The global material handling equipment market was estimated at 26.2 billion in 2017 and is anticipated to grow at a CAGR of 6.6% during the forecast period. Material handling equipment includes tools, vehicles, storage units, appliances and accessories, which are used for transporting, and storing of products. This equipment is used in warehouses, manufacturing, and distribution centers. The different categories of material handling equipment include storage and handling equipment, engineered systems, industrial trucks, and bulk material handling equipment.
The increasing demand for automation in manufacturing industries and warehouses primarily drives the material handling equipment market growth. There has been an increasing demand from automotive, chemical, and food & beverage industries, which supports the growth of the market worldwide. Increased need for flexibility and efficiency in warehouse operations has increased the adoption of material handling equipment. Growing adoption of advanced technologies to maximize efficiency accelerates the market growth. Increasing labor costs coupled with shortage of labor has increased the demand for material handling equipment. Other factors driving the growth of this market include growth in the global manufacturing industry, increasing applications in diverse industries, and increasing use in automobile production. However, high initial investment restricts the growth of the market. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in material handling equipment market during the forecast period.
The global material handling equipment market is segmented on the basis of type, application, end-user, and region. Based on the type, the market is segmented into storage & handling equipment, industrial trucks, bulk material handling equipment, and others. The application segment is divided into assembly, storage, packaging, transportation, and others. The end-users include automotive, electronics, chemical, pharmaceutical, aviation, and others.
This report comprises a detailed geographic distribution of the market across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, France, and Italy. Asia-Pacific is bifurcated into China, India, Japan. Europe accounted for the largest share in the global Material Handling Equipment market in 2017.
The leading players in the material handling equipment market include KUKA AG, Swisslog AG, Kion Group, Beumer Group, Intelligrated Systems Inc., Clark Material Handling International, Daifuku Co., Ltd., Crown Equipment, Bastian Solutions, LLC, Columbus Mckinnon, Toyota Industries Corporation, and Dematic GmbH & Co. Kg among others. The leading players in the market are introducing new innovative products to cater to the growing consumer demands. Global players are entering new markets in developing regions to expand their customer base and strengthen market presence.