Global material handling equipment market is expected to surpass an overall valuation of $46.2 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
Back in 2017, industrial truck segment emerged as a dominating growth contributor in the market landscape, in terms of business revenue.
A prevalent trend has been observed over the past few years wherein material handling equipment adoption is increasing at a rapid pace, primarily owing to the expanding manufacturing sector.
Growing necessity of efficient warehouse operations coupled with the increasing level of automation in manufacturing are expected to further foster material handling equipment market growth. Automotive industry is yet another prominent end-user fueling global market trend, particularly due to the rising material handling equipment adoption rate in the domain.
Increasing scarcity of labor, subsequent rise in labor costs and escalating material handling equipment adoption demands across pharmaceutical, chemical, food & beverages as well as electronics industries are fueling an overall need to develop innovative solutions for diverse application avenues throughout the aforementioned sectors.
While the cost of initial investment constricts growth prospects for the industry, several technological advancements and escalating demands across emerging economies would be facilitating a number of growth opportunities in the market during the forecast timeframe.
When considering material handling equipment type, the market landscape is further divided into handling & storage equipment, bulk material handling equipment and industrial trucks among others.
From a regional perspective, back in 2017, Europe held the largest share in global material handling equipment market landscape. Increasing level of automation across the manufacturing sector and the continent’s well-established automotive industry are expected to propel industry growth further. Additionally, scarcity of labor as well as rising labor costs are further expected to support industry growth.
Furthermore, rising investments and government subsidies are slated to promote material handling equipment adoption across the region. Escalating necessity to enhance productivity and efficiency along with growing automation and industrialization trends would further supplement market growth.
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Speaking further on the regional landscape, the Asia Pacific material handling equipment market is expected to witness the highest CAGR over the forecast time period.
Some of the prominent companies forming the competitive landscape of global material handling equipment market include Swisslog AG, Beumer Group, Kion Group, KUKA AG, Intelligrated Systems Inc., Daifuku Co., Ltd., Clark Material Handling International, Bastian Solutions, LLC, Crown Equipment, Columbus Mckinnon, Dematic GmbH & Co. Kg. and Toyota Industries Corporation.
Innovative product launches and M&As & collaborations to address growing consumer needs and requirements will underline the major industry growth tactics.
The research report provides an exhaustive analysis of material handling equipment market enlisting its restraints, opportunities and drivers. The study also details competitive overview. key industry trends, PEST analysis and Porter's five forces, industry value chain and ecosystem analysis.