The global material handling market is expected to register a considerable high CAGR of 7.5% during the period 2017-2023, according to the reports revealed by Market Research Future (MRFR). The report encompasses the market analysis, challenges, factors driving the market, competitive analysis and regional analysis.
Factors Driving the Market
Material handling equipment is considered to be used for the movement, storage, and protection of goods in mainly manufacturing industries. The importance of this equipment is helping the market to grow exponentially among the industries such as aerospace, automotive and more as manufacturing plants for these are essential for operations. Material handling process involves managing the storage of goods and products also in the warehouse or a manufacturing plant.
The introduction of automation in the process of material handling equipment has driven the material handling equipment market growth in a positive pull. In addition, the steadily increasing pressure for optimization of resources and raw material consumption is prompting demands the use of material handling equipment and the market as well.
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Different types of material handling equipment are available such as conveying equipment, bucket conveyor, screw conveyor, vibrating conveyor, roller conveyor, magnetic belt conveyor, chain conveyor and more. Also, a constant upgradation, innovation in technology in these different types happen to be a constructive advantage to the material handling equipment market growth.
Other factors driving the growth of the material handling equipment market with a higher CAGR is the expansion of manufacturing units in developing nations, where traditional human techniques are reducing with time. On the other hand, the factor of time consumption with automated pick & robots’ installation is on rising for the past few years. These eventually are controlled properly and having precise operational capability property is immensely contributing to the material handling equipment market.
Market Segmentation
In the material handling equipment market, there has been segmentation done based on operation, system type, application, and region.
By mode of operation, the market has been segmented into the assembly, transportation, packaging, distribution, and others.
By mode of system type, the market has been segmented into the unit material handling system, bulk load material handling system. Of these, unit load leads in this segment and hence, impulses the material handling equipment market to a higher level globally. These are widely used in automotive, semiconductor and electronics, and aviation.
By mode of application, the market has been segmented into e-commerce, automotive, food & beverages, metal & heavy machinery and others. Of these, e-commerce sectors lead in this segment hence, propelling the global material handling equipment market at a faster pace than past years.
Regional Analysis
The global material handling equipment market has witnessed its immense growth in the regions of North America, Europe, Asia Pacific, Rest of the world.
Of these, Asia Pacific is expected to be the fastest material handling equipment market growth region for several years due to spontaneous industrialization, construction, and numerous infrastructural activities. China and India are supporting the thrive of the market majorly and is predicted to go upward in the years to come.
On the other hand, Europe is also witnessing a significant expansion of the material handling equipment market and is likely to expand splendidly in the forecast period.
Market Key Players
The key players of Material Handling Equipment Market are Liebherr Group (Switzerland), KION Group AG (Germany), Jungheinrich AG (Germany), Viastore Systems GmbH (Germany), Eisenmann AG (Germany), Columbus McKinnon Corporation (U.S.), Crown Equipment Corporation (U.S.), Hytrol Conveyor Co., Inc. (U.S.), Xuzhou Heavy Machinery Co., Ltd. (China) and Toyota Industries Corporation (Japan).
Industry Updates
February 7, 2019: I.D. Systems, a leading provider of enterprise asset management and Industrial Internet of Things (IoT) technology, has announced a multi-year fleet management system agreement covering several thousand units with Jungheinrich AG which is a leading solution provider in intralogistics.
