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Material Handling Equipment Market Segmented by Product Type (Cranes and Lifting Equipment, Racking & Storage Equipment, Industrial Trucks, Continuous Handling Equipment), Applications (eCommerce, Automotive, Food & Beverages, Chemical, Semiconductor & Electronics, Aviation, Pharmaceutical) in North America, Europe, Middle East & Africa, and South Asia and Pacific
The overall size of the global market for material handling equipment was estimated at around US$ 227.9 Billion in 2022, and it is anticipated to increase at a growth rate of 6% from 2022 to 2032. Over the course of the projected period, the market expansion is anticipated to be driven by industrial growth and the rising need for mechanization and robotics in material handling systems and is likely to flourish, garnering US$ 408.13 Billion by the end of 2033.
The global market for material handling equipment is predicted to be driven by the widespread use of drum lifters, crown pallet jacks, electric pallet trucks, and other popular lifting accessories in several end-use sectors, including engineering, machining, and automobile lifts.
While standard material handling instruments are prone to picking and selection errors, modern order-lifting forklift equipment ensures error-free picking, sorting, and packing. Furthermore, the fact that automated material handling equipment streamlines the production process and helps manufacturers cut costs and delivery times, their production and adoption are poised to reach new heights in the coming days.
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Attributes |
Details |
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Material Handling Equipment Market CAGR (2022-2032) |
6% |
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Material Handling Equipment Market Size (2022) |
US$ 227.9 Billion |
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Material Handling Equipment Market (2032) |
US$ 408.13 Billion |
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Both a result of the rise in industrial infrastructure and investments in industrial machinery and equipment is likely to be correlated with an increase in demand for commercial goods like material handling equipment.
New manufacturing and storage facilities in industrialized nations have been totally automated through the agency of rising automation adoption and continued adoption of technological advancements at industrial locations. So it can be inferred that the increasing remodeling of industrial setups and facilities would fuel the market for material handling equipment in the emerging economies as well in the coming days.
The eCommerce application category is anticipated to grow considerably over the course of the forecast period as a result of factors including greater platform truck adoption at warehouses, the presence of sizable online retailers, and expanding logistics network. In order to effectively manage the supply chain and distribution network ecosystem, this shift is forcing warehousing proprietors to include adequate material handling equipment at their operating premises.
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Get a Customized VersionWith the rising usage of digital technology and e-commerce platforms, the demand for material handling equipment has been boosted remarkably among contemporary tools for warehouse racking systems. This, in turn, has increased the need for automated warehouse equipment around the world and is predicted to support its global market growth. And the subsequent period forced businesses to provide high-quality electric pallet jacks for sale.
It is envisaged that the adoption of an integrated solution system by employing electric pallet trucks, manual forklifts, walkie stackers, and other equipment would be a major game changer and strengthen the global automated material handling equipment market size. Additionally, hand pallet trucks and automated rough terrain forklifts are primarily responsible for the surge of material handling equipment in the manufacturing industries, ports, and logistics and warehouses sectors.
The fabrication and material handling practices have undergone significant change as a result of new business models and the advent of the fourth industrial revolution. CAGR. On a different note, the growth of the food sector is the result of some grocery shops transforming into convenience stores that offer fast-food-like services, such as frozen food, prepared meals, and fresh goods can present some lucrative growth opportunities for advanced and precise material handling equipment.
The COVID-19 pandemic's early breakout had a detrimental impact on the warehousing sector when non-essential goods, in particular, were almost completely stopped from moving. Additionally, the said market suffered greatly in the early stages of the epidemic as a wake of sales that quickly decreased due to a global labor shortage and a dramatic reduction in demand.
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Attributes |
Material Handling Equipment Market |
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CAGR (2022 to 2032) |
6% |
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Market Value (2022) |
US$ 227.9 Billion |
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Growth Factor |
The need for reducing human intervention in industrial facilities by automation and robotics. |
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Future Opportunities |
Through beneficial efforts, a number of national governments are concentrating on the development and upgrading of industries. |
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Market Trends |
The MHE sector to grow as benefits of substituting antiquated manual stacker with modern machinery to increase output. |
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Attributes |
Automated Guided Vehicle Market |
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CAGR (2022 to 2032) |
10% |
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Market Value (2022) |
US$ 4.2 Billion |
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Growth Factor |
Numerous advantages, including lower labor costs, less product damage, and higher production. |
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Future Opportunities |
The growing demand for specialized material shifting and transport solutions for increasing efficiency in emerging economies. |
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Market Trends |
To revolutionize the sector, internet giants are engaging with retailers and many other logistics-related businesses. |
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Attributes |
Electric Truck Market |
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CAGR (2022 to 2032) |
4.5% |
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Market Value (2022) |
US$ 1.7 Billion |
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Growth Factor |
Rising demand for logistical services along with surging fuel and maintenance costs of petroleum trucks. |
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Future Opportunities |
Monetary support by governments to increase commercial activities and to switch to zero-emission automobiles. |
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Market Trends |
Massive investments from manufacturers are anticipated to increase the number of market players. |
By the end of the year 2021, the cranes and lifting equipment market category had the lion's share, with over 35% of the revenue generated globally. Industrial pallet trucks are mostly preferred by manufacturers because they include characteristics like a level surface or prongs that can be put beneath pallets or other types of storage platforms that are useful. As much different equipment must be utilized for lifting with other platform trucks and industrial vehicles, so the other sub-segments are also anticipated to contribute equally to the growth and development of the target market.
On the other hand, as pallet stacker equipment aids in expanding storage capacity, the racking and storage equipment market segment is anticipated to grow at a higher CAGR of 6.8% through the projected period. The expense saved due to not needing to rent more storage space, along with the decreased workload and the improved throughput, are additional benefits that may be quantified for the growing popularity of the electric stacker sub-segment.
As evident from the market statistics, the e-commerce sector dominates the overall market and accounts for almost 20% of total sales of material handling equipment achieved in the year 2021. The proliferation of significant online merchandise distributors, the growth of transportation facilities, and the expanded penetration of online platform shopping are some of the factors that are anticipated to fuel the products such as platform trucks, order picker forklifts, and others in the e-commerce sector.
However, over the projection period, the application of material handling equipment in the pharmaceutical segment is anticipated to experience an above-average CAGR of 6.6%. As the frequency of various ailments rises, a solution to meet the rising need for medications is offered by pharmaceutical storage and material handling equipment. So pallet stacker systems are set up to boost output, reduce labor costs, waste, and total costs, improve product quality and promote safety, consequently driving this market's share in the pharmaceutical sector.
How will the United States Shape Material Handling Equipment Market Growth?
As per the analysis, North America is the dominating market in the manufacturing and sales of material handling instruments as well as exporting around the world. The overall share of the region, as per the global material handling equipment market analysis report released by PMR, is estimated to be more than 35% of the total revenue generated every year.
The United States is the largest market in comparison to any other country owing to its higher technological and infrastructural advancements and the presence of major material handling equipment key players. A result of the increasingly improving process automation by deploying robot-guided warehouse equipment may also fuel the development and sales of material handling equipment in the US market.
Moreover, owing to the country's growing use of the internet in past years, the online shopping business has flourished, indirectly favoring the United States material handling equipment market. For example, in its American facilities as of January 2020, Amazon.com, Inc. employed roughly 200,000 robots.
What Prospects are in Store for the Material Handling Equipment Market in Europe?
Europe is anticipated to be a lucrative market during the forecast period. In the region, and UK and Germany would be the two leading countries in the adoption of material handling equipment during the forecast years.
The popularity of material handling equipment in European economies is predicted to grow with the execution of fresh legal changes regarding the quality and safety of the workplace. The expansion of capital funding for fostering industrial machinery and equipment points to a generally robust European economy and is anticipated to spur activity in the major downstream markets for higher sales of material handling equipment.
Why Usage of Material Handling Equipment is growing in Japan?
As per the market survey report by PMR in the previous year, the Asia Pacific region dominated the global market for material handling equipment and generated over 35% of worldwide revenue. The substantial adoption is ascribed to the expanding food retail industry in Asia-Pacific, which presents the regional economies with a number of growth prospects due to their capacity to boost industrial equipment manufacturing and export.
The market is anticipated to grow more quickly as a result of growing demands for successfully handling feedstock in bulk, improved worker safety protocols, and industry 4.0's increased usage of the Internet of Things. The demand for less downtime and the emphasis on increasing supply chain efficiency are also predicted to boost the Japanese market for these material handling products.
Will South Korea contribute to a Lucrative Material Handling Equipment Market Share?
Over the projection period, it is predicted that the material handling equipment market in South Korea would witness a growth rate at par with a global CAGR of 6%. Market growth in the region in a variety of end-use industries, such as the automobile and food and beverage industries, is a significant driver of the material handling equipment manufacturing industry in the country.
Key players in the global material handling equipment market are BEUMER Group, Daifuku Co., Ltd., Honeywell International, Inc., KION Group AG, Mecalux, S.A., Murata Manufacturing Co., Ltd., SSI SCHAEFER, Swisslog Holding AG, TOYOTA Industries Corporation, and Vanderlande Industries B.V. among others.
The material handling equipment business is extremely competitive and highly concentrated in some prominent trading regions of the world. Market participants want to use both organic and inorganic ways to maintain competitiveness as part of a major long-term strategy.
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Attributes |
Details |
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Forecast Period |
2022 to 2032 |
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Historical Data Available For |
2015 to 2021 |
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Market Analysis |
US$ Million for Value |
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Key Countries Covered |
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By Market Segments |
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Key Companies Profiled |
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Pricing |
Available Upon Request |
Material Handling Equipment Industry by Product Type
Material Handling Equipment Industry by Application
Material Handling Equipment Industry by Region
The global market likely grow at a rate of 6% through 2032.
The global market is expected to garner US$ 408.13 Billion by 2032.
Asia Pacific contributes more than 35% of the market share and is growing rapidly.
The global market is estimated to be around US$ 227.9 Billion in 2022.
The e-commerce segment is expected to take a lead by contributing more than 20%.
