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The global material handling equipment market size was USD 197.48 billion in 2020. The market size is set to grow from USD 206.50 billion in 2021 to USD 300.21 billion in 2028 at a CAGR of 5.5% during the 2021-2028 period.
This information is provided by Fortune Business Insights™, in its report, titled, “Material Handling Equipment Market Size, Share & COVID-19 Impact Analysis, By Equipment Type (Cranes & Lifting Equipment, Industrial Trucks, Continuous Handling Equipment, Racking & Storage Equipment), By Operations (Assembly, Distribution, Transportation, Others), By Industry (Consumer Goods & Electronics, Automotive, Food & Beverages, Pharmaceutical, Construction, Mining, Semiconductors, Others), and Regional Forecast, 2021-2028.”
Primary Supply Chain Disruptions in Manufacturing Sector to Affect Market Growth
The widespread influence of COVID-19 is still resulting in unspecified development predictions, speedily emerging financial significances, and prominent unemployment rates across the world. The restrictions on the movement of the people and goods have interjected the complete supply chain systems.
Furthermore, the weakened foreign direct reserves have unfavorably affected the industrial, automotive, 3PL logistics, food & beverages and others sectors globally.
Manitowoc Presents Superior Grove GHC110 Telescoping Crawler Crane
Manitowoc added the Grove GHC110 to its expanding telescoping crawler crane portfolio. The GHC110 along with the recently introduced GHC140 will augment the range of product available in the market.
The crane is intended for a variety of errands, comprising alternative energy implementations, road and bridge construction projects, and usefulness and surge work. The GHC110’s adaptability is improved with the optional workforces basket supplement with radio remote control.
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Presentation of Automation in Material Handling Machinery to Thrust Market
In the present situation, automation conducts a crucial part in altering the business procedures to satisfy the demand of the consumer, while lowering the logistics and production charges. This has resulted in the acceptance of multipurpose automated system proficient of working in manifold situations. The aforementioned factors will augment material handling equipment market growth significantly.
Acquisition Strategies by Crucial Players to Foster Market Growth
The vital leaders in the market are incessantly opting for effective tactics to apply to extend their business. One such approach is to sign collaboration deals, mergers, or even obtain other company to surge the financial yield.
List of Key Players Covered in this Market Report
Asia Pacific is anticipated to dominate the global market in the forecast period by capturing the highest CAGR.
The industrial trucks considered in the study includes, forklift trucks, telescopic handler forklifts and others. The segment is anticipated to showcase a significant growth in the forthcoming years.
Table of Segmentation
Value (USD billion)
By Equipment Type, Operations, Industry and Region
By Equipment Type