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The global material handling equipment market size was valued at USD 194.73 Billion in 2018 and is expected to reach USD 354.03 Billion by 2026, at a CAGR of 7.8%, says Fortune Business Insights in a report, titled “Material Handling Equipment Market Size, Share & Industry 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, 2019-2026.” The rising availability of material handling equipment on rental basis will contribute positively to the global market.
According to the report, the global material handling equipment market on the basis of geography is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa. Asia Pacific is expected to dominate this market during the forecast period owing to the rising demand for automotive and processing units. In addition, North America is predicted to witness considerable growth during the forecast period owing to the increasing demand for durable and non-durable goods which requires equipment and assembly lines.
The report is focuses on providing authentic information to key players, enabling them to grow rapidly in the global material handling equipment market. The report emphasizes on various factors enabling growth in the market and offers key insights into potential restraints.
Surge In Small And Medium Enterprise Will Stimulate Growth
The increasing number of small and medium enterprises will enable growth in the global market. The surge in construction and mining activities will further accelerate the global material handling equipment industry growth. Furthermore, the acquisition of MacKinnon Equipment will encourage the growth of this market.For instance, Briggs Construction Equipment, Inc. acquired MacKinnon Equipment & Services which includes acquisition of all assets of MacKinnon Equipment & Services. This strategic move substantially fueled Briggs Equipment’s business of material handling in Florida and Georgia.
Moreover, Godrej Material handling expanded its existing product portfolio by announcing Godrej RenTRUST equipment which provides solutions to its customers encompassing manpower, machine, fuel and maintenance. The announcement of Godrej RenTRUST equipment will boost the market revenue.
Rising Adoption Of Material Handling Methods Will Promote Growth Asia Pacific
The material handling equipment market in Asia Pacific was valued at USD 79.30 billion in 2018 and is expected to remain dominant during the forecast owing to the surge in manufacturing capacities. The adoption of material handling methods to enhance production capabilities in countries such as South Korea, China, Taiwan will further support growth in Aisa Pacific. For instance, Coca-Cola company opened warehouses in Singapore valued around USD 57 million to have automated storage and retrieval systems.
In addition, North America is expected to witness substantial growth during the forecast period owing to the rise in sales in the region through the e-commerce industry. The surge in demand for durable and non-durable goods eventually compel manufacturing companies to adopt extensive assembly lines and equipment. Furthermore, the demand for automated warehouse practices will also boost growth in North America.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/material-handling-equipment-market-101501
The Global Mterial Handling Equipment Market Is Segmented Into:
Value (USD Billion)
By Equipment Type