Material Handling Equipment Market Outlook
According to the report by Expert Market Research (EMR), the global material handling equipment market size is projected to grow at a CAGR of 7.2% between 2024 and 2032. Aided by the burgeoning e-commerce sector, advanced technological integrations, and a shifting emphasis towards automated warehouses, the market is expected to grow significantly by 2032.
Material handling equipment plays an indispensable role in the seamless movement, protection, storage, and control of materials and products throughout the manufacturing, distribution, consumption, and disposal processes. These equipment range from the most basic tools like hand trucks and pallet jacks to more complex machinery such as automated guided vehicles (AGVs) and robotic delivery systems.
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The exponential growth of the e-commerce sector is a pivotal factor propelling the material handling equipment market demand. As companies like Amazon, Alibaba, and Flipkart continually push for faster delivery times and efficient warehouse management, the emphasis on sophisticated material handling equipment has substantially increased.
Additionally, the rapid advancements in technology have catalysed the shift towards automation in various industries. Robotics, artificial intelligence, and IoT (Internet of Things) integration in material handling equipment are ensuring efficiency, accuracy, and reduced operational costs. These technological enhancements not only streamline the workflow but also significantly reduce manual intervention, thereby minimising errors.
Furthermore, the emphasis on workplace safety is bolstering the material handling equipment market growth. Inefficient material handling can lead to workplace accidents, product damage, and significant operational delays. Advanced material handling equipment, with their precision and reliability, drastically reduces such risks, ensuring both worker safety and product integrity.
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The application of material handling equipment is not just confined to the warehousing and retail sectors. The pharmaceutical industry, for instance, leverages these tools for the precise movement and storage of sensitive drugs and vaccines. Similarly, the food and beverage industry rely on them for ensuring the integrity of perishable goods through efficient storage and transportation solutions. Hence, the growing demand for material handling equipment in these sectors is impacting the material handling equipment market outlook.
Material Handling Equipment Market Segmentation
The market can be divided based on product, system type, function, industry, and region.
Market Breakup by Product
- Storage and Handling Equipment
- Automated Storage and Retrieval System
- Industrial Trucks
- Bulk Material Handling Equipment
- Others
Market Breakup by System Type
- Unit Load Material Handling Systems
- Bulk Load Material Handling Systems
Market Breakup by Function
- Assembly
- Packaging
- Transportation
- Distribution
- Storage
- Waste Handling
Market Breakup by Industry
- Automotive
- Metal and Heavy Machinery
- Food and Beverages
- Chemicals
- Semiconductors and Electronics
- Healthcare
- Aviation
- E-Commerce
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global material handling equipment market. Some of the major players explored in the report by Expert Market Research are as follows:
- Daifuku Co., Ltd.
- Jungheinrich AG
- The Beumer Group GmbH & Co. KG
- Kion Group AG
- Mecalux, S.A.
- Toyota Industries Corporation
- Hyster-Yale Group, Inc.
- JBT Corporation
- KUKA AG
- Others
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