Enjoy complimentary customisation on priority with our Enterprise License!
The material handling equipment market size is estimated to grow at a CAGR of 6.49% between 2022 and 2027, and the size of the market is forecast to increase by USD 14,096.55 million. The growth of the market depends on several factors, the increased construction activities across geographies, the increasing government regulations for safety and security, and the growing demand for improved operational efficiency.
This report extensively covers market segmentation by type (cranes and lifting equipment, industrial trucks, continuous handling equipment, and racking and storage equipment), application (construction, e-commerce, foods and beverages, automotive, and others), and geography (Europe, APAC, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, Download Report Sample
Our analysis of the adoption life cycle of the market indicates its movement between the innovator’s stage and the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.
Global Material Handling Equipment Market Customer Landscape
Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Growing demand for improved operational efficiency is the key factor driving the growth of the global material handling equipment market. Material handling is important in almost every industry, including manufacturing and construction. Increased globalization and the rapid growth of online shopping have increased the demand for efficient and cost-effective material handling solutions. The complexity of supply chains due to the need for timely delivery of materials and products is increasing the demand for more efficient material handling equipment.
Organizations utilize a comprehensive range of manual, semi-automated, and automated material handling equipment to support their supply chains. Using standard material handling equipment, companies can enhance the efficiency of the workflow, improve customer service, reduce the cost of production, improve product quality, reduce material damage, and minimizes delivery time. Therefore, the growing demand for improved operational efficiency will boost the growth of the global market in focus during the forecast period.
Increased digitization is the primary trend in the global material handling equipment market. The digitization of material handling equipment is bringing about major changes in various industries, such as streamlining workflows and improving productivity. The rapid growth of the e-commerce industry, increased adoption of omnichannel distribution systems, and changing consumer expectations are driving an increase in online orders daily. The industry works in multiple shifts to meet customer needs. This has increased the need to digitize operations, enabling companies to obtain information about the operations of individual processes and stay connected within their facilities.
Digitizing processes and operations help companies improve reliability and productivity. The use of sensor technology and radio-frequency identification (RFID) is expected to drive product innovations in the global material handling equipment market. RFID is a solution designed for user authentication and access control, which can help companies manage the risks and liabilities associated with different types of material handling equipment, such as trucks, cranes, and forklifts. Increasing digitization using RFID and wireless technologies and technological advances in material handling equipment are expected to support the growth of the global material handling equipment market during the forecast period.
Shortage of skilled workforce is a major challenge to the growth of the global material handling equipment market. The shortage of skilled workers to operate advanced material handling equipment is a growing challenge for various end-use industries. The problem of an aging workforce reaching retirement age is affecting various industries such as manufacturing and construction. According to the Bureau of Labor Statistics, about 32% of U.S. construction workers were between the ages of 45 and 65. This has resulted in a shortage of experienced workers in the industry.
Every industry has been compelled to adopt advanced technologies to improve its workflow, efficiency, and productivity to garner high revenues. The increasing adoption of automation in industrial applications has fueled the demand for skilled and trained professionals for diversified operations in the material handling process. Poor compensation, work-life balance issues, inefficient policies and procedures, and displeasure with the management are some major factors contributing to the shortage of trained professionals in organizations. Thus, the lack of a skilled and trained workforce in industries is expected to hinder the growth of the global material handling equipment market during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Beumer Group GmbH and Co. KG: The company offers material handling equipment such as pipe conveyor, blending bed, and coal pile.
Columbus McKinnon Corp.: The company offers strategic material handling solutions such as automation, crane kits, crane solutions, and energy savings.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including:
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The cranes and lifting equipment segment will account for a major share of the market's growth during the forecast period. The growth of the construction and heavy equipment manufacturing industries is increasing the demand for cranes and other lifting equipment for material handling applications. Bridge, port, truck-mounted, and jib cranes are widely used for lifting and lowering materials.
Get a Customised Report as per your requirements for FREE!
The cranes and lifting equipment segment was valued at USD 13,121.88 million in 2017 and continued to grow until 2021. Cranes are designed to perform horizontal movement using a gantry or trolley system. Cranes such as gantry cranes and jib cranes are also equipped with lifting systems for vertical cargo handling. A truck crane is a dynamic loading and unloading machine that is attached to the body of a truck along with a workstation. Truck cranes are used to load and unload heavy loads on construction and manufacturing sites. Improved site accessibility, easier material handling, reduced operating costs, minimized footprint, and reduced make-ready time before loading and unloading are the key factors driving the demand for truck-mounted cranes in various industries. is. Harbor cranes are primarily designed to handle cargo and containers. Harbor cranes are equipped with different tools depending on how they handle different types of cargo. Increased lifting capacity and the use of electrical energy to remove exhaust gases from diesel engines have increased the acceptance of harbor cranes in various industries.
Based on application, the market has been segmented into construction, e-commerce, foods and beverages, automotive, and others. The construction segment will account for the largest share of this segment. The construction industry relies heavily on material handling equipment to move heavy materials such as construction blocks and heavy prestressed beams around construction sites. Moreover, the construction industry is growing rapidly, with more construction projects being undertaken than ever before. This has led to an increased need for equipment to move and transport heavy materials on construction sites. Material handling equipment is necessary and essentially used in construction sites, which in turn increases the demand for material handling equipment in the construction industry will grow during the forecast period.
Europe is estimated to contribute 38% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.
For more insights on the market share of various regions View PDF Sample now!
Increasing urbanization is fueling the demand for residential properties in European countries, another key factor augmenting the demand for material handling equipment in Europe. According to the data published by the European Commission, the population in urban areas is estimated to increase to 80% by 2050 in Europe. This is expected to encourage the construction of residential and commercial buildings, which will subsequently support the growth of the material-handling equipment market in Europe during the forecast period.
In Europe, the UK, Russia, Spain, Italy, and Germany have been some of the worst-affected countries by the COVID-19 pandemic. However, in 2021 the rollout of COVID-19 vaccines, a decline in the number of COVID-19 cases, and the resumption of various industrial operations had a positive impact on the growth of the regional market. Many construction sites were reopened, and most industrial end-users resumed their operations following the lifting of COVID-19-induced lockdowns, which will positively impact the growth of the regional market in focus during the forecast period.
The material handling equipment market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
|
Material Handling Equipment Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
184 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 6.49% |
|
Market growth 2023-2027 |
USD 14,096.55 million |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
5.0 |
|
Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
|
Performing market contribution |
Europe at 38% |
|
Key countries |
US, China, India, Germany, and France |
|
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Beumer Group GmbH and Co. KG, Columbus McKinnon Corp., Crown Equipment Corp., Daifuku Co. Ltd., FlexLink Holding AB, Fritz SCHAFER GmbH and Co KG, Godrej and Boyce Manufacturing Co. Ltd., Honeywell International Inc., Hytrol Conveyor Co., Interroll Holding AG, Jungheinrich AG, KION GROUP AG, KUKA AG, Liebherr International Deutschland GmbH, Mecalux SA, Mitsubishi Chemical Group Corp., Murata Manufacturing Co. Ltd., Toyota Industries Corp., viastore SYSTEMS GmbH, and NACCO Industries Inc. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
