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Material Equipment Market To Reach USD 51.77 Billion By Year 2032

Material Equipment Market Size Was Valued at USD 5.3 Billion in 2023, and Projected to Reach USD 8.29 Billion by 2032, Growing at a CAGR of 5.1 % From 2024-2032.

11-07-2024
shashidhar kotian
Manufacturing and Construction
Pristine Intelligence LLP

According to a new report published by Pristine Intelligence, titled, “Material Equipment Market by Equipment Type and End-User: Global Opportunity Analysis and Industry Forecast, 2024–2032,” Material Equipment Market Size Was Valued at USD 5.3 Billion in 2023, and Projected to Reach USD 8.29 Billion by 2032, Growing at a CAGR of 5.1 % From 2024-2032. Material handling equipment encompasses a wide array of tools and machinery utilized across commercial and industrial settings to streamline the movement, storage, and organization of materials. Key components include forklifts, conveyor belts, shelves, and advanced technologies like autonomous mobile robots (AMRs). These systems are pivotal in enhancing operational efficiency by automating tasks that traditionally require significant manual effort, thereby optimizing time and cost savings.

One critical application of material handling equipment is in warehouses and distribution centers. Here, tools such as shelves, storage racks, and mezzanines play a crucial role in efficiently storing and organizing inventory. This infrastructure simplifies inventory management procedures, facilitates rapid retrieval of goods, and maximizes storage space utilization. Industrial vehicles like forklifts, order pickers, and pallet jacks further enhance efficiency by swiftly and securely transporting materials within facilities, whether loading pallets onto shelves or moving inventory across expansive warehouse floors.

According to the global Material Equipment market analysis, the market is divided by Equipment Type and End-User, and geographical division. By Material Equipment Type, the market is categorized into Conveying Equipment, Industrial Trucks & Lifts, Hoists, Cranes & Monorails, Automated Material Handling Equipment, and Others. By End-User, the market is categorized into Aerospace, Agriculture, Air Cargo, Automotive, Building and Construction, and Others. By geography, it includes North America, Europe, Asia-Pacific, and LAMEA markets. Further, the report also covers the strategies adopted by key market players to sustain a competitive environment and increase their market share.

The material handling equipment market is witnessing significant global growth due to widespread automation adoption, enhancing operational efficiency and productivity across various sectors like manufacturing and logistics. Automated systems reduce reliance on manual labor, minimizing errors and ensuring consistent handling procedures. They also optimize warehouse space through systems like AS/RS and robotic palletizers, maximizing vertical storage efficiency and improving inventory management.

The expansion of manufacturing and logistics sectors further fuels demand for material handling equipment (MHE). Technologies such as conveyors, forklifts, AGVs, and robotics are pivotal in streamlining material flow, cutting labor costs, and meeting the demands of e-commerce and international trade. These advancements not only boost efficiency but also drive innovation in eco-friendly designs and data-driven operational enhancements, ensuring competitiveness in dynamic market environments.

Global Material Equipment Market, Segmentation

The Material Equipment market is segmented based on Equipment Type, End-User, and region.

Equipment Type:

The Equipment type segment is further classified into Conveying Equipment, Industrial Trucks & Lifts, Hoists, Cranes & Monorails, Automated Material Handling Equipment, and Others. Among these, the Industrial Trucks & Lifts sub-segment accounted for the highest market share in 2023. Industrial trucks and lifts, crucial in material handling equipment, encompass a variety of vehicles like forklifts, pallet jacks, and order pickers. They are essential across industries for efficiently moving materials within buildings, storage areas, and shipping facilities. Forklifts handle heavy loads over short distances in factories and distribution centers, while pallet jacks facilitate the swift movement of palletized goods in retail and wholesale settings. Order pickers enhance efficiency by accessing items from high storage shelves, vital in modern warehouses optimizing space. Together, these tools streamline supply chain operations, reduce labor costs, and enhance overall efficiency, underscoring their pivotal role in the market.

Application:

The application segment is further classified into Aerospace, Agriculture, Air Cargo, Automotive, Building and Construction, and Others. Among these, the Building and Construction sub-segment is anticipated to show the fastest growth by 2032. Material handling equipment (MHE) plays a crucial role in the construction industry by facilitating the efficient movement of heavy materials like steel beams and concrete blocks. Equipment such as cranes, forklifts, and conveyor systems enhance productivity and safety on construction sites, reducing manual labor and minimizing worker fatigue and injury risks. With the industry's growing complexity, there's an increasing demand for advanced solutions like automated guided vehicles (AGVs) and robotic arms integrated with telematics, driven by regulatory compliance and the need for efficiency in modern construction practices.

Region:

The Material Equipment market in Asia-Pacific is projected to show the fastest growth by 2032. The Asia Pacific region is experiencing robust growth in the Material Handling Equipment (MHE) market due to rapid industrialization, urbanization, and significant investments in logistics infrastructure. Countries like China, Japan, India, and South Korea are leading this expansion, driven by strong manufacturing sectors and increasing demand from e-commerce and industrial automation. Government initiatives and technological advancements further bolster the region's position as a global leader in MHE, emphasizing efficiency improvements across various industries.

Some of The Leading/Active Market Players Are-

  • Hyster-Yale Materials Handling Inc (U.S.)
  • Crown Equipment Corporation (U.S.)
  • Honeywell International Inc (U.S.)
  • JBT Corporation (U.S.)
  • Mitsubishi Caterpillar Forklift America Inc (U.S.)
  • Schaefer System International Ltd. (Germany)
  • Beumer Group (Germany)
  • Jungheinrich AG (Germany)
  • Kion Group AG (Germany)
  • Swisslog Holding AG (Switzerland) and Other Active Players

Key Industry Developments

  • In March 2024, Lonestar Forklift announced the strategic acquisition of Permian Machinery Movers, expanding its reach across Texas. Permian Machinery, a longstanding regional dealership based in Odessa and El Paso, Texas, was officially acquired, solidifying Lonestar Forklift's position as a comprehensive material handling service provider in the state.
  • In February 2024, Big Lift LLC announced that it had completed the acquisition of ePicker LLC, a rapidly expanding provider of material handling equipment based in Fort Worth, Texas. ePicker had developed a robust network of leading material handling distributors who marketed its range of electric pallet jacks, stackers, access vehicles, and lithium-ion-powered forklifts throughout North America.

Key Findings of the Study 

  • Building and Construction held the major share of the market accounting for nearly 45.98 % of the total Material Equipment market.   
  • The APAC region is expected to continue to lead the market followed by North America during the forecast periods.
  • Material Equipment Market Size Was Valued at USD 5.3 Billion in 2023 and is Projected to Reach USD 8.29 Billion by 2032, Growing at a CAGR of 5.1 % From 2024-2032.
  • Material Equipment Market Size Was Valued at USD 5.3 Billion in 2023 and is Projected to Reach USD 8.29 Billion by 2032, Growing at a CAGR of 5.1 % From 2024-2032.
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