Material Handling Equipment Market worth $250 Bn by 2032

Material Handling Equipment Market size is estimated to exceed USD 250 billion by 2032, according to the latest research report by Global Market Insights Inc.
 

The electric forklifts are gaining traction, due to growing environmental concerns associated with conventional diesel-based, which is anticipated to boost the demand for sustainable material handling systems worldwide. There has been a gradual shift away from forklift trucks powered by internal combustion engines to cleaner alternatives. This trend will encourage the industry manufacturers to expand their portfolio of electric-powered warehousing solutions. Likewise, the rising emphasis on improving energy efficiency and cost reduction will also promote the use of forklifts and other material handling solutions.
 

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Growing adoption of robot-based material handling solution

The material handling equipment market value from the robotics product type is anticipated to be worth over USD 30 billion by 2032, owing to the increasing dependence on automation solutions across the industrial sector. In the logistics industry, the integration of advanced technologies, including IoT and big data analytics, is changing the way businesses manage and meet operational requirements. Robot-based material handling systems have achieved adhesion in manufacturing facilities to enhance productivity and efficiency. The rapid implementation of innovative tech will therefore stimulate the usage of these systems.
 

Increasing use of mechanical equipment in e-commerce warehouses to reduce delivery time

The industry size from the e-commerce application segment is expected to register 5.5% CAGR from 2023 to 2032. The modernization of e-commerce warehousing centers to enhance operations is creating significant demand for efficient material handling solutions. Online service providers are also focusing on reducing delivery times for improving customer experience. These factors will further escalate the espousal of high-quality material handling equipment in distribution centers and storage facilities to streamline logistic operations.
 

Browse key industry insights spread across 410 pages with 586 market data tables and 38  figures & charts from the report, “Material Handling Equipment Market Size By Product (Storage & Handling Equipment [Racks, Stacking Frames, Shelves, Bins & Drawers, Mezzanines], Industrial Trucks [Automated Guided Vehicles (AGVs), Hand, Platform & Pallet Trucks, Order Pickers, Pallet Jacks, Side-Loaders, Walkie Stackers], Bulk Material Handling Equipment [Conveyor Belts, Stackers, Reclaimers, Elevators], Robotics, Automated Storage & Retrieval System (AS/RS) [Unit-Load AS/RS, Mini-Load AS/RS]), By Application (3PL, E-Commerce, Manufacturing [Durable, Non-Durable], General Merchandise, Food & Beverage, Food Retail, Pharmaceutical/Healthcare), By Type (Manufacturer, Distributor), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/material-handling-equipment-market
 

Collaborative initiatives to support the growth opportunities for distributors

The distributor segment accounted for around 25% of the material handling equipment market share in 2022. Distributors have been entering long-term partnerships with key manufacturers to help expand their reach to a wider audience. Manufacturers have also co-operated with equipment distributors to serve key regional economies and increase product availability. The escalating investment in manufacturing facility expansion projects will therefore accelerate material handling equipment sales globally.
 

APAC to emerge as a lucrative revenue pocket for industry suppliers

Asia Pacific material handling equipment market is poised to observe 7% growth through 2032. This is credited to the ongoing development of industrial and manufacturing sectors in countries such as Japan, India, and China. With factory operations expanding steadily, the need for this equipment for efficient storage and good transfer throughout production services will rise. Moreover, with the surge in e-commerce sales, the demand for material handling equipment in warehouses will surge in the region.
 

Product launch initiatives by leading participants to influence competitive landscape

The material handling equipment market comprises of companies such as Beumer Group GmbH & Co. KG, Toyota Industries Corporation, Crown Equipment Corporation, JBT Corporation, Hyster-Yale Materials Handling, Inc., KUKA AG, Mecalux S.A, Murata Machinery, Ltd., MTGW Logistics Group GmbH, and Viastore Systems GmbH, among others. These firms are focusing on new product launches and other strategies to expand their presence in the industry.
 

For instance, in October 2022, Toyota Material Handling unveiled the upgraded version of its 3-Wheel Electric Forklift. The latest updates included increased standards on versatility with over 30 advances, including onboard programming and diagnostics, better ergonomics, and operator assistance. This product range expansion will help it reinforce its presence in the global market.