Material Handling Equipment Market - Industry Analysis, Size, Share, Growth, Trends and Forecast 2022 - 2032
According to Future Market Insights research, during the projected period, the global Material Handling Equipment market is set to enjoy a valuation of US$ 213.35 Bn in 2022. According to the FMI analysis, the global Material Handling Equipment market is anticipated to register a CAGR of 5.7% during 2022-2032.
The demand for material handling equipment is primarily driven by the growing e-commerce industries and increasing automation in the logistics sectors. The top 5 key players of the global Material Handling Equipment market are Liebherr Group, KION Group AG, Jungheinrich AG, Viastore Systems GmbH, Eisenmann AG., etc.
A new forecast by FMI analysis estimates that Material Handling Equipment sales will augment during 2022-2032 and is anticipated to create a growth opportunity of US$ 158.05 Bn. This growth opportunity I owing to the booming industrial sectors worldwide which is demanding a surge in material-handling equipment.
The growing industrial and factory automation with increasing technology and process automation is projected to create a growth opportunity for the global Material Handling Equipment market during the forecast period. Manufacturers, factory owners and industry personnel are more concentrated on minimizing the hard work and process timing of movement of goods and products and transportation.
The rise in sectors like transportation, agriculture, courier facility, shipping and machinery industry is fueling the surge in demand for the worldwide market of Material Handling Equipment.
The key players operating in the global market are focusing on expanding their capacities and resources to meet the growing demand for Material Handling Equipment by establishing new plants in the targeted market. Also, the key players are adopting collaboration & joint venture strategies to increase their presence and resources.
Some of the key developments are–For instance, In March 2021, Aarekies Brienz AG, based in Brienz, Switzerland, acquired an industrial truck called ‘LH 60 M Port Litronic’ from Liebherr Group. Organizations can use the product to efficiently manage common shipments and large items.
North America Continue Dominance in the Global Material Handling Equipment Market
Expanding E-commerce Business to Fuel the Market Growth in the Region
The material handling equipment market in North America is expected to accumulate the highest market share of 27.3% in 2022. During the projected period 2022-2032, the North American region is predicted to develop fast rate.
Because of the significance of the e-commerce business to the region's expanding sales. The global market for material handling equipment is expanding due to increased demand for both durable and non-durable goods. Furthermore, the implementation of automated warehousing techniques across North America is propelling the material handling equipment market forward.
Where does the growth of the Material Handling Equipment Market in Asia-Pacific stand?
Rapid Adoption of E-Commerce Services in the Region to Fuel the Market Growth
The material handling equipment market in Asia-Pacific is expected to accumulate a significant market share of 21% in 2022 and is expected to continue to maintain the trend over the forecast period as well.
During the projected period 2022-2032, the Asia Pacific region is predicted to develop significantly. Countries such as China and India are likely to give a multitude of prospects, supporting OEMs in expanding their end-user markets.
The rapid adoption of e-commerce services during the pandemic, which favoured equipment purchases, will be a crucial element driving regional market development.
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