Global Market for Material Handling Equipment is Anticipated to grow at a Significant Pace i.e., USD 296.7 Billion during the Forecast Period 2021-2027

Published Date: Apr, 2022

The global material handling equipment market is expected to grow at a 5.45% CAGR during 2021-2027. In the manufacturing industry, material handling equipment is a vital link. Although it does not directly contribute to product manufacturing, it increases efficiency in product handling, sorting, transportation, and manufacturing. These machines make it possible to move enormous volumes of goods and heavy materials quickly. Material handling equipment automates numerous processes in industrial facilities, reducing the need for human interaction. The growth of worldwide material handling equipment throughout the projection period is due to this equipment complementing production activities by guaranteeing an immediate, efficient movement of goods. The increasing initiatives by the government to promote infrastructural development globally by building rail networks, seaports, airports, power plants, etc., increased foreign capital to establish manufacturing industries, the rapid growth of the e-commerce sector across the globe, rising consumer spending on durable and non-durable products,  investment to upgrade or replace existing material handling equipment with high-tech equipment, the advent of warehouse management systems will bolster the growth of the material handling equipment market.

In November 2021, With the construction of a new supply chain solutions plant in Jinan, China, KION GROUP AG is pursuing its growth strategy in the Asia Pacific (APAC). KION's new counterbalance truck plant, which is nearing completion, will be adjacent to the new plant. This significant project, according to the global intralogistics supplier, will allow it to expand its product offering for warehouses and distribution centers in one of the most important and active material handling markets in the world. The KION Group's long-term expansion of operations in APAC, particularly in China, is critical to the company's growth strategy: in August 2020, the company began building on a new counterbalance truck manufacturing facility. The facility manufacturing forklift trucks is expected to be finished in early 2022.

The COVID-19 outbreak had slowed the growth of the material handling equipment industry in 2020. To avoid the virus from spreading, several government agencies implemented strict lockdowns. Large manufacturers' corporate development plans were hampered due to the coronavirus that hampered worldwide supply chains, halted production facilities.  The market, however, has regained momentum in 2021 with the resuming industrial operations following the relaxation of lockdown measures. During the ongoing pandemic, the business is likely to rise due to increased demand from the e-commerce market. A rise in the number of consumers who prefer to purchase online would motivate e-commerce companies to upgrade their warehouses, which will help the market outlook.

Browse 53 market data Tables and 35 Figures spread through 250 Pages and in-depth TOC on " Material Handling Equipment Market by Equipment Type (Industrial Trucks, Crane & Lifting, and Racking & Storage), by Operations (Assembly, Distributions, Transportation, and Others), by End-Use (Chemical, Consumer Goods & Electronics, Food & Beverages, Automotive, Construction, E-Commerce, Pharmaceuticals, Aviation, and Others), and Region - Global Forecast to 2027"

By equipment type, the industrial trucks dominate the market during the forecast period.

Industrial trucks will contribute to the largest share during 2021-2027 because of their wide range of applications in an industrial setting, these trucks are a preferred choice. Industrial trucks are used to transport huge containers or boxes in a large number of markets, resulting in a larger market share. Over the projection period, as logistic organizations strive toward embracing sustainable products, demand for battery-operated vehicles will grow.

Global Material Handling Equipment Market Segmentation Analysis

Segment

Categorization

Leading Category

Equipment Type

Industrial Trucks, Crane & Lifting, and Racking & Storage

Industrial Trucks

(Largest)

Crane & Lifting

 (Significant Growth)

Operations

Assembly, Distribution, Transportation, and Others

Transportation

(Largest)

End-Use

Chemical, Consumer Goods & Electronics, Food & Beverages, Automotive, Construction, E-Commerce, Pharmaceuticals, Aviation, and Others

E-Commerce (Largest)

Automotive

 (Significant Growth)

Region

North America, Europe, Asia-Pacific, and Rest of the World

North America (Largest)

Asia-Pacific

 (High CAGR)

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“North America is anticipated to hold largest market share during the forecast period 2021-2027.”

North America holds the largest market share with increased awareness about worker safety, the need to properly manage bulk commodities and the rise of Industry 4.0 with increased IoT penetration expected to drive expansion. Furthermore, the need to reduce downtime as well as a strong focus on improving supply chain efficiency is predicted to encourage the adoption of MHE such as electric lift trucks.

Some of the major players in the global Material Handling Equipment market include BEUMER GROUP, Daifuku Co., Ltd., KION GROUP AG, Toyota Industries Corporation, Mecalux, S.A., LIEBHERR, The Manitowoc Company, Inc., Crown Equipment Corporation, Hyster-Yale Materials Handling, Inc., and Swisslog Holding AG.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Equipment Type, Operations, End-Use, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

BEUMER GROUP, Daifuku Co., Ltd., KION GROUP AG, Toyota Industries Corporation, Mecalux, S.A., LIEBHERR, The Manitowoc Company, Inc., Crown Equipment Corporation, Hyster-Yale Materials Handling, Inc., and Swisslog Holding AG

Global Material Handling Equipment Market Coverage

Equipment Type Insight and Forecast 2015-2027

  • Industrial Trucks
  • Crane & Lifting
  • Racking & Storage

Operations Insight and Forecast 2015-2027

  • Assembly
  • Distribution
  • Transportation
  • Others

End-Use Insight and Forecast 2015-2027

  • Chemical
  • Consumer Goods & Electronics
  • Food & Beverages
  • Automotive
  • Construction
  • E-Commerce
  • Pharmaceuticals
  • Aviation
  • Others

Geographical Segmentation

Material Handling Equipment Market by Region

North America

  • By Equipment Type
  • By Operations
  • By End-Use
  • By Country – U.S., Canada, and Mexico

Europe

  • By Equipment Type
  • By Operations
  • By End-Use
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Equipment Type
  • By Operations
  • By End-Use
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Equipment Type
  • By Operations
  • By End-Use
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries