Material Handling Equipment Market Overview
Material handling equipment are commonly used in warehouses or manufacturing plants for various operations such as quick movement of goods or products, locating stock, preparing orders and localizing stock.
This has intensified the need for optimum utilization of equipment, demand for flexibility in warehouse operations, customer satisfaction and supply chain transparency.
In the coming years, vision guided robotics, to reduce excessive downtime at warehouses, growing automation and technology advancements in material handling equipment are driving the market for the global material handling equipment market.
However, the global material handling equipment market growth may be inhibited due to growing material handling equipment prices, rising steel prices and lack of skilled labor.
Automated Material Handling Equipment witness High Demand in Modern Industrial Applications
A majority of manufacturers in various industrial areas are highlighting the importance of their personnel and employees, which is triggering the use of automated material handling equipment.
Especially in manufacturing operations in hazardous environments, manufacturers are preferring minimal manual processes and more automation. This is expected to trigger the inclination towards automated material handling equipment, as a mounting number of end-use industries are exhibiting willingness to take advantage of automated material handling equipment.
While the rising trends of factory automation are contributing to the upsurge in demand for automated material handling equipment, their high installation costs continue to remain a hindrance.
Though this high-tech material handling equipment are replacing their traditional counterparts, small businesses in end-use industries are struggling to deal with the high maintenance and initial costs of adopting material handling equipment.
Manufacturers in the global material handling equipment market will have to implement a strategy to keep manufacturing costs under control and offer equipment for small end users in the coming years.
Taking Environmental Health and Safety to a New Level with Customization
The industrial growth has incurred negative impacts on the environment and ecosystem with the increasing air and water pollution and toxic emission of greenhouse gases.
Growing awareness about the environmental health and the impact of material handling equipment on it has triggered stakeholders in the material handling equipment market to implement new manufacturing technologies to mitigate the greenhouse gas emissions of their products,
A mounting number of new players in the global material handling equipment market are combining manual processes with the most advanced technologies to maintain a healthy balance of environmental health and safety.
Furthermore, through customization of technologies and other integral features of material handling equipment, market players are also trying to meet the industrial regulations and emission standards and help end users reduce their carbon footprint.
This is also expected to trigger a significant rise in the adoption of batteries and battery-based material handling equipment in various industrial areas in the coming years, which will further have a strong impact on market players’ strategies in the foreseeable future.
Manufacturers Offer Logistics and Material Handling Services for Vital Supplies Amids COVID-19 Pandemic
Though the pandemic has disrupted many industrial operations and overall economic growth of the business space, a majority of players in the material handling equipment market are improving the agility to offer services amidst this health crisis. While traditional end users are facing a glitch in operations, leading manufacturers and suppliers of material handling equipment are offering their services for the logistics and transportation of vital services and essential products.
Market players are also modifying their marketing and publicity campaigns to promote their take on customers’ safety as an integral part of the supply chain of essential supplies.
Manufacturers and service providers are also updating their safety standards and methods of cleaning their material handling equipment while conforming to local as well as global regulations. These strategies are expected to be adopted by a mounting number of market players in order to maintain a healthy revenue cycle during as well as post the pandemic.
Material Handling Equipment Market: Region-wise Analysis
The global material handling equipment market is broadly segmented into seven geographical regions - North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East & Africa. Currently, the market is witnessing impressive growth in the Asia Pacific region, as it is estimated to account for over one-third revenue share of the global material handling equipment market value.
The region is witnessing an upsurge in the adoption of automated technologies, and consequently, the demand for material handling equipment is majorly attributed to the increasing need for automation in operations to boost performance and efficiency of various business processes.
Furthermore, the region is also expected to trigger demand for material handling equipment majorly across its food & beverage industry, creating more lucrative opportunities for market players catering to this segment of the end-use industries in the market.
Material Handling Equipment Market: Competitive Landscape
Global material handling equipment market has key players mainly from North America, Western Europe, Japan and China. Some of the key players in this industry are
- Liebherr Group
- KION Group AG
- Jungheinrich AG
- Viastore Systems GmbH
- WITRON Logistik + Informatik GmbH
- Eisenmann AG
- Beumer Maschinenfabrik GmbH
- Jervis B. Webb Company
- Columbus McKinnon Corporation
- Crown Equipment Corporation
- Hyster-Yale Materials Handling,
- Hytrol Conveyor Co., Inc.
- Manitowoc Company, Inc.
- Xuzhou Heavy Machinery Co., Ltd.
- Toyota Industries Corporation.
In June 2020, Alta Equipment Group Inc. - a US-based industrial and construction equipment company - announced that it has entered a definitive agreement to acquire a US-based player in the material handling equipment market - PeakLogix.
The company also stated that the strategy behind this acquisition revolves around its agenda of expanding geographical footprint and growing its material handling business while improving profitability.
Another US-based Material handling equipment manufacturer - FMH Conveyors announced in June 2020 the acquisition of it has acquired Aftersort Truck Loaders - an Arkansas-based conveyor vendor. The company also announced that the acquisition is a part of its strategy to expand its offerings of truck loading products segment.
In the same month, ASGCO - a complete conveyor solutions company - announced that it will be moving its headquarters in Nazareth, Pennsylvania, to a newly purchased and the construction of the new facility is expected to complete in 2021.
The company also declared that it has purchased the land of around 19 acres (7.7 ha), that it is a strategic move to meet growing demand for its bulk material handling equipment and other services across the region.
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
Material Handling Equipment Market: Segment Analysis
The material handling equipment market can be segmented on the basis of the following:
- Conveying Equipment
- Industrial Trucks & Lifts
- Cranes & Monorails
- Automated Material Handling Equipment
- Air Cargo
- Building and Construction
- Electrical & Electronic Equipment
- Industrial Machinery
- Shipping Industry
- Postal/Express Delivery
- Other industries