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Asia Pacific Material Handling Equipment Market Size

Report ID: GMI3107
Published Date: Aug 2023
Report Format: PDF

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Asia Pacific Material Handling Equipment Market Size

Asia Pacific Material Handling Equipment Market size is slated to register over 7% CAGR between 2023 and 2032, owing to the surging adoption of personalized automated guided vehicles (AGVs) in developing countries, such as China.

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The significant advances in the manufacturing and logistics industries have steered the higher need for automation solutions to improve efficiency, limit labor costs, and optimize material handling processes across factories and warehouses. The increasing labor costs have prompted several companies to look for AGVs for performing repetitive tasks without breaks and fatigue, leading to improved productivity and declined dependence on human labor. The growing demand for AGVs for managing the complex logistics as well as warehousing needs, including inventory management, order picking, and order fulfillment will add to market growth.

Asia Pacific Material Handling Equipment Market Report Attributes
Report Attribute	Details
Base Year:	2022
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	7%
Historical Data for:	2018 to 2022
No. of Pages:	390
Tables, Charts & Figures:	452
Segments covered:	Demand, Product, Application, Sales Channel and Region
Growth Drivers:	Surging preference for electric material handling equipment Burgeoning rate of domestic air transport Increasing popularity of personalized Automated Guided Vehicles (AGVs) in China Demand for robotic solutions for warehouse automation in Japan
Pitfalls & Challenges:	Rising urbanization and safety concerns in India High upfront, integration and switching costs Lack of awareness Real-time technical challenges Need for skilled workforce in repair and maintenance activities

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Asia Pacific Material Handling Equipment Market Growth Drivers and Restraints

The rising rate of domestic air transport along with the surging number of investments are other factors influencing the industry expansion. According to the Ministry of Tourism, India received 677.63 million domestic tourist visits in 2021. Moreover, the surging need for skilled workforce to cater to the increasing number of repair and maintenance activities may slow down the demand for material handling equipment in the region to some extent.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size for material handling equipment in Asia Pacific will witness more than 7% CAGR from 2023 to 2032, owing to the higher adoption of personalized Automated Guided Vehicles (AGVs) in developing countries, such as China.

Asia Pacific material handling equipment market size from the e-commerce application segment is estimated to observe around 10% CAGR from 2023 to 2032, driven by the rising internet penetration and higher adoption of conveying solutions.

China material handling equipment market size is poised to observe substantial expansion through 2032, on account of the strong presence of well-established manufacturing, automotive, and e-commerce sectors in the country.

Some of the major Asia Pacific material handling equipment industry players include Toyota Material Handling, AECOM, Hyundai Engineering & Construction Co., Ltd., Noblelift Intelligent Equipment Co. Ltd., and Royal BAM Group NV.