With the emergence and long-term Impact of COVID-19, Global Material Handling Equipment Market to reach USD 43.35 Billion by 2027
Bizwit Research & Consulting LLP’s Recent Analysis on Global Material Handling Market is poised to raise up to USD 43.35 Billion by 2027. Growing trend of automation in material handling equipment are fueling growth in the market. Rising growth of e-commerce industry, new product launches and development of public infrastructure such as airports, seaports, rail networks and others are injecting growth in material handling equipment market. According to Digitalcommerce360, e-commerce sales in United States is expected to increase from USD 193.62 billion in 2020 to USD 211.7 billion in 2021. Also, according to India Brand Equity Foundation report of September 2021, Airport Authority of India (AAI) is planning to invest USD 3.58 billion in next five years to augment facilities and infrastructure at airports. Additionally, in July 2019, Godrej Material Handling expanded its product portfolio by launching Godrej RenTRUST equipment that provides solutions to its customers encompassing manpower, fuel, machine and maintenance. Furthermore, huge initial investment and high maintenance cost may hinder the growth in coming years.
Geographically, the global Material Handling Market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Europe is projected to have the largest revenue market share during the forecast period due owing to growing adoption of advanced products to support large-scale industrial presence in the region. Whereas, Asia Pacific is expected to show significant growth rate during forecast period, due to rapidly growing manufacturing sector in the region.
The global Material Handling Equipment market is highly competitive owing to the presence of several key manufacturers such as Beumer Group, Daifuku Co., Ltd., Honeywell International Inc., Kion Group AG, Mecalux, S.A, Murata Machinery Ltd., SSI Schaefer AG, Swisslog Holding AG, Toyota Material Handling Group, Vanderlande Industries B.V and others.
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Global Material Handling Equipment Market Size study, by Product (Storage and Handling Equipment, Automated Storage and Retrieval System, Industrial Trucks, Bulk Material Handling Equipment and Others), by End-use (Automotive, Food & Beverages, Chemical, Semiconductor & Electronics, E-Commerce, Aviation, Pharmaceutical and Others), and Regional Forecasts 2021-2027
Key findings of the study suggest:
- Global Material Handling Equipment Market is anticipated to grow with a healthy growth rate of more than 7.40% over the forecast period 2021-2027.
- In the Product segment, Industrial Truck emerged out as the leading market segment in 2020.
- In the End-use segment, E-commerce emerged as the leading market segment in 2020.
- Europe is anticipated to drive regional growth owing to factors such as growing adoption of advanced products to support large-scale industrial presence in the region.
- Asia-Pacific is expected to grow at higher rate followed by North America during 2021-2027.
Bizwit Research & Consulting has considered following segments for the study:
- Storage and Handling Equipment
- Automated Storage and Retrieval System
- Industrial Trucks
- Bulk Material Handling Equipment
- Food & Beverages
- Semiconductor & Electronics
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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