutical industry.
Regional Insights
The material handling equipment market is geographically diverse, with North America leading in terms of manufacturing and sales. The region is home to some of the major players in the industry and benefits from advanced technological and infrastructural developments. The increasing adoption of automation in North American industries, particularly in warehouse operations, is expected to drive the demand for material handling equipment in the region.In Europe, countries like the UK and Germany are expected to play a significant role in the growth of the material handling equipment market. The region's focus on workplace safety and the implementation of new legal regulations regarding industrial equipment are contributing to the increased demand for material handling solutions. Additionally, the expansion of capital funding for industrial machinery and equipment is expected to further boost the market in Europe.
The Asia-Pacific region is also a key market for material handling equipment, with countries like Japan and South Korea expected to see strong growth. The expanding food retail industry in the region, along with the increasing adoption of Industry 4.0 technologies, is driving the demand for material handling solutions. In Japan, the focus on improving supply chain efficiency and reducing downtime is expected to boost the market for material handling equipment in the coming years.
Competitive Analysis
The material handling equipment market is highly competitive, with several key players vying for market share. Some of the prominent companies in the 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, and Vanderlande Industries B.V. These companies are focusing on both organic and inorganic growth strategies to maintain their competitive edge in the market.Key Companies Profiled
- 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 Segments Covered in the Material Handling Equipment Industry Report
Material Handling Equipment Industry by Product Type
- Cranes and Lifting Equipment
- Racking & Storage Equipment
- Industrial Trucks
- Continuous Handling Equipment
Material Handling Equipment Industry by Application
- eCommerce
- Automotive
- Food & Beverages
- Chemical
- Semiconductor & Electronics
- Aviation
- Pharmaceutical
- Others
Material Handling Equipment Industry by Region
- North America Material Handling Equipment Industry
- Europe Material Handling Equipment Industry
- East Asia Material Handling Equipment Industry
- South Asia and Pacific Material Handling Equipment Industry
- Middle East & Africa Material Handling Equipment Industry
- South America Material Handling Equipment Industry
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Table of Contents
1. Executive Summary
2. Market Overview
3. Global Material Handling Equipment Market Outlook, 2019 - 2031
4. North America Material Handling Equipment Market Outlook, 2019 - 2031
5. Europe Material Handling Equipment Market Outlook, 2019 - 2031
6. Asia Pacific Material Handling Equipment Market Outlook, 2019 - 2031
7. Latin America Material Handling Equipment Market Outlook, 2019 - 2031
8. Middle East & Africa Material Handling Equipment Market Outlook, 2019 - 2031
9. Competitive Landscape
10. Appendix
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 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.
- Material Han
Methodology
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