The industry that produces and distributes tools used to move, store, regulate, and safeguard goods across numerous industries and sectors is referred to as the "material handling equipment market." Forklifts, conveyors, cranes, automated guided vehicles (AGVs), pallet jacks, and warehouse management systems are just a few examples of the numerous pieces of machinery found in this sector. Material handling equipment plays a crucial role in optimizing operational efficiency, reducing labor costs, improving safety, and increasing productivity in industries like manufacturing, logistics, retail, construction, and healthcare.
Global Material Handling Equipment Market Driving Factors and Challenges
The growth of the material handling equipment market is being propelled by several key factors. The market for material handling equipment is significantly being driven by the growing usage of automation in various sectors. Automated systems, like AGVs, robotics, and conveyor systems, increase production by streamlining operations and lowering labour costs. To improve the efficiency of their material handling procedures, industries are investing in these technologies.
Another driving factor is that the need for material handling equipment has increased as a result of the development of e-commerce and the retail industry. For warehouses and distribution centres to handle the huge volume of orders, guarantee precise order fulfilment, and improve inventory management, they need efficient technology and systems. Material handling equipment is crucial for e-commerce and retail businesses because it enables quicker and more effective order processing.
However, the material handling equipment market is not without its challenges. One of the main challenges is that the purchasing of material handling equipment frequently involves a sizable initial outlay. Small and medium-sized businesses (SMEs) with constrained capital resources may find this challenging. For firms with limited resources, the price of purchasing, installing, and maintaining equipment can be a barrier to entry.
In addition, while technology progress promotes market expansion, it can also pose difficulties. Due to the rapid speed of invention, equipment can quickly become obsolete. Users and manufacturers must stay current with emerging technology and purchase equipment that is flexible and has long-term value.
Impact of COVID-19 on Global Material Handling Equipment Market
The COVID-19 pandemic had a mixed impact on the material handling equipment market. On the one hand, due to lockdowns and other social isolation measures brought on by the epidemic, e-commerce activity saw a sharp increase. As a result of the rise in online orders, warehouses and distribution centres are now in greater need of material handling tools such conveyor systems, sorting equipment, automated guided vehicles (AGVs), and robotics to handle the influx of shipments.
On the other hand, Global supply chains were disrupted by the epidemic, leading to delays and shortages in the supply of raw materials, components, and completed goods. Manufacturers of material handling equipment encountered difficulties locating the necessary parts and components, which resulted in manufacturing delays and decreased output.
Global Material Handling Equipment Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; BEUMER GROUP, Daifuku Co., Ltd., Honeywell International, Inc., KION GROUP AG, Mecalux, S.A., Murata Manufacturing Co., Ltd., SSI SCHAEFER, Swisslog Holding AG, TOYOTA INDUSTRIES CORPORATION, Vanderlande Industries B.V., Others.
Global Material Handling Equipment Market Segmentation:
By Equipment Type: Based on the Equipment Type, Global Material Handling Equipment Market is segmented as; Transport Equipment, Positioning Equipment, Storage Equipment, Others.
By Industry: Based on the Industry, Global Material Handling Equipment Market is segmented as; Consumer Goods & Electronics, Automotive, Food & Beverages, Pharmaceutical, Construction, Mining, Semiconductors, Others.
By Product: Based on the Product, Global Material Handling Equipment is segmented as; Cranes & Lifting Equipment, Racking & Storage Equipment.
By Region: This report also provides the data for key regional segments of Asia-Pacific, Europe, Middle East and Africa, North America, Latin America.
This analysis includes a variety of market-related drivers and restraints for the anticipated time frame. The paper also discusses several growth prospects.