The material handling equipment market size is anticipated to reach USD 46.2 billion by 2027 growing at a CAGR of 6.6% from 2021 to 2027 according to a new study published by Report Ocean.
The report ‘Material Handling Equipment Market Size By Type (Storage & Handling Equipment, Industrial Trucks, Bulk Material Handling Equipment, Others); By Application (Assembly, Storage, Packaging, Transportation, Others); By End-User (Automotive, Electronics, Chemical, Pharmaceutical, Aviation, Others); and By Region]’ Segments and Forecast 2021– 2027’ provides insights on the current market scenario and the future prospects.
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In 2018, the industrial trucks segment dominated the global market, in terms of revenue. Europe is expected to be the leading contributor to the global market in 2017. There has been an increase in adoption of material handling equipment across the world owing to growing manufacturing industry. The increasing need for efficient warehouse operations, and increasing automation of manufacturing processes further supports the market growth. Other factors driving the growth of this market include growth in the global automotive industry, reduced availability and high labour costs. Also, increasing demand of material handling equipment in chemical, pharmaceutical, electronics, and food and beverage industries has created the need to develop new innovative products for diversified application areas in these sectors. However, high initial investment might restrict the growth of material handling equipment market. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the market during the forecast period.
The global Material Handling Equipment industry is segmented on the basis of type, application, end-user, and region. Based on the type, the market is segmented into storage & handling equipment, industrial trucks, bulk material handling equipment, and others. The application segment is divided into assembly, storage, packaging, transportation, and others. The end-users scope includes automotive, electronics, chemical, pharmaceutical, aviation, and others.
During 2018, Europe generated the highest revenue in the Material Handling Equipment market. The increasing automation in the manufacturing sector, and the established automotive industry drive the growth of this market in Europe. Government encouragement and related strict regulations to implement operator safety measures are driving the companies towards material handling systems for operating hazardous materials. Moreover, increasing investments and subsidies by governments are expected to boost the adoption of material handling equipment in this region. The need to improve efficiency and productivity along with increased industrialization and automation further supplements market growth. Asia-Pacific is expected to grow at the highest CAGR in during the market during the forecast period.
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The COVID-19 pandemic in 2019 engulfed the world. It caused a worldwide halt. The entire global economy was affected. In addition, many people have also lost their lives. Around 252,297,094 cases and 5,091,465 deaths have been reported worldwide so far for COVID-19. The pandemic spread to almost every country in the world. In most industries, the pandemic resulted in some form of loss. As a result of the pandemic, the Material Handling Equipment Market also experienced a slowdown. Statista estimates that the Material Handling Equipment Market total worldwide revenue stood at approximately US$ 3.94 trillion in 2019. In 2014, the Material Handling Equipment Market generated revenues of US$ 5.4 trillion at a record high.
The degree of competition among prominent global companies has been developed by analyzing several leading competitors operating globally. In addition, specialist analysts examine various aspects of the Material Handling Equipment Market, including market competition, market share, the most recent advancements in the industry, innovative product launches, partnerships, mergers, and acquisitions by leading companies.
The Material Handling Equipment Market report also includes a section for profiles of key companies in this market. Some of the key vendors profiled in this report include Daifuku Co., Ltd., KUKA AG, Dematic GmbH & Co., Crown Equipment Corporation, Clark Material Handling Company, Columbus McKinnon Corp., Beumer Group GmbH, Kion Group, Intelligrated, Inc., SSI Schaefer
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Report Ocean has segmented the global material handling equipment market on the basis of type, application, end user, and region:
Material Handling Equipment by Type Outlook (Revenue, USD Million, 2021 – 2027)
Material Handling Equipment by Application Outlook (Revenue, USD Million, 2021 – 2027)
Material Handling Equipment by End User Outlook (Revenue, USD Million, 2021 – 2027)
Material Handling Equipment by Region Outlook (Revenue, USD Million, 2021 – 2027)
What are the key findings of the report?
This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
The report offers the current state of the market and future prospects for various geographical regions.
This report provides both qualitative and quantitative information about the competitive landscape of the market.
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