Material Handling Equipment Market Expectations & Growth Trends Highlighted Until 2032
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This has intensified the need for optimum utilization of equipment, demand for flexibility in warehouse operations, customer satisfaction and supply chain transparency. the global Material Handling Equipment market is set to enjoy a valuation of US$ 213.35 Bn in 2022. According to the FMI analysis, the global Material Handling Equipment market is anticipated to register a CAGR of 5.7% during 2022–2032.
Material handling equipment are commonly used in warehouses or manufacturing plants for various operations such as quick movement of goods or products, locating stock, preparing orders and localizing stock.
In the coming years, vision guided robotics, to reduce excessive downtime at warehouses, growing automation and technology advancements in material handling equipment are driving the market for the global material handling equipment market. However, the global material handling equipment market growth may be inhibited due to growing material handling equipment prices, rising steel prices and lack of skilled labor.
Automated Material Handling Equipment witness High Demand in Modern Industrial Applications
A majority of manufacturers in various industrial areas are highlighting the importance of their personnel and employees, which is triggering the use of automated material handling equipment. Especially in manufacturing operations in hazardous environments, manufacturers are preferring minimal manual processes and more automation. This is expected to trigger the inclination towards automated material handling equipment, as a mounting number of end-use industries are exhibiting willingness to take advantage of automated material handling equipment.
While the rising trends of factory automation are contributing to the upsurge in demand for automated material handling equipment, their high installation costs continue to remain a hindrance. Though this high-tech material handling equipment are replacing their traditional counterparts, small businesses in end-use industries are struggling to deal with the high maintenance and initial costs of adopting material handling equipment. Manufacturers in the global material handling equipment market will have to implement a strategy to keep manufacturing costs under control and offer equipment for small end users in the coming years.
Material Handling Equipment Market: Region-wise Analysis
The global material handling equipment market is broadly segmented into seven geographical regions — North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East & Africa. Currently, the market is witnessing impressive growth in the Asia Pacific region, as it is estimated to account for over one-third revenue share of the global material handling equipment market value.
The region is witnessing an upsurge in the adoption of automated technologies, and consequently, the demand for material handling equipment is majorly attributed to the increasing need for automation in operations to boost performance and efficiency of various business processes. Furthermore, the region is also expected to trigger demand for material handling equipment majorly across its food & beverage industry, creating more lucrative opportunities for market players catering to this segment of the end-use industries in the market.
Material Handling Equipment Market: Competitive Landscape
Global material handling equipment market has key players mainly from North America, Western Europe, Japan and China. Some of the key players in this industry are
Liebherr Group
KION Group AG
Jungheinrich AG
Viastore Systems GmbH
WITRON Logistik + Informatik GmbH
Eisenmann AG
Beumer Maschinenfabrik GmbH
Jervis B. Webb Company
Columbus McKinnon Corporation
Crown Equipment Corporation
Hyster-Yale Materials Handling,
Hytrol Conveyor Co., Inc.
Manitowoc Company, Inc.
Xuzhou Heavy Machinery Co., Ltd.
Toyota Industries Corporation.
In June 2020, Alta Equipment Group Inc. — a US-based industrial and construction equipment company — announced that it has entered a definitive agreement to acquire a US-based player in the material handling equipment market — PeakLogix. The company also stated that the strategy behind this acquisition revolves around its agenda of expanding geographical footprint and growing its material handling business while improving profitability.Report Highlights
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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