Material Handling Equipment Market Worth $350.21 Billion By 2030
Material Handling Equipment Market Growth & Trends
The global material handling equipment market size is expected to reach USD 350.21 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.7% from 2022 to 2030. Growing demand for warehouse operational flexibility and supply chain transparency is anticipated to have a positive impact on industry growth. The market for material handling equipment was temporarily shut down due to the outbreak of COVID-19, resulting in the shutdown of manufacturing facilities and a slowdown in the logistics industry. The ongoing suspension of business operations has a negative effect on the growth of the industry, particularly in the industrial sector.
Small hand trucks, pallet jacks, automatic guided vehicles (AGVs), and shelves or racks are required in warehouses to locate the stock, move goods quickly, manage orders, and localize the stock. The rising demand for warehouse operational flexibility, combined with increased supply chain transparency, is anticipated to drive the global demand for these products. Ongoing automation and technological improvements in the market such as the introduction of robotic systems and conveyors and the increasing demand for automated products, such as automated guided vehicles automated conveyors, and robotic systems, are expected to boost the industry growth.
The material handling equipment enhances industrial operations, ensures timely material supply, and reduces labor requirements. In addition, increasing requirements of manufacturers for optimum resource utilization and surging concerns over warehouse downtime are expected to fuel the growth of the market. Manufacturers of the product adopt several strategies, including mergers and acquisitions and joint ventures, to enhance their market penetration. For instance, in June 2022, BEUMER Group acquired FAM Group, a supplier of conveyor systems. With this initiative, BEUMER Group strengthened its market position in the minerals and mining sectors.
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Material Handling Equipment Market Report
Material Handling Equipment Market Report Highlights
- By product, cranes and lifting equipment accounted for over 35.0% share of the global revenue in 2021 owing to its increased penetration across various end-use industries such as construction, manufacturing, and semiconductor and electronics
- The e-commerce application segment accounted for the largest revenue share of over 20.0% in 2021 owing to factors such as increased penetration of online shopping platforms, the existence of large online merchants, and rising logistics infrastructure
- The Asia Pacific region accounted for the largest revenue share of over 35.0% in 2021 owing to the growing food retail sector in Asia Pacific which increases the efficiency and speed of the picking and sorting processes
- Latin America is estimated to register a CAGR of 6.0% over the forecast period owing to the increasing investments in various end-use industries such as automotive, e-commerce, and food and beverages
- Manufacturers of material handling equipment adopt several strategies, including acquisitions, mergers, joint ventures, new product developments, and geographical expansions, to enhance their market penetration