Material Handling Equipment Market Size - By Product (Storage & Handling Equipment, Industrial Trucks, Bulk Material Handling Equipment, Robotics, Automated Storage & Retrieval System), Application, Type, Regional Outlook & Forecast, 2024 - 2032

Material Handling Equipment Market Size - By Product (Storage & Handling Equipment, Industrial Trucks, Bulk Material Handling Equipment, Robotics, Automated Storage & Retrieval System), Application, Type, Regional Outlook & Forecast, 2024 - 2032

Material Handling Equipment Market Size

Material Handling Equipment Market size was valued at USD 168 billion in 2023 and is estimated to register a CAGR of over 5.5% between 2024 and 2032. The growing e-commerce and logistics sectors across the globe are propelling the market. The increasing need for efficient order fulfillment, quick delivery, and streamlined warehouse operations is fueling the demand for advanced handling solutions.

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According to the U.S. Department of Commerce, retail e-commerce sales for the third quarter of 2023 amounted to USD 284.1 billion, a 2.3% increase from the second quarter of 2023. As companies are investing in automation and innovative technologies to meet consumer demand, the market is expanding to cater to the evolving needs of the thriving e-commerce and logistics industries in the region.
 

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The expanding material handling equipment market is driven by heightened technological innovations and increased automation in manufacturing processes. As industries embrace advanced technologies, such as robotics and smart systems, the demand for efficient material handling solutions rises, leading to substantial market growth of material handling equipment.

For instance, in October 2023, HD Hyundai expanded its lineup of cutting-edge equipment by introducing electric forklifts with capacities of 2.5 tons and 3.0 tons. It also launched the Global HX Series of 50-ton Class Excavators, which caters to heavy-duty mining applications, and the SMART Plus Series, which includes 8-ton, 14-ton, and 15-ton excavators, focusing on the infrastructure sector.

The material handling equipment market is facing challenges due to the lack of awareness regarding the equipment operation. Many end users may not fully comprehend the advanced functionalities and optimal usage of modern equipment, hindering their efficiency. This can result in suboptimal performance, increased downtime, and potential safety risks. Overcoming this challenge requires targeted education and training programs to enhance user awareness, ensuring the proper utilization of material handling equipment for improved operational outcomes and safety standards.

Material Handling Equipment Market Trends

Automation integration is an emerging trend in material handling equipment that involves the increased incorporation of robotics and automated technologies. This transformation aims to boost operational efficiency by minimizing manual intervention, leading to faster and more precise handling of materials. This trend aligns with the industry's pursuit of streamlined processes, increased throughput, and improved overall operational performance, driving a shift toward advanced & technology-driven solutions in the market.

For instance, in September 2023, Mitsubishi Logisnext Americas and Jungheinrich collaboratively introduced Rocrich AGV Solutions, providing mobile automation offerings for warehouses and production facilities. This joint venture leverages advanced technology to offer Automated Guided Vehicles (AGVs) that enhance efficiency, streamline logistics, and optimize material handling processes in a wide range of industrial settings.

IoT connectivity is an emerging trend in material handling operations and involves the wide adoption of IoT technologies. This facilitates real-time monitoring, enabling companies to track equipment performance, usage patterns, and the overall operational efficiency. Predictive maintenance is enhanced through the data collected by IoT, allowing timely identification of potential issues and reducing the downtime. Data-driven decision-making becomes integral as businesses leverage insights derived from connected devices, optimizing material handling processes for improved reliability and cost-effectiveness in the dynamically evolving landscape of the industry.

Material Handling Equipment Market Analysis

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Based on the type, the manufacturers segment held over 60% of the market share in 2023, as industries undergo technological transformations. Manufacturers, seeking heightened operational efficiency and automation, boost the demand for advanced handling solutions. Increased production and evolving supply chain dynamics contribute to the expansion of material handling equipment in this segment. As manufacturers embrace innovations for enhanced productivity, the market anticipates substantial growth, reflecting the pivotal role of material handling equipment in modern manufacturing processes.

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Based on the application, the Third-Party Logistics (3PL) segment accounted for 40% of the material handling equipment market share in 2023, due to the increasing reliance on outsourcing logistics functions. As businesses focus on core competencies, the demand for efficient material handling solutions rises. 3PL providers play a pivotal role in optimizing supply chain operations, necessitating advanced equipment for warehousing, transportation, and distribution. This anticipated growth reflects a strategic shift toward outsourcing logistics activities, boosting the demand for material handling equipment in the 3PL segment.

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Asia Pacific material handling equipment market was over 30% of the revenue share in 2023, attributed to expanding industrialization, rapid infrastructure development, and increasing e-commerce activities. The region's robust manufacturing sector, coupled with the rising demand for efficient logistics and supply chain solutions, propels the need for advanced material handling equipment. For instance, in December 2023, DHL Express revealed its newly expanded hub in Hong Kong. The enhanced facility will strengthen DHL's operational capabilities, improve processing efficiency, and accommodate the growing demand for express logistics services in the dynamic and strategic Asia Pacific region.

Material Handling Equipment Market Share

Toyota Industries Corporation and Kion Group AG hold a significant revenue share in the market. Toyota Industries Corporation focus on continuous innovation and developing advanced material handling solutions to meet evolving customer needs.

KION has pursued a growth strategy through strategic acquisitions and partnerships to expand its product portfolio and global reach. Acquiring companies like Dematic to strengthen its presence in the automation and supply chain solutions market and forming partnerships to enhance technological capabilities.

Material Handling Equipment Market Companies

Major companies operating in the material handling equipment industry are

• Crown Equipment Corporation
• Daifuku Co., Ltd.
• Fives Group
• Hyster-Yale Materials Handling, Inc
• JBT Corporation
• Jungheinrich AG
• Kardex AG
• KION Group AG
• KUKA AG
• Liebherr Group
• Mitsubishi Caterpillar Forklift America, Inc.
• Murata Machinery, Ltd.
• SSI Schaefer Group
• System Logistics SPA
• TGW Logistics Group Gmbh
• Toyota Industries Corporation
   

Material Handling Equipment Industry News

• In April 2023, Godrej RenTRUST, a business under Godrej & Boyce, unveiled India's first safety app for material handling. This innovative solution is designed to enhance safety measures in warehouse operations. The app provides real-time safety alerts, preventive measures, and essential guidelines, contributing to a safer and more secure material handling environment in India.

The material handling equipment market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments

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Market, By Product

• Storage and handling equipment
• Racks
• Stacking frames
• Shelves, bins, and drawers
• Mezzanines 
• Industrial trucks
• Automated Guided Vehicles (AGVs)
• Hand, platform & pallet trucks
• Order pickers
• Pallet jacks
• Side-loaders
• Walkie stackers
• Bulk material handling equipment
• Conveyor belts
  • Case conveyors
  • Pallet conveyors
• Stackers
• Reclaimers
• Elevators
• Others
• Robotics
• Autonomous Mobile Robots
• Cobots
• Scara robots
• Industrial robots
• Others
• AS/RS
• Unit-load AS/RS
• Mini-load AS/RS

Market, By Application

• 3PL
• E-commerce
• General merchandise
• Food retail
• Food & beverage
• Manufacturing
• Durable
• Non-durable

• Pharmaceutical/Healthcare

Market, By Type

• Manufacturers
• Distributors

The above information has been provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Sweden
  • Poland
  • Finland
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Malaysia
  • Vietnam
  • Thailand
  • Taiwan
  • Singapore 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Chile
  • Colombia
  • Peru
  • Bolivia
• MEA
  • South Africa
  • GCC