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The global material handling equipment market size was USD 206.50 billion in 2021. The market is projected to grow from USD 216.18 billion in 2022 to USD 319.63 billion by 2029 at a CAGR of 5.7% during the 2022-2029 period.
Fortune Business Insights™ publishes this information in its report titled, "Material Handling Equipment Market Size, Share & COVID-19 Impact Analysis, By Equipment Type (Transport Equipment, Positioning Equipment, Storage Equipment, Others (Unit Load Formation Equipment, Identification, and Control Equipment), By Industry (Consumer Goods & Electronics, Automotive, Food & Beverages, Pharmaceutical, Construction, Mining, Semiconductors, Others (Aviation, Chemicals), and Regional Forecast, 2022-2029."
Restricted Workforce Amid Pandemic Hampered Market Growth
The outbreak of COVID-19 pandemic affected numerous industries globally. Governments imposed strict restrictions on import/export activities to control the virus spread. Also, the employees were instructed to work at 50% capacity, hampering the overall business performance during the initial lockdown phase. The disruptions in the supply chain and interrupted manufacturing operations affected the material handling equipment market growth during the pandemic.
Daifuku Co., Ltd. Partnered with AFT Industries AG to Improve Business Performance
Daifuku Co., Ltd. and AFT Industries AG formed a partnership to enhance their business performance and develop their experience in material handling equipment in the automobile sector. Also, the companies aim to expand their business globally by focusing on potential target customers from different industries. These factors will allow companies to propel growth and improve their business portfolio.
Rising Industrialization & Commercialization to Foster Growth
The market is expected to gain traction during the forecast period due to various industries' surging robotics and process automation. The increasing industrialization and commercialization in developed and developing countries are expected to foster market growth. Furthermore, increasing the adoption of online shopping and changing consumer preferences are major growth factors. Also, increasing e-commerce and logistics industries are anticipated to bolster the market growth in the coming years.
Business Partnerships Allow Companies to Strengthen their Market Position
The leading market players focus on expanding their business worldwide by adopting various business growth strategies. Also, implementing innovative product development ideas to launch new products allow companies to attract customers. These strategies include forming a partnership and acquiring supporting companies.
Notable Industry Development:
List of Key Players Covered in the Report:
Further Report Findings:
Asia Pacific is expected to exhibit a higher CAGR during the forecast period due to increasing development in construction activities in developing countries. Also, the regional market registered USD 89.35 billion in 2021. The region is expected to dominate the global material handling equipment market share in the coming years.
Based on equipment type, the market is categorized into transport equipment, positioning equipment, storage equipment, and others (unit load formation equipment, identification, and control equipment). Transport equipment is further divided into sub-segments such as conveyors (roller, chain, wheel, vertical belt, screw conveyor, and inclined belts), cranes (jib cranes, bridge cranes, gantry cranes, hammerhead, telescopic, and crawler), industrial trucks (hand trucks, pallet trucks, lift truck, and others), hoppers, and reclaimers. The positioning equipment segment is sub-segmented into dock levelers, hoist, and others. The storage equipment segment is further segregated into automatic storage/retrieval system, selective pallet rack, and others. The transport equipment segment is expected to dominate the global market due to its high durability and efficiency.
Table of Segmentation:
Value (USD billion)
By Equipment Type, Industry, Region
By Equipment Type