Material Handling Equipment Market Analysis Europe, APAC, North America, Middle East and Africa, South America - US, China, Germany, France, India - Size and Forecast 2024-2028

Material Handling Equipment Market Size 2024-2028

The material handling equipment market size is forecast to increase by USD 13.2 billion at a CAGR of 5.86% between 2023 and 2028.

• The market is experiencing significant growth due to several key trends and factors. The construction sector's expansion across various geographies is driving market demand, as the industry relies heavily on material handling equipment for efficient project execution. Another significant trend is the increasing focus on automation In the material handling equipment field, which is improving productivity and reducing labor costs. Innovative technologies, including robotics, smart systems, and electric forklifts, are increasingly being adopted to streamline operations and improve productivity. However, the market also faces challenges, such as the rise in cyberattacks targeting industrial control systems, which can disrupt operations and cause significant damage. Overall, these trends and challenges are shaping the future of the market and presenting both opportunities and challenges for market participants.

What will be the Size of the Material Handling Equipment Market During the Forecast Period?

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• The market is experiencing significant growth due to the ongoing industrialization and automation trends in various industries, including manufacturing, warehousing, and logistics sectors. The increasing demand for private investment in downstream markets, such as consumer goods, semiconductors, and bulk materials, is driving the market's expansion. Labor shortages in manual labor-intensive tasks are also fueling the adoption of automated solutions, such as conveyors, cranes, and dock levelers. Worker safety awareness and the Internet of Things (IoT) are transforming the material handling landscape by reducing downtime and enhancing supply chain efficiency. Selective pallet racks and other storage solutions are also gaining popularity as businesses seek to optimize their warehouse space and improve overall inventory management. Overall, the market is poised for continued growth as industries strive to meet the demands of an increasingly automated and interconnected world.

How is this Material Handling Equipment Industry segmented and which is the largest segment?

The material handling equipment industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Type
  • Cranes and lifting equipment
  • Industrial trucks
  • Continuous handling equipment
  • Racking and storage equipment
• Application
  • Construction
  • E-commerce
  • Food and Beverages
  • Automotive
  • Others
• Geography
  • Europe
    • Germany
    • France
  • APAC
    • China
    • India
  • North America
    • US
  • Middle East and Africa
  • South America

By Type Insights

• The cranes and lifting equipment segment is estimated to witness significant growth during the forecast period.

The market is driven by the expansion of industries such as construction and manufacturing, which necessitates the use of cranes and other lifting devices for moving and positioning bulk materials. Cranes, including bridge, port, jib, gantry, and truck-mounted variants, are integral to material handling processes. Bridge cranes employ trolley systems for horizontal movements, while gantry and jib cranes incorporate hoist systems for vertical lifting applications. Truck-mounted cranes, mounted on the back of trucks, facilitate loading and unloading of heavy materials at construction and manufacturing sites. The adoption of automation, technology breakthroughs, and IoT connectivity in material handling equipment is enhancing operational efficiency, reducing downtime, and improving supply chain efficiency.

Further, private investment in modernizing industrial facilities and increasing production capacity is also fueling market growth. The logistics sectors, including e-commerce, online shopping platforms, and the pharmaceutical industry, are significant downstream markets for material handling equipment. Worker safety awareness, legislative reforms, and safety and quality standards are key considerations In the market. Market consolidation and intense competition characterize the industry landscape. SMEs and large enterprises alike invest in conveyors, cranes, dock levelers, selective pallet racks, and other handling equipment to optimize their operations. Innovative technologies, such as robotics and smart systems, are transforming the market landscape. Electric forklifts and other automated technologies are increasingly popular due to their energy efficiency and safety features.

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The cranes and lifting equipment segment was valued at USD 13.53 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

• APAC is estimated to contribute 40% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The European market is experiencing growth due to the growth in private and public investments in infrastructure development. The integration of telematics solutions in construction equipment enhances operational efficiency and reduces costs, thereby driving market expansion. Moreover, the increasing urbanization trend in Europe, with the European Commission estimating that 80% of Europe's population will reside in urban areas by 2050, fuels the demand for material handling equipment in the region. The market is further boosted by the modernization of industrial facilities in developed countries, the adoption of automation and technology breakthroughs, and the expanding downstream markets in manufacturing, wholesaling, and logistics sectors. The growing e-commerce industry, online shopping platforms, and logistics infrastructure development also contribute to market growth. Additionally, safety and quality concerns, legislative reforms, and market consolidation intensify competition among industry players, leading to innovation in technologies such as robotics, smart systems, electric forklifts, and IoT connectivity for real-time monitoring and predictive maintenance. SMEs in consumer goods, semiconductors, pharmaceutical, and food retail sectors are significant end-users of material handling equipment.

Market Dynamics

Our material handling equipment market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise In the adoption of Material Handling Equipment Industry?

Increased construction activities across geographies is the key driver of the market.

• The market In the US is witnessing significant growth due to industrialization and automation in various sectors, including manufacturing, warehousing, and logistics. The increasing adoption of automation and technology breakthroughs, such as the Internet of Things (IoT) and robotics, are reducing downtime and enhancing operational efficiency In these industries. Additionally, the modernization of industrial facilities and the need for increasing production capacity in developed countries are driving the demand for material handling equipment. The warehousing industry, in particular, is experiencing a growth in demand due to the growth of e-commerce and online shopping platforms. This trend is leading to an increased need for storage capacity and the implementation of smart systems for inventory management and order fulfillment.
• Additionally, the food retail sector and pharmaceutical industry are also major consumers of material handling equipment due to their need for worker safety awareness and stringent safety and quality standards. The market is also witnessing intense competition and market consolidation, with SMEs and large players vying for market share. Legislative reforms and safety standards are also influencing the market, with a focus on reducing labor shortages and improving worker safety. The logistics sectors, including baggage handling systems and motor vehicle lifts, are also significant consumers of material handling equipment.
• In summary, the market In the US is poised for continued growth due to the increasing automation and industrialization in various sectors, population growth, and economic growth in emerging markets. The adoption of innovative technologies, such as IoT connectivity, real-time monitoring, predictive maintenance, and automated technologies, is also driving the market. The market is expected to witness significant growth In the coming years, with a focus on improving supply chain efficiency and reducing downtime.

What are the market trends shaping the Material Handling Equipment Industry?

Growing focus on automation material handling equipment field is the upcoming market trend.

• The market is experiencing significant growth due to the ongoing industrialization and automation trends in various sectors, including manufacturing, construction, and the warehousing industry. The increasing adoption of advanced technologies, such as the Internet of Things (IoT), robotics, and smart systems, is driving the demand for material handling equipment to enhance operational efficiency, reduce downtime, and improve safety and quality. The logistics sectors, including e-commerce and online shopping platforms, are also contributing to the market growth as they require efficient and modern logistics infrastructure for handling non-essential items. The labor shortages In these industries have further accelerated the adoption of automation and innovative technologies to increase production capacity and improve supply chain efficiency.
• Further, the modernization of industrial facilities in developed countries and the increasing legislative reforms emphasizing worker safety awareness are also fueling the market growth. The market consolidation and intense competition among SMEs and large players are leading to the adoption of automated technologies and IoT connectivity for real-time monitoring, predictive maintenance, and safety standards integration.
• Thus, material handling equipment, including conveyors, cranes, dock levelers, selective pallet racks, and electric forklifts, are essential for various industries, including consumer goods, semiconductors, pharmaceuticals, food retail, and baggage handling systems. The market is expected to continue growing as industries continue to prioritize operational efficiency, safety, and quality In their operations.

What challenges does the Material Handling Equipment Industry face during its growth?

Increase in number of cyberattacks is a key challenge affecting the industry growth.

• Material handling equipment plays a crucial role In the industrialization and automation of various industries, including warehousing, manufacturing, wholesaling, and logistics. With the increasing labor shortages In these sectors, private investment in modernization and adoption of automation has become essential. Downstream markets such as consumer goods, semiconductors, pharmaceuticals, and food retail sectors are driving the demand for material handling equipment. The warehousing industry, in particular, is undergoing significant modernization, with a focus on increasing storage capacity, reducing downtime, and improving supply chain efficiency. Innovative technologies like the Internet of Things (IoT), robotics, smart systems, and electric forklifts are being adopted to enhance operational efficiency and safety standards.
• Additionally, safety and quality are paramount in material handling equipment, with legislative reforms emphasizing worker safety awareness. The market is witnessing intense competition, with SMEs and large players vying for market share. Market consolidation is a trend, with companies integrating automation and automated technologies for IoT connectivity, real-time monitoring, predictive maintenance, and safety standards. Bulk materials handling equipment, including conveyors, cranes, dock levelers, selective pallet racks, and lifting accessories, are critical in various industries. Motor vehicle lifts and baggage handling systems are also essential in specific applications. The construction industry relies on material handling equipment for the transportation and placement of heavy materials.
• Thus, the market is expected to grow significantly, driven by the need for operational efficiency and safety standards in various industries. The US market is a significant contributor, with developed countries leading the way In the adoption of modern handling equipment. The e-commerce sector and online shopping platforms are also driving the demand for logistics infrastructure and material handling equipment.

Exclusive Customer Landscape

The material handling equipment market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the material handling equipment market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, material handling equipment market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry. The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Beumer Group GmbH and Co. KG
• Columbus McKinnon Corp.
• Crown Equipment Corp.
• Daifuku Co. Ltd.
• FlexLink Holding AB
• SSI Schafer IT Solutions GmbH
• Godrej and Boyce Manufacturing Co. Ltd.
• Honeywell International Inc.
• Hytrol Conveyor Co.
• Interroll Holding AG
• Jungheinrich AG
• KION GROUP AG
• KUKA AG
• Liebherr International AG
• Mecalux SA
• Mitsubishi Chemical Group Corp.
• Murata Manufacturing Co. Ltd.
• NACCO Industries Inc.
• Toyota Industries Corp.
• viastore SYSTEMS GmbH

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

The market is experiencing significant growth and transformation due to the ongoing industrialization and automation trends in various industries. The warehousing industry, in particular, is witnessing a growth in demand for material handling solutions as the shift towards e-commerce and online shopping platforms continues to gain momentum. In the context of the modern industrial landscape, the importance of private investment in upgrading downstream markets cannot be overstated. The manufacturing sector, wholesaling, and logistics infrastructure are all benefiting from this investment, leading to increased production capacity and supply chain efficiency. The adoption of automation is a key driver of this market growth. Traditional handling equipment, such as motor vehicle lifts and lifting accessories, are being replaced by more advanced technologies, including conveyors, cranes, and dock levelers. The integration of the Internet of Things (IoT) and automated technologies is enabling real-time monitoring, predictive maintenance, and reducing downtime. The non-essential items sector, including consumer goods and pharmaceuticals, is a significant contributor to the market. The food retail sector is also experiencing a growth in demand for efficient and safe handling systems, such as baggage handling systems and selective pallet racks. Safety and quality are paramount In the market. Worker safety awareness is a major concern, leading to the development of safety standards and regulations.

Thus, the semiconductors industry and logistics sectors are particularly focused on safety and operational efficiency, as they handle sensitive and valuable goods. Market consolidation and intense competition are also shaping the market. Smaller players are finding it increasingly difficult to compete with larger companies that have the resources to invest in innovative technologies, such as robotics and smart systems. The market is also being influenced by legislative reforms and safety standards. For instance, the implementation of safety and quality regulations is driving the demand for electric forklifts and other automated technologies that reduce the risk of accidents and improve overall operational efficiency. The market is not limited to developed countries. Emerging economies are also investing in modernization and automation, leading to significant growth opportunities for suppliers of material handling equipment. In summary, the market is undergoing a period of significant transformation, driven by industrialization, automation, and the shift towards e-commerce. The adoption of innovative technologies, such as IoT connectivity and robotics, is enabling real-time monitoring, predictive maintenance, and reducing downtime. The focus on safety and quality, as well as legislative reforms, is also shaping the market dynamics. Private investment and market consolidation are key drivers of growth, with the manufacturing, wholesaling, and logistics sectors being the primary beneficiaries.

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What are the Key Data Covered in this Material Handling Equipment Market Research and Growth Report?

• CAGR of the Material Handling Equipment industry during the forecast period
• Detailed information on factors that will drive the Material Handling Equipment growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
• Accurate predictions about upcoming growth and trends and changes in consumer behaviour
• Growth of the market across Europe, APAC, North America, Middle East and Africa, and South America
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the material handling equipment market growth of industry companies

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