Material Handling Equipment Market Is Estimated To Witness High Growth Owing To Growing Demand From E-commerce Industry

The Material Handling Equipment Market is estimated to be valued at US$ 228.33 Bn in 2024 and is expected to exhibit a CAGR of 6% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights’The growth of the material handling equipment market is majorly driven by the growing demand from the e-commerce industry worldwide.

In addition, increasing industrial manufacturing activities have augmented the need for efficient material movement within the facilities. This has significantly contributed to the sales of equipment such as automated storage and retrieval systems, unit load material handling systems, and bulk material handling systems in industries.

Key Market Trends: Adoption of automated guided vehicles is one of the prominent trends witnessed in the global market. AGVs help automate intralogistics processes within the warehouses by transporting materials between departments or stations without any human intervention. They improve operational efficiency and optimize space utilization. Integration of Internet of Things (IoT) is another key trend, as IoT enabled systems facilitate asset tracking and monitoring throughout the supply chain. Equipment manufacturers are focusing on developing smart material handling systems integrated with IoT and analytics for predictive maintenance and remote diagnostics.

Material Handling Equipment Market Opportunities: Conveyor systems segment held the largest market share in 2019 owing to its application across various industries for transportation of material within facilities. Conveyor systems help in smooth movement of materials from one stage to another in the production line with minimal manual efforts and cost effectiveness. Advancements in conveyor technology along with integration of automation is further expected to drive its demand over the forecast period.

Automated storage and retrieval systems segment is anticipated to witness highest growth over the forecast period. Automated storage and retrieval systems help in optimal utilization of warehouse space and minimize operational costs for the organizations. Rising initiatives towards development of fully automated warehouses is propelling the demand for automated systems. Integration of technologies such as robotics, artificial intelligence and IoT is revolutionizing automated storage solutions.

Key Market Takeaways: The global material handling equipment market size is projected to reach USD 228.33 Billion by 2031 from USD 130.54 Billion in 2024, registering a CAGR of 6% during the forecast period. Growth of the e-commerce industry coupled with rising investments towards automation of warehouses and distribution centers is propelling the market growth.

Based on product type, conveyor systems segment held the highest share in 2019. Continuous technological advancements along with integrations of automated solutions are expected to drive the conveyor systems demand over the forecast period.

By application, automobile industry segment accounted for the largest share in 2019 owing to widespread use of material handling equipment across automotive production and assembly lines.

North America dominated the regional segment in 2019 led by robust presence of key industry participants and high industrialization rate.

Competitor Insights:Key market players operating in the industry include BEUMER Group., Mecalux S.A., Vanderlande Industries, Dematic, Honeywell Intelligrated, Daifuku Co. Ltd., Swisslog Holding AG, Columbus McKinnon Corporation and Hytrol Conveyor Company, Inc. Companies are focusing on new product launches and mergers & acquisitions for market penetration.

Recent Developments: In June 2023, a leading German intralogistics company launched its new generation of driverless transport vehicles that uses advanced navigation technologies like lidar, cameras, and high-definition maps to maneuver safely within facilities without the need for wires, tape, or magnets on the floor. Another US-based supplier debuted an AI-powered goods-to-person system featuring robotic Pick-by-Vision technology, which can identify, locate, and select products much faster than traditional picker-to-part systems. Such cutting-edge automated solutions are expected to see heightened demand going forward as companies look to gain competitive advantages through Industry 4.0 technologies. More information in full report.