Asia Pacific Material Handling Equipment Market Size

Asia Pacific Material Handling Equipment Market Size

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.

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.

Asia Pacific Material Handling Equipment Market Growth Drivers and Restraints

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.