Material Handling Equipment Industry Overview
The global material handling equipment market size is expected to reach USD 44.5 billion by 2028, according to a study report by Grand View Research Inc. The market is expected to expand at a CAGR of 7.4% from 2021 to 2028. Rapid industrialization and increased demand for automation in material handling equipment will drive market growth over the forecast period. Further, an upsurge in e-commerce growth worldwide will also act as a catalyst for future market growth. However, the lack of a skilled workforce to operate automated system functions may limit adoption to a certain extent.
The COVID-19 pandemic forced several companies to operate with a limited workforce. Therefore, the demand for automated systems/equipment witnessed an uptick in 2020, a trend expected to continue over the next few years. Although the overall product demand witnessed a decline, the pandemic offered avenues for vendors to focus on encouraging the adoption of automated/robot-operated material handling systems. The year 2020 also witnessed an increased demand for battery-powered trucks to meet the growing demand that stemmed from a surge in e-commerce growth.
Material Handling Equipment Market Segmentation
Grand View Research has segmented the global material handling equipment market report based on product, end use, and region:
Based on the Product Insights, the market is segmented into Storage and Handling Equipment, Automated Storage and Retrieval System, Industrial Trucks, Bulk Material Handling Equipment, and Others.
- The industrial trucks segment dominated the market and accounted for the largest revenue share of over 30.0% in 2020 and is estimated to witness steady growth over the forecast period. These trucks are a preferred choice due to their wide area of application in an industrial setting.
- The automated storage and retrieval system segment accounted for a significant revenue share of 28.2% in 2020. This growth is attributed to warehouses enforcing social distancing amid the COVID-19 pandemic. These systems were preferred during the period as they promoted efficiency and aligned with the social distancing norms.
- Over the forecast period, investments in automated equipment will increase, creating lucrative opportunities in the market for material handling equipment. The automated storage-retrieval systems segment is estimated to register a CAGR exceeding 8.0% from 2021 to 2028, slightly higher than the global average.
Based on the End-use Insights, the market is segmented into Automotive, Food & Beverages, Chemical, Semiconductor & Electronics, E-commerce, Aviation, Pharmaceutical, and Others.
- The e-commerce sector dominated the market for material handling equipment and accounted for the largest revenue share of 23.2% in 2020. A sudden demand for distribution as well as delivery of essential goods including grocery items amidst the lockdown restrictions favored market growth.
- The automotive segment accounted for a significant revenue share in the market for material handling equipment in 2020. The segment is anticipated to account for more than USD 5.0 billion by 2028. AGVs or automated guided vehicles are a preferred choice among auto vendors ascribed to the autonomy they offer while handling daily operations.
Material Handling Equipment Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile
The market for material handling equipment is highly consolidated and characterized by intense competition. As a part of a key growth strategy, vendors aim at adopting organic and inorganic approaches to sustain competition.
Some of the prominent players in the material handling equipment market include:
- BEUMER Group
- Daifuku Co., Ltd.
- Honeywell International Inc.
- Kion Group AG
- Mecalux, S.A
- Murata Machinery Ltd.
- SSI Schaefer AG
- Swisslog Holding AG
- Toyota Material Handling Group
- Vanderlande Industries B.V
Order a free sample PDF of the Material Handling Equipment Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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