Material Handling Equipment Market Size, Share, & Trends Analysis Report By Products (Industrial Trucks, Automated Storage & Retrieval System), 2019-2

2021-01-10 admin

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Report Overview

The global material handling equipment market size was USD 26.62 billion in 2018 and is expected to expand at a CAGR of 6.8% over the forecast period. Rising demand for incorporation of automation and modernization in manufacturing processes, expansion of the aviation industry and e-commerce industry, and demand for transparency in supply chain and flexibility in warehouse operations are some of the factors expected to drive the growth.

Material handling equipment is used in warehouses for managing the storage and transportation of goods and products. It ensures improved productivity by enhancing logistics at warehouses and manufacturing plants. These products offer cost-effective, process efficiency, and an accurate method for the swift transition of goods across the manufacturing plants and warehouses, resulting in increased demand.

Material handling is a crucial intermediary in the manufacturing sector. Although it does not directly contribute to the production of goods, it leads to efficiency in handling, managing, storing, and transporting goods. This equipment complements the production activity by ensuring a swift, smooth, and efficient circulation of goods thereby, resulting in the increased demand for the equipment over the forecast period.

Rise in industrial and infrastructural activities to fulfill the demand from the ever-growing population, is anticipated to bode well for market growth. Manufacturing and other industries incessantly attract huge amounts of foreign capital, thus augmenting the production activities. Governments across the world are increasing their infrastructural development to build new airports, rail networks, seaports, and power plants, and upgrade the prevailing ones. All these activities are simplified by using material handling equipment such as forklifts, conveyors, and Automated Guided Vehicles (AGVs).

Rising employer inclination towards employee or worker safety is also expected to fuel the growth of the material handling market. Thus, owing to the rise in industrial activities, industrialists have become more responsible for worker and workplace safety to maintain their goodwill in the market. As more companies are inclining toward automation to sustain the competition, encourage efficiency in the warehouse, and cut down costs, they are striving to build a safer working environment for employees. Thus, improving working and safety conditions is an integral part of their industrial activities, which is expected to remain a major growth avenue for this market.