Pune, Oct. 15, 2020 (GLOBE NEWSWIRE) -- The global material handling equipment market size is expected to reach USD 320.90 billion by 2027 owing to the increasing adoption of automation services and the growing automotive sector across the globe. Fortune Business Insights, in its latest report, titled, “Material Handling Equipment Market Size, Share & COVID-19 Impact Analysis, By Equipment Type (Cranes & Lifting, Industrial Trucks, Continuous Handling, Racking & Storage), By Operations (Assembly, Distribution, Transportation, Others), By Industry (Consumer Goods & Electronics, Automotive, Food & Beverages, Pharmaceutical, Construction, Mining, Semiconductors, Others), and Regional Forecast, 2020-2027.”, observes that the market stood at USD 211.76 billion in 2019 and is likely to exhibit a CAGR of 5.4% between 2020 and 2027.
Manufacturing Operations Suffer Downfall amid COVID-19
The global pandemic has led to complete shutdown of manufacturing activities owing to the lockdown imposed by the government agencies to contain the spread of the disease. This has further led to the disruption in supply chains that has negatively impacted the growth of the market. However, joint efforts from the government and the manufacturers to bring the economy back on track will boost the demand for material handling equipment in manufacturing processes across several industries globally.
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Material handling equipment is a type of equipment specially designed to move, store, control, and protect goods, materials, and products across industries. They ensure efficient and accurate functioning of processes that involve the handling of the goods right from manufacturing to distribution. In addition to this, the companies adopt sophisticated material handling systems across warehouses to ensure proper inventory management and control.
What does the Report Include?
The market report includes a detailed assessment of various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
Increasing Adoption of Automation in Manufacturing to Aid Growth
The growing competition among global businesses and the increasing demand for efficient solutions is propelling the manufacturers to adopt automation solutions. In order to reduce operating costs and lead times, the companies are developing innovative material handling equipment to cater to the evolving business demands. Automated companies take less time to complete several processes with far better proficiency and accuracy and are further being adopted across several industrial applications such as automotive, aerospace, and manufacturing. These factors are expected to contribute to the growth of the global material handling machinery market during the forecast period.
Cranes & Lifting Equipment Held 46.5% Market Share in 2019 Owing to Increasing Residential Construction Projects
The cranes & lifting equipment segment, based on equipment, held a market share of about 46.5% in 2019 and is anticipated to showcase an exponential growth owing to the increasing residential and commercial construction projects across the globe.
Increasing Adoption of Advanced Material Handling Solutions in Asia-Pacific to Stoke Demand
Among all the regions, Asia-Pacific is expected to remain dominant and hold the highest position in the global material handling equipment market during the forecast period. This dominance is attributable to the increasing adoption of advanced material handling equipment solutions such as automation across manufacturing and automotive processes in the region.
North America is anticipated to showcase a significant growth in the forthcoming years. This is ascribable to the surging sales experienced by the e-commerce industry that drives the demand for automated warehouses for efficient handling of products and commodities in the region between 2020 and 2027.
Major Companies Focus on Acquisition to Consolidate Their Market Positions
The global material handling machinery market provides lucrative growth opportunities that are being leveraged by the major companies present in the market. They are focusing on acquiring other material handling equipment manufacturers to expand their product portfolio and further strengthen their positions in the fiercely competitive global marketplace. The other key players are adoption strategies such as partnership and collaboration to maintain their presence that is anticipated to contribute to the growth of the market in the forthcoming years.
- September 2020 – Gorbel Inc. announced the acquisition of Engineered Lifting Systems (ELS) & Equipment Inc., a leading manufacturer of material handling equipment in Ontario, Canada. This acquisition is aimed at adding ELS’s products to the overhead lifting solutions provided by Gorbel and further amplifying its position in the market.
List of the Companies Profiled in the Global Material Handling Equipment Market:
- Liebherr Group (Bulle, Switzerland)
- Manitowoc (Wisconsin, United States)
- Columbus McKinnon Corporation (New York, United States)
- BEUMER GROUP (Beckum, Germany)
- KION GROUP AG (Frankfurt, Germany)
- TOYOTA INDUSTRIES CORPORATION. (Aichi, Japan)
- Eisenmann SE (Böblingen, Germany)
- Crown Equipment Corporation (Ohio, United States)
- Daifuku Co., Ltd (Osaka, Japan)
- Hyster-Yale Materials Handling, Inc. (Ohio, United States)
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Detailed Table of Content:
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Material Handling Equipment Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Material Handling Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Equipment Type (Value)
- Cranes & Lifting Equipment
- Industrial Trucks
- Continuous Handling Equipment
- Racking & Storage Equipment
- By Operation (Value)
- By Industry
- Consumer Goods & Electronics
- Food & Beverages
- By Region (Value)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
- By Equipment Type (Value)
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