The Global Material Handling Machinery Market Size accounted for USD 225.6 Billion in 2022 and is estimated to achieve a market size of USD 393.2 Billion by 2032 growing at a CAGR of 5.8% from 2023 to 2032.
Material Handling Machinery Market Highlights
Mechanical systems that are used for storage, control, and protection of goods in the process of industrial manufacturing are termed material handling machinery. Positioning equipment, transport equipment, storage equipment, and unit load formation equipment are the major four categories of material handling machines. Material handling machinery helps in cost cutting, improves quality at the workplace, and aims at reducing waste generation. This material-handling machinery operates in an intricate environment without any human labor.
Global Material Handling Machinery Market Dynamics
Material Handling Machinery Market Report Coverage
|Market||Material Handling Machinery Market|
|Material Handling Machinery Market Size 2022||USD 225.6 Billion|
|Material Handling Machinery Market Forecast 2032||USD 393.2 Billion|
|Material Handling Machinery Market CAGR During 2023 - 2032||5.8%|
|Material Handling Machinery Market Analysis Period||2020 - 2032|
|Material Handling Machinery Market Base Year||2022|
|Material Handling Machinery Market Forecast Data||2023 - 2032|
|Segments Covered||By Product, By End-Use Industry, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, Mitsubishi Nichiyu Forklift Co., Ltd., Anhui Heli Co., Ltd., Hangcha Group Co., Ltd., Hyundai Construction Equipment Co., Ltd., and Doosan Corporation Industrial Vehicle.
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis|
Material Handling Machinery Market Insights
Increasing demand for automated solutions in several industries and an upsurge in the e-commerce industry are the major driving factors for the growth of the material handling machinery market. Moreover, the growing focus on labor safety is also one of the factors augmenting the growth of material-handling machinery. However, increased equipment and maintenance cost is the major restraining factors for the market. Also, the increase in steel prices and lack of skilled labor hampers the market growth for material handling machinery. Nevertheless, the increasing demand for the personalized automated guided vehicle (AGVs) provides major growth opportunities for manufacturers of material handling machinery.
Material Handling Machinery Market, By Segmentation
The worldwide market for material handling machinery is split based on product, end-use industry, and geography.
Material Handling Machinery Products
According to a material handling machinery market analysis, cranes and lifting equipment is one of the leading product types in the material handling machinery market. The growth of the construction and manufacturing industries, coupled with increasing demand for efficient material handling and logistics operations, has driven the demand for cranes and lifting equipment. The use of cranes and lifting equipment in various applications such as shipping, transportation, and warehousing has also contributed to their popularity and widespread use in the industry.
However, historically, forklifts and other industrial trucks have been among the most widely used and sold material handling equipment worldwide. Continuou handling equipment, as well as racking and storage equipment, are also significant product categories in the material handling equipment market.
Material Handling Machinery End-Use Industries
According to the material handling machinery market forecast, one of the major end-use industries in the material handling machinery market is e-commerce. The rise of e-commerce has increased demand for material handling equipment, particularly in order fulfilment, distribution, and warehousing. To manage their large volumes of orders, e-commerce companies require efficient and automated material handling systems, which has led to an increase in the use of technological advances such as conveyor systems, automated storage and retrieval systems (ASRS), and robotics in e-commerce facilities. As the popularity of e-commerce grows, so will the demand for material handling equipment.
Material Handling Machinery Market Regional Outlook
The Middle East & Africa
Material Handling Machinery Market Regional Analysis
The North American material handling machinery market is expected to grow steadily, owing to the presence of established end-use industries such as automotive, e-commerce, and healthcare. The region also has several key market players, which is expected to contribute to market growth.
Because of the presence of major manufacturing and automotive industries, Europe is one of the largest markets for material handling equipment. The expansion of the region's e-commerce and logistics sectors has also contributed to market growth.
The Asia-Pacific material handling machinery market is expected to expand significantly, owing to the expansion of the manufacturing and e-commerce industries in countries such as China and India. The region also has several key market players, which is anticipated to add to market growth.
Material Handling Machinery Market Players
Some of the top material handling machinery companies offered in the professional report include Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, Mitsubishi Nichiyu Forklift Co., Ltd., Anhui Heli Co., Ltd., Hangcha Group Co., Ltd., Hyundai Construction Equipment Co., Ltd., and Doosan Corporation Industrial Vehicle.
The market size of material handling machinery was USD 225.6 billion in 2022.
The CAGR of material handling machinery is 5.8% during the analysis period of 2023 to 2032.
The key players operating in the global material handling machinery market are includes Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, Mitsubishi Nichiyu Forklift Co., Ltd., Anhui Heli Co., Ltd., Hangcha Group Co., Ltd., Hyundai Construction Equipment Co., Ltd., and Doosan Corporation Industrial Vehicle.
Asia-Pacific held the dominating position in material handling machinery industry during the analysis period of 2023 to 2032.
North America region exhibited fastest growing CAGR for market of material handling machinery during the analysis period of 2023 to 2032.
The current trends and dynamics in the material handling machinery industry include increasing demand from end-use industries, emphasis on workplace safety, and government initiatives and sustainable practices.
The cranes & lifting equipment product held the maximum share of the material handling machinery industry.