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Material Handling Equipment Market Analysis

Report ID: GMI1384
Published Date: Jan 2024
Report Format: PDF

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Material Handling Equipment Market Analysis

Material Handling Equipment Market Size, By Type, 2022 – 2032, (USD Billion)

Based on the type, the manufacturers segment held over 60% of the market share in 2023, as industries undergo technological transformations. Manufacturers, seeking heightened operational efficiency and automation, boost the demand for advanced handling solutions. Increased production and evolving supply chain dynamics contribute to the expansion of material handling equipment in this segment. As manufacturers embrace innovations for enhanced productivity, the market anticipates substantial growth, reflecting the pivotal role of material handling equipment in modern manufacturing processes.

Material Handling Equipment Market Share, By Application, 2023

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Based on the application, the Third-Party Logistics (3PL) segment accounted for 40% of the material handling equipment market share in 2023, due to the increasing reliance on outsourcing logistics functions. As businesses focus on core competencies, the demand for efficient material handling solutions rises. 3PL providers play a pivotal role in optimizing supply chain operations, necessitating advanced equipment for warehousing, transportation, and distribution. This anticipated growth reflects a strategic shift toward outsourcing logistics activities, boosting the demand for material handling equipment in the 3PL segment.

China Material Handling Equipment Market Size, 2022 -2032, (USD Billion)

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Asia Pacific material handling equipment market was over 30% of the revenue share in 2023, attributed to expanding industrialization, rapid infrastructure development, and increasing e-commerce activities. The region's robust manufacturing sector, coupled with the rising demand for efficient logistics and supply chain solutions, propels the need for advanced material handling equipment. For instance, in December 2023, DHL Express revealed its newly expanded hub in Hong Kong. The enhanced facility will strengthen DHL's operational capabilities, improve processing efficiency, and accommodate the growing demand for express logistics services in the dynamic and strategic Asia Pacific region.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of material handling equipment reached USD 168 billion in 2023 and is set to observe 5.5% CAGR from 2024 to 2032, owing to the growing e-commerce and logistics sectors.

The manufacturers segment accounted for a market share of around 60% in 2023, as industries undergo technological transformations and seek heightened operational efficiency and automation.

Asia Pacific market accounted for 30% of the revenue share in 2023, due to expanding industrialization, rapid infrastructure development, and increasing e-commerce activities.

Crown Equipment Corporation, Daifuku Co., Ltd., Fives Group, Hyster-Yale Materials Handling, Inc, JBT Corporation, Jungheinrich AG, Kardex AG, KION Group AG, KUKA AG, Liebherr Group, Mitsubishi Caterpillar Forklift America, Inc., Murata Machinery, Ltd., SSI Schaefer Group and System Logistics SPA.