The global Material Handling Equipment market is anticipated to reach USD 46.2 billion by 2026 according to a new study published by Polaris Market Research. In 2017, the industrial trucks segment dominated the global market, in terms of revenue. Europe is expected to be the leading contributor to the global market in 2017.
There has been an increasing adoption of material handling equipment across the world owing to growing manufacturing industry. The increasing need for efficient warehouse operations, and increasing automation of manufacturing processes further supports the Material Handling Equipment market growth. Other factors driving the growth of this market include growth in the global automotive industry, reducing availability of labors, and increasing labor costs. Increasing demand of material handling equipment in chemical, pharmaceutical, electronics, and food and beverage industries has created the need to develop new innovative products for diversified application areas in these sectors. However, high initial investment restricts the growth of the material handling equipment market. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the 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.
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In 2017, Europe generated the highest revenue in the Material Handling Equipment market. The increasing automation in the manufacturing sector, and the established automotive industry drive the growth of this market. Growing cost of labor, and limited availability of labor further support market growth. Increasing investments and subsidies by governments are expected to boost the adoption of material handling equipment in the region. Increasing need to improve efficiency and productivity along with increased industrialization and automation further supplements market growth. Asia-Pacific is expected to grow at the highest CAGR in during the material handling equipment market during the forecast period.
The well-known companies profiled in the material handling equipment market report 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. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.