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Material Handling Equipment Market Size, Share, and Analysis, By Equipment Type (Transport Equipment, Handling Equipment, Racking and Storage Equipment and Others), By Industry (Consumer Goods & Electronics, Automotive, Food &Beverages, Pharmaceutical, Construction, Semiconductors, Mining and Others), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034
Material Handling Equipment Market is anticipated to grow at a CAGR of 5.8% in the forecast period (2024-2034), with the market size valued at USD 223.5 billion in 2023 and projected to reach USD 415.4 billion by 2034.
Material handling Equipment are a diverse range of tools, machinery and systems which are used in movement, storage, control and protection of materials during different stages of production, distribution, disposal, and consumption. These equipment consists a wider spectrum of conveyors, forklifts, cranes, hoists, robotics and Automated Guided Vehicles. Material Handling Equipment are playing a crucial role in improving operational efficiency, reducing manual labour, enhancing workplace safety, and easing the logistics and supply chain processes across industries such as manufacturing, construction, warehousing, and retail. The market is influenced by the increasing technological development, driven by the integration of IOT, AI and robotics which is all aimed at enlightening productivity and reducing the working time. Different factors such as growth of e-commerce, globalization of trade, and increased emphasis on automation and sustainability are expected to further help in the expansion of the material handling equipment market in the coming years.
Material Handling Equipment Market is anticipated to reach USD 415.4 billion, growing at a CAGR of 5.8% during the forecast period owing to the expansion in the rising demand for automation and technological advancements in logistics and manufacturing sectors. Material handling equipment are generalized in different variants such as Transport Equipment, Handling Equipment, Racking and Storage Equipment and Others, these all are used efficiently for specific different tasks across Industries which can range from transporting logistics from one place or putting materials in different racks inside warehouses
Source: Fatpos Global
By Industry, Material handling Equipment Market is segmented into Consumer Goods & Electronics, Automotive, Food &Beverages, Pharmaceutical, Construction, Semiconductors, Mining and Others. Various economies are developing and pushing infrastructural projects around the world which makes construction an essential part of the material handling industry. Investments in projects such as roads, bridges and renewable energy which is supported by various government initiatives have fuelled the overall market growth. Urbanization and population growth in various developing nations are enhancing the demand for residential and commercial building, which is makes material handling solutions more essential. Technological advancements which includes Building Information Modelling (BIM) and drones, require specialized equipment, while a focus on safety and efficiency prompts investment in advanced Material Handling Equipment Solutions. Various environmental concerns and aim to promote sustainable development around the world has prompted the adoption of construction activities which result in lower emission and fuel consumption, directly creating opportunities for better MHE solutions.
By Equipment Type, Material Handling and Equipment Market is segmented into Transport Equipment, Handling Equipment, Racking and Storage Equipment and Others. Transport Equipment, particularly industrial trucks such as forklifts and pallet jackets, hold prominence due to varying reasons. Their versatile nature makes them effective to perform various tasks such transportation of goods across industries while collecting items and loading them onto transport vehicles. Broader applicability across industries and applications drives the demand as crucial tool for material handling tasks. The overall boom in the e-commerce sector has amplified the need for effective material handling within the warehouse or distribution centres, continuous growth of global manufacturing activities has increased the material movement within various factories and supply chain. While transport equipment might be dominant in some regions or industries, other segments like cranes and lifting might hold larger shares in sectors like construction or heavy-duty materials handling.
Growing Demand for Automation in Material Handling Process is significantly improving the market dynamics
Efficiency and productivity are significantly improved through the automation of repetitive tasks such as loading, unloading, and material transportation, which becomes attractive to manufacturers, warehouses, and logistics firms. Labour shortages across sectors have also driven the rapid adoption of automation, with different solutions like Automated Guided Vehicles (AGVs) and Robotic systems, which all are working towards filling the various skill issues. Automation also helps towards improving the safety of employees by completing complex tasks consisting risks, resulting in fewer injuries. As the market continues to develop, efficient solutions have become imperative, Automation helps the companies to handle larger volumes effectively, thus supporting market expansion. Key robots are being used differently such as Automated Storage and Retrieval Systems (ASRS) utilizing robotics for warehouse operations, and Autonomous Guided Vehicles (AGVs) for autonomous material transport within facilities.
Increased Adoption of E-commerce is leading to an overall surge in warehouse automation
Significant surge in ecommerce in recent years has increased the overall adoption of warehouse automation solutions in Material Equipment Handling. With consumers expecting rapid order fulfilment, automated systems such as sorting systems, conveyor belts, and automated packaging equipment are in higher demand to accelerate the picking, packing, and shipping processes. Additionally, the need to improve warehouse space due to increased inventory storage requirements has led to a rise in Automated Storage and Retrieval Systems (ASRS) and automated pallet shuttles. Labour shortages in warehouses further drive the necessity for automation to meet operational demands with a limited workforce. Also, technological advancements driven by e-commerce growth have encouraged innovations in MHE automation, with companies developing AI-powered sorting systems, intelligent robots, and data-driven warehouse management systems to optimize operations and enhance efficiency.
Lack of Skilled Workers are acting as a major challenge in material handling equipment market
Lack of skilled workers presents a significant obstacle in the Material Handling Equipment (MHE) industry. Operating and maintaining the modern MHE solutions, which all require the use of advanced technologies like better automation and robotics, require specialized knowledge and expertise. Diverse range of equipment within industry are complicated the issues, as technicians possess a larger skill set. Rapid technological advancements require continuous training and skill development to keep up with evolving equipment functionalities. The skill gap poses various consequences, which includes operational disruptions, safety risks, and implementation challenges for businesses. Potential solutions include enhanced training programs, apprenticeship initiatives, standardized certifications for technicians, and a focus on user-friendly equipment design by manufacturers to reduce the skill barrier for operation and maintenance.
Material Handling Equipment Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The Asia Pacific region as of 2023, holds the prominent market share. Rapid industrialization in the regions such as China, India, and Southeast Asia fuel demand for material handling solutions. Significant E-commerce boom in the region has also created a significant demand for automated warehouse and logistics equipment. Governmental infrastructure projects are also one of the main reasons for such type of growth.
Source: Fatpos Global
The Covid-19 pandemic had a significant impact on the Material Handling Equipment Market, with short term disruptions such as global lockdowns and trade restrictions initially disrupting the overall supply chain of the components and equipment, which directly resulted in temporary shortages and price increase. Manufacturing shutdown and reduced demand in some industries declined demand for certain types of equipment. Long term shifts such as a surge in online shopping fuelled demand for better automated warehouse and fulfilment solutions, which directly benefited the AGVs. Labour shortages and distancing made automation more preferable, increasing the overall demand for automated equipment. Overall, initially pandemic made the market experience temporary decline in the activities, but it effectively made a rebound and positive growth since then.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2034 |
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Base Year |
2023 |
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Forecast Period |
2024-2034 |
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Historical Period |
2019-2022 |
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Growth Rate |
CAGR of 5.8% from 2024-2034 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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By Equipment Type |
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By Industry |
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By Region |
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Material Handling Equipment Market size was values at USD 223.5 billion in 2023 and is projected to reach the value of USD 415.4 billion in 2034, exhibiting a CAGR of 5.8% during the forecast period.
Material handling Equipment are a diverse range of tools, machinery and systems which are used in movement, storage, control and protection of materials during different stages of production, distribution, disposal, and consumption.
The Transport Equipment segment and Construction segment accounted for the largest Material Handling Equipment Market share.
Key players in the Material Handling Equipment Market include Toyota Material Handling, KION Group, Jungheinrich AG, Daifuku Co., Ltd., Mitsubishi Heavy Industries, Hyster-Yale Group, SSI Schaefer GmbH, Dematic, STILL GmbH, Crown Equipment Corporation, Komatsu Ltd., Linde Material Handling GmbH, Doosan Industrial Vehicles, Anhui Heli Co., Ltd., Hangcha Group Co., Ltd.and Other Prominent Players.
Factors driving the Material Handling Equipment Market include increasing demand for automation, growth in e-commerce logistics, technological advancements, emphasis on safety and efficiency, and expansion of manufacturing and warehousing sectors.
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