The material handling equipment market has been largely positive with bolster in manufacturing capacities and introduction of new products or innovations in the market. Equipment includes diverse range of tools, appliances, and storage which is leading to an increase in the market size to $145.21 million in 2018 and the market value will grow with compound annual growth rate (CAGR) of 7.50% during the forecast period of 2019-2025.
APAC is positioned as the leading region in the material handling equipment market. Rise in urbanization including the construction of airports, metro lines, and another transportation mode is influxing the demand in the material handling equipment market with the regional share of 38.19% in 2018.
Material handling equipment is an automated equipment used for storage, controlling, and managing of materials and goods. Material handling equipment is used in the industry which includes operations such as manufacturing, packaging, shipping, and distributing, and they are categorized as positioning equipment, transport equipment, unit load formation equipment, and storage equipment. The goods and materials are required to be arranged in order for which sortation conveyor system is one of best equipment used in the sector.
Shipping is the major application in the material handling equipment market. The growing e-commerce attributed with the features such as online shopping with fastest on door product delivery are gaining traction from wide population. The products in warehouse and storage space need to be packaged properly and arranged section wise to initiate the fastest shipping and distribution that is increasing the demand of equipment which will led to progression with CAGR of 8.10% through to end period.
Material Handling Equipment Market: Growth Drivers
· Enhancement in the automation and productivity will help to drive the material handling equipment market.
· Rising Labor cost and safety concerns, various industries are choosing the equipment to improve work efficiency and time reduction are some factors driving the material handling equipment market.
· The growing need for efficient material flow are demanding automated operations that is responsible for growing research and innovation in the material handling equipment market.
· The growing demand for forklifts vehicles and other manageable tools from construction, e-commerce and retail are helping to continue the substantial progress in the material handling equipment market.
Radio frequency identification (RFID) are improving the warehouse structure and hence the supply chains processes. RFID tag enables decentralized autonomous control. RFID are used in monitoring and controlling the flow of goods, use of this equipment also reduce time consumption by reducing product transfer time. Various consumer and industrial benefit associated with thus device is gaining major popularity in the material handling market.
The increasing innovations in material handling market has led to image-based bar code scanning for inbound and outbound logistics, the improving service of the e-commerce orders in term of speed requires the accuracy to avoid wrong product delivery. The demand for image based scanning are influencing the material handling equipment market.
The mobile-based tracking tool is the great invention from the manufacturer. All the products presents in the warehouse contains bar code. Mobile-based software connected with all the equipment and smart assets are used for real time insights and alerts. The easy to use and track mobile app are enhancing the growth of smart equipment in the material handling equipment market.
Integration of telematics solutions and tracking sensors into products is estimated to boost the market in near future.
Increasing innovation in the product lifting vehicles with sensor based technology is booming the demand for forklifts which is catapulting the material handling equipment market.
Material Handling Equipment Market: Challenge
The loading vehicle such as forklift used in material handling industry offers various uses but due to manual controlling every year around thousands of fatal accidents are registered that includes crushed by vehicle tipping over, run over by forklift and others. Fatal accidents causes labor/ employer with some serious injuries. Safety is one of the major challenge in the material handling equipment market. It becomes very important to find solutions to overcome the challenges. The sensor based forklifts are one of the innovation that can help. Moreover, implementing forklift safety programs and providing training can prevent or reduce the cases of fatal accidents indoor and outdoor.
Material handling Equipment Market: Key Players
Some of the major players in the material handling equipment are Liebherr Group, KION Group AG, Jungheinrich AG, Viastore Systems GmbH, Eisenmann AG, Columbus McKinnon Corporation, Crown Equipment Corporation, Hytrol Conveyor Co., Inc, Xuzhou Heavy Machinery Co., Ltd and Toyota Industries Corporation.
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the material handling equipment market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of Material Handling Equipment market, and its segmentation on the basis of Product Type includes conveying equipment, hoist, cranes and monorail.
Handling Equipment Market Report: Industry Coverage
The report analyses the product demands by the Material Handling Equipment Market on the basis of end-user industry that includes Aerospace, Agriculture, Air Cargo and Construction. The Material Handling Equipment market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
Questions Addressed in the Material Handling Equipment Market Report
Is the market demand for Material Handling Equipment growing? How long will it continue to grow and at what rate?
Which type of Material Handling Equipment presents the major growth opportunities?
Is there a possibility for change in the market structure over time?
Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
What are the short-term, long-term, and medium-term growth drivers for the market?
What are the short-term, medium-term, and long-term challenges for the market?
What are the short-term, medium-term, and long-term opportunities for the market
Who are the top players/companies of the market?
What are the recent innovations in the market?
How many patents have been filed by the leading players?
What are the types of patents filed by the leading players?
What is our Vision 2030 for Material Handling Equipment market?
Few Focus Points Of This Research Are Given Below: