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Material Handling Equipment Market Size

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

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Material Handling Equipment Market Size

Material Handling Equipment Market size was valued at USD 168 billion in 2023 and is estimated to register a CAGR of over 5.5% between 2024 and 2032. The growing e-commerce and logistics sectors across the globe are propelling the market. The increasing need for efficient order fulfillment, quick delivery, and streamlined warehouse operations is fueling the demand for advanced handling solutions.

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According to the U.S. Department of Commerce, retail e-commerce sales for the third quarter of 2023 amounted to USD 284.1 billion, a 2.3% increase from the second quarter of 2023. As companies are investing in automation and innovative technologies to meet consumer demand, the market is expanding to cater to the evolving needs of the thriving e-commerce and logistics industries in the region.

Material Handling Equipment Market Report Attributes
Report Attribute	Details
Base Year:	2023
Material Handling Equipment Market Size in 2023:	USD 168 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	5.5%
2032 Value Projection:	USD 275.1 Billion
Historical Data for:	2018 – 2023
No. of Pages:	400
Tables, Charts & Figures:	930
Segments covered:	Product, Application and Type
Growth Drivers:	Expanding e-commerce and logistics industries in North America Rising labor costs and the inconvenience of employing a manual workforce in North America and Europe Increased warehouse and distribution center investments Increasing technological innovations and the adoption of automation in manufacturing activities Growing demand for automation from SMEs in Europe and Asia Pacific
Pitfalls & Challenges:	High initial costs of material handling equipment Lack of awareness of equipment operation

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The expanding material handling equipment market is driven by heightened technological innovations and increased automation in manufacturing processes. As industries embrace advanced technologies, such as robotics and smart systems, the demand for efficient material handling solutions rises, leading to substantial market growth of material handling equipment.

For instance, in October 2023, HD Hyundai expanded its lineup of cutting-edge equipment by introducing electric forklifts with capacities of 2.5 tons and 3.0 tons. It also launched the Global HX Series of 50-ton Class Excavators, which caters to heavy-duty mining applications, and the SMART Plus Series, which includes 8-ton, 14-ton, and 15-ton excavators, focusing on the infrastructure sector.

The material handling equipment market is facing challenges due to the lack of awareness regarding the equipment operation. Many end users may not fully comprehend the advanced functionalities and optimal usage of modern equipment, hindering their efficiency. This can result in suboptimal performance, increased downtime, and potential safety risks. Overcoming this challenge requires targeted education and training programs to enhance user awareness, ensuring the proper utilization of material handling equipment for improved operational outcomes and safety standards.

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.