Material Handling Equipment Market to hit $250 Bn by 2032

In material handling equipment market, there has been a gradual shift away from forklift trucks powered by internal combustion engines to cleaner alternatives.

The Material Handling Equipment Market is expected to cross a valuation of USD 250 billion by 2032, according to the latest research report, published by Global Market Insights Inc. The electric forklifts are gaining traction, due to growing environmental concerns associated with conventional diesel-based, which is anticipated to boost the demand for sustainable material handling systems worldwide.

There has been a gradual shift away from forklift trucks powered by internal combustion engines to cleaner alternatives. This trend will encourage the industry manufacturers to expand their portfolio of electric-powered warehousing solutions. Likewise, the rising emphasis on improving energy efficiency and cost reduction will also promote the use of forklifts and other material handling solutions.

Growing adoption of robot-based material handling solution
The material handling equipment market value from the robotics product type is anticipated to be worth over USD 30 billion by 2032, owing to the increasing dependence on automation solutions across the industrial sector. In the logistics industry, the integration of advanced technologies, including IoT and big data analytics, is changing the way businesses manage and meet operational requirements. The robot-based material handling systems have achieved adhesion in manufacturing facilities to enhance productivity and efficiency. The rapid implementation of innovative tech will therefore stimulate the usage of these systems.

Increasing use of mechanical equipment in e-commerce warehouses to reduce delivery time
The industry size from the e-commerce application segment is expected to register 5.5 percent CAGR from 2023 to 2032. The modernisation of e-commerce warehousing centers to enhance operations is creating significant demand for efficient material handling solutions. Online service providers are also focusing on reducing delivery times for improving customer experience. These factors will further escalate the espousal of high-quality material handling equipment in distribution centers and storage facilities to streamline logistic operations.

Collaborative initiatives to support the growth opportunities for distributors
The distributor segment accounted for around 25 percent of the material handling equipment market share in 2022. Distributors have been entering long-term partnerships with key manufacturers to help expand their reach to a wider audience. Manufacturers have also co-operated with equipment distributors to serve key regional economies and increase product availability. The escalating investment in manufacturing facility expansion projects will therefore accelerate material handling equipment sales globally.

APAC to emerge as a lucrative revenue pocket for industry suppliers
Asia Pacific material handling equipment market is poised to observe 7 percent growth through 2032. This is credited to the ongoing development of industrial and manufacturing sectors in countries such as Japan, India, and China. With factory operations expanding steadily, the need for this equipment for efficient storage and good transfer throughout production services will rise. Moreover, with the surge in e-commerce sales, the demand for material handling equipment in warehouses will surge in the region.

Product launch initiatives by leading participants to influence competitive landscape
The material handling equipment market comprises of companies such as Beumer Group GmbH & Co. KG, Toyota Industries Corporation, Crown Equipment Corporation, JBT Corporation, Hyster-Yale Materials Handling, Inc., KUKA AG, Mecalux S.A, Murata Machinery, Ltd., MTGW Logistics Group GmbH, and Viastore Systems GmbH, among others. These firms are focusing on new product launches and other strategies to expand their presence in the industry.

For instance, in October 2022, Toyota Material Handling unveiled the upgraded version of its 3-Wheel Electric Forklift. The latest updates included increased standards on versatility with over 30 advances, including onboard programming and diagnostics, better ergonomics, and operator assistance. This product range expansion will help it reinforce its presence in the global market.