Asia Pacific Material Handling Equipment Market size is slated to register over 7% CAGR between 2023 and 2032, owing to the surging adoption of personalized automated guided vehicles (AGVs) in developing countries, such as China.
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The significant advances in the manufacturing and logistics industries have steered the higher need for automation solutions to improve efficiency, limit labor costs, and optimize material handling processes across factories and warehouses. The increasing labor costs have prompted several companies to look for AGVs for performing repetitive tasks without breaks and fatigue, leading to improved productivity and declined dependence on human labor. The growing demand for AGVs for managing the complex logistics as well as warehousing needs, including inventory management, order picking, and order fulfillment will add to market growth.
|Forecast Period:||2023 to 2032|
|Forecast Period 2023 to 2032 CAGR:||7%|
|Historical Data for:||2018 to 2022|
|No. of Pages:||390|
|Tables, Charts & Figures:||452|
|Segments covered:||Demand, Product, Application, Sales Channel and Region|
|Pitfalls & Challenges:|
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The rising rate of domestic air transport along with the surging number of investments are other factors influencing the industry expansion. According to the Ministry of Tourism, India received 677.63 million domestic tourist visits in 2021. Moreover, the surging need for skilled workforce to cater to the increasing number of repair and maintenance activities may slow down the demand for material handling equipment in the region to some extent.
The COVID-19 pandemic negatively impacted the demand for material handling equipment in APAC led by factory closures and transportation restrictions in several areas, bringing delays in manufacturing and hindering the availability of essential components. The hampered manufacturing and logistics operations also added to limited product manufacturing and distribution. However, the surging adoption of material handling equipment in the e-commerce sector for supporting the heightened activities related to online shopping and delivery influenced the market expansion.
The growing popularity of electric material handling equipment in several industries to offer minimized emissions, reduced noise pollution, enhanced efficiency, and potentially low operating costs over time will supplement the market growth. Electric forklifts, order pickers, reach trucks, and pallet jacks are increasingly deployed in warehousing and distribution centers to move goods, manage inventory as well as load and unload trucks. Rising application scope in manufacturing facilities, ports and terminals, airports, retail stores, construction sites, food & beverage, mining, automotive manufacturing, healthcare facilities, and agriculture industries will also drive the product uptake.
Asia Pacific material handling equipment market from the aftermarket segment will expand at over 5% CAGR from 2023 to 2032. The growth can be attributed to the surging need to replace outdated parts with modern components with advanced features, lifetime as well as efficiency. Significant advancements in technology along with changes in operational requirements in APAC have prompted the upgradation and retrofitting of existing material handling equipment, thereby limiting investments in new machinery. The increasing emphasis on ensuring the longevity and reliability of the essential tools will also contribute to the market expansion.
Asia Pacific material handling equipment market from the e-commerce segment is estimated to observe about 10% gains up to 2032, propelled by the rising internet penetration and higher adoption of conveying solutions. The presence of well-established customer base in online shopping, mainly in India and China have pushed multiple e-commerce players to deploy advanced as well as automated material equipment for speeding up their operations. The growing popularity of new e-commerce websites to allow customers to rent from diverse range of equipment will also contribute to the market growth.
China material handling equipment market size is poised to witness substantial expansion through 2032, on account of the strong presence of well-established manufacturing, automotive, and e-commerce sectors in the country. The rapid rate of urbanization has made way for multiple challenges in city logistics, pushing the demand for material handling equipment for navigating narrow streets and efficiently delivering goods in urban areas. The higher integration of automation and robotics, including robotic arms, AGVs, and conveyor systems for optimizing the warehouse operations will also define the regional industry development.
Some of the leading companies operating in the Asia Pacific material handling equipment market include
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