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The global material handling equipment market size was valued at USD 216.6 billion in 2022. The market is projected to grow from USD 227.4 billion in 2023 to USD 342.0 billion by 2030, exhibiting a CAGR of 6.0% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Material Handling Equipment Market Size, Share & COVID-19 Impact Analysis, By Equipment Type (Transport Equipment, Handling Equipment, Racking & Storage Equipment, and Others), By Industry (Consumer Goods & Electronics, Automotive, Food & Beverages, Pharmaceutical, Construction, Mining, Semiconductors, and Others), and Regional Forecast, 2023-2030”
The increasing demand for last-mile delivery robots is being driven by evolving consumer preferences and the growth of e-commerce. These factors have led to the development of capabilities in the material handling equipment system to meet the demands of this changing landscape. As a result, there is a growing emphasis on efficient and automated material handling solutions to streamline last-mile delivery operations and meet the evolving needs of consumers.
Economic Downturn and Supply-Demand Gap Limit Innovation and Product Diversity in the Equipment Market
The global economic downturn caused by the pandemic has had a significant impact on major economies worldwide. This downturn has resulted in a substantial supply-demand gap, leading to reduced cash liquidity in the equipment market. As a consequence, manufacturers have been compelled to reduce investments in research and development, leading to backlogs and a limitation in the introduction of new products integrated with innovative technologies. This situation has also restricted product diversity in the market.
Crown Equipment Corporation Introduces Innovative SP1500 High-Level Order Pickers for Enhanced Efficiency and Safety
Crown Equipment Corporation, a renowned global manufacturer and supplier of material handling equipment in April 2023, unveiled its latest innovation, the SP1500 high-level order pickers. These cutting-edge order pickers feature an ergonomically designed operator compartment with customizable controls, enabling faster and safer order picking.
Advancements in Robotics Revolutionize Material Handling Operations
The material handling sector has undergone a transformation with the widespread adoption of robots, revolutionizing operations, and production processes. Manufacturing facilities are embracing automated mobile robots to enhance productivity in their operations. As an example, in June 2022, Amazon introduced its first fully autonomous mobile robots designed to lift carts carrying packages in their facilities.
However, the market may face challenges due to the significant upfront investment and ongoing maintenance costs, which could potentially limit material handling equipment market growth.
Enhancing Market Presence through Strategic Offerings and Collaborations
To establish a strong market position, industry players are actively engaging in mergers and acquisitions with other logistics solution businesses. They are also consistently offering a diverse range of specialized machines, including cranes, industrial trucks, and other material handling technologies, to cater to the needs of their end-users. This strategic approach aims to deepen their penetration into the market and enhance their overall competitive strength.
Key Industry Development
List of Companies Profiled in the Market Report
Further Report Findings
Table of Segmentation
CAGR of 6.0% from 2023 to 2030
Value (USD billion)
By Equipment Type