Global Material Handling Equipment Market Overview
The Material Handling Equipment Market Size was valued at USD 2,16,946.9 Million in 2023. The Material Handling Equipment industry is projected to grow from USD 2,27,468.8 Million in 2024 to USD 3,37,998.7 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 5.07% during the forecast period (2024 - 2032). This market has undergone a technological boom, from conveyor belts to driverless forklifts. As the usage of robots grows, more automation will be used across the supply chain. This automation will significantly influence many parts of the supply chain, including personnel and warehouse management strategies as well as quick processing. Hence, the rising process automation further contributes to the material handling equipment market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Material Handling Equipment Market Trends
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Increasing E-Commerce and Logistics Industries to Bolster the Market.
Customization is at an all-time high as online shopping happens at a quicker rate than ever before. Customized systems and mining equipment will become more common, assisting the industry's growth even though a slight drop in demand in industrial use cases in 2020 and enormous development in the e-commerce market have aided the MHE industry's growth despite the pandemic. During the worldwide lockdowns, there was a healthy demand for grocery delivery and distribution, giving manufacturers higher expectations.
Additionally, the e-commerce industry is flourishing worldwide, which necessitates a lot of automation. Amazon, Walmart, and other large retailers are gradually introducing automated technology into their operations to make them more precise, efficient, secure, and cost-effective. Apart from that, the improvement of the manufacturing industry is a major factor in developing the market of material handling equipment.
Material Handling Equipment Market Segment Insights
Material Handling Equipment Type Insights
The Material Handling Equipment market segmentation, based on Type, includes transport equipment, positioning equipment, storage equipment, and others (unit load formation equipment, identification, and control equipment. The transport equipment segment is anticipated to hold the highest CAGR during the forecast period. It is owing to its utilization of transferring material from one site to another (for example, from a loading dock to a storage facility). This type of equipment is used to handle material in a single spot. Conveyors, cranes, industrial trucks & others (hoppers, reclaimers) are some of the major pieces of equipment that are being widely used across various industries.
Material Handling Equipment Industry Insights
Based on Industry, the Material Handling Equipment market segmentation includes automotive, consumer goods & electronics, pharmaceuticals, food & beverages, mining, construction, semiconductors, and others. The construction industry is booming due to significant building and restructuring initiatives in both developed and emerging economies. Furthermore, government initiatives for infrastructure development and enormous investment in the real estate industry are helping to drive the market ahead.
Figure 2: Material Handling Equipment Market, by Type, 2023 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Material Handling Equipment Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. the Asia-pacific region is expected to dominate the overall growth of the material handling equipment industry with a healthy CAGR of 9.7% during the forecast period. This is due to the increasing demand in the automotive, manufacturing, and other significant end-user industries. The countries such as South Korea, China, and Taiwan are increasingly adopting modern material handling methods in recent years to cater to the increasing production services.
Figure 3: MATERIAL HANDLING EQUIPMENT MARKET SHARE BY REGION 2023 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
North America is also expected to have substantial growth in material handling equipment which is due to the increasing sales across the region due to the e-commerce industry. The increasing growth of durable and non-durable goods is propelling the overall growth of the material-handling equipment industry. Moreover, North America is adopting automated warehouse practices across the region is fuelling the overall growth of the material handling equipment industry.
Material Handling Equipment Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Material Handling Equipment market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Material Handling Equipment industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Material Handling Equipment. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Material Handling Equipment industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Material Handling Equipment industry to benefit customers and expand the market sector. The Material Handling Equipment market has recently given medicine some of the most important advantages. Major Material Handling Equipment market players, including Liebherr Group (Switzerland), KION Group AG (Germany), Jungheinrich AG (Germany), and others, are attempting to increase market demand by funding R&D initiatives.
Liebherr Group (also known as Liebherr-International Deutschland) is a company that manufactures construction and mining equipment. It offers earthmoving machinery and material handlers, cranes, aerospace and transportation systems, machine tools, automation systems, and other machinery. The company also provides renting construction machines, fleet management systems, procurement, and logistics services.
Also, KION Group is a company that manufactures material handling equipment. Its products include industrial trucks, forklifts, towing vehicles, conveyors, sorters, palletizers, etc. The company offers maintenance and supply chain solutions to e-commerce, third-party logistics, and supermarkets.
List of the Key Companies in the Material Handling Equipment market include
Material Handling Equipment Industry Developments
March 2022, Toyota Industries announced the acquisition of via store, a Germany-Based logistics system integrator, to strengthen the materials handling equipment and software business.September 2023: Daifuku Acquires Wynright Corporation to Expand North American Presence: Daifuku, a leading global provider of material handling solutions, acquired Wynright Corporation, a leading provider of intelligent material handling systems in North America. The acquisition will expand Daifuku's presence in North America and strengthen its position as a leading provider of material handling solutions worldwide.September 2023: Crown Equipment Introduces New Forklift with Enhanced Safety Features: Crown Equipment Corporation, one of the world's largest material handling companies, introduced a new forklift with enhanced safety features. The new forklift is designed to help prevent accidents and injuries, and is equipped with a variety of innovative safety technologies.
Material Handling Equipment Market Segmentation
Material Handling Equipment Type Outlook
Material Handling Equipment Industry Outlook
Material Handling Equipment Regional Outlook
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| Attribute/Metric |
Details |
| Market Size 2023 |
USD 2,16,946.9 Million |
| Market Size 2024 |
USD 2,27,468.8 Million |
| Market Size 2032 |
USD 3,37,998.7 Million |
| Compound Annual Growth Rate (CAGR) |
5.07% (2024-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2018 & 2020 |
| Market Forecast Units |
Value (USD Million) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Equipment type, Industry, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered |
The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Liebherr Group (Switzerland), KION Group AG (Germany), Jungheinrich AG (Germany), Viastore Systems GmbH (Germany), Eisenmann AG (Germany), Columbus McKinnon Corporation (U.S.), Crown Equipment Corporation (U.S.), Hytrol Conveyor Co., Inc. (U.S.), Xuzhou Heavy Machinery Co., Ltd. (China) and Toyota Industries Corporation (Japan). |
| Key Market Opportunities |
Increasing pressure for optimization of resources and raw materials consumption |
| Key Market Dynamics |
Increasing automation across manufacturing industries. |
Material Handling Equipment Market Highlights:
Frequently Asked Questions (FAQ) :
The Material Handling Equipment market size was valued at USD 2,16,946.9 Million in 2023
The market is projected to grow at a CAGR of 5.07% during the forecast period, 2024-2032
Asia Pacific had the largest share of the Material Handling Equipment market
The key players in the market are Liebherr Group (Switzerland), KION Group AG (Germany), Jungheinrich AG (Germany), Viastore Systems GmbH (Germany), Eisenmann AG (Germany), Columbus McKinnon Corporation (U.S.), Crown Equipment Corporation (U.S.), Hytrol Conveyor Co., Inc. (U.S.), Xuzhou Heavy Machinery Co., Ltd. (China) and Toyota Industries Corporation (Japan)
The Transport categories dominated the market in 2024.
The construction had the largest share in the market for Material Handling Equipment.
