Global Material Handling Equipment Market Size, Share, Growth Analysis, By Product(Cranes & Lifting Equipment, Industrial Trucks), By Application(Automotive, Food & Beverages, Semiconductor & Electronics) - Industry Forecast 2024-2031

Global material handling equipment market size was valued at USD 225.51 billion in 2022 and is poised to grow from USD 238.36 billion in 2023 to USD 371.40 billion by 2031, growing at a CAGR of 5.7% in the forecast period (2024-2031).

The anticipated market growth stems from rapid industrialization and the increasing demand for automation in material handling equipment. The onset of the COVID-19 pandemic initially had adverse effects on the warehousing industry, leading to significant disruptions in product movement, especially for non-essential items. Furthermore, the market encountered substantial challenges during the initial stages of the pandemic, characterized by a sharp decline in sales due to global labor shortages and reduced demand. However, the development of isolated investments in industrial equipment and machinery serves as an indicator of a robust U.S. economy, poised to stimulate activity in key downstream sectors. As a result, an increase in ventures related to industrial equipment and machinery is likely to align with growing demand for industry products. The market's accelerated growth can be attributed to heightened awareness of worker safety, the growing need for efficient bulk material management, and the increasing integration of Industry 4.0, characterized by extensive use of the Internet of Things. The demand for these products is expected to be driven by the increasing emphasis on reducing disruptions and improving supply chain efficiency. In particular, the e-commerce application segment is poised for significant growth over the forecast period, driven by factors such as the expanding reach of online shopping platforms and the continuous improvement of logistics infrastructure. This trend is prompting warehouse owners to integrate efficient material handling equipment into their facilities to enhance the management of the supply chain ecosystem.

Top-down and bottom-up approaches were used to estimate and validate the size of the material handling equipment market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Material Handling Equipment Market Segmental Analysis

The global material handling equipment market is segmented based on product, application and region. By product, the market is segmented into cranes & lifting equipment, industrial trucks, continuous handling equipment and racking & storage equipment. By application, the market is segmented into automotive, food & beverages¸ semiconductor & electronics, e-commerce, pharmaceuticals and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Material Handling Equipment Market

The market is experiencing a notable upswing, driven by a surge in the sales of both durable and nondurable goods. This heightened demand is fueled by several factors, including evolving industrial requirements, increased consumer spending, and overall financial growth. Industries are witnessing a growing necessity for efficient logistics and supply chain solutions, leading to strengthened demand for equipment. This trend is particularly evident in North America, where the booming e-commerce industry is driving a significant increase in the movement of goods. As a result, there is a greater need for material handling solutions to streamline processes and meet consumer expectations. The market's response to the rising sales of durable and nondurable goods underscores the essential role played by material handling equipment in facilitating cohesive and efficient operations across diverse industries.

Restraints in the Global Material Handling Equipment Market

The surge in sales attributed to the flourishing e-commerce sector and the growing demand for both durable and non-durable goods has been notable. However, this growth is accompanied by increasing complexity within the industry. The evolving landscape of material handling equipment requires sophisticated and integrated solutions to tackle the intricate challenges posed by automation, robotics, and advanced technologies. As industries strive to improve their operations, the integration of these complex systems becomes essential for enhancing efficiency, productivity, and maintaining a competitive edge in the dynamic market.

Market Trends of the Global Material Handling Equipment Market

Manufacturers are increasingly incorporating ergonomic principles into the design of handling equipment, recognizing their crucial role in enhancing operator comfort, reducing fatigue, and ultimately improving overall efficiency. The unwavering commitment to safety is evident through the integration of cutting-edge technologies. This strong emphasis on biotechnology and safety not only aligns with regulatory standards but also underscores the industry's dedication to creating a workplace environment that prioritizes the well-being of operators and minimizes the risk of accidents. This commitment contributes to the sustainable growth of the sector.