July 25, 2022 08:43 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, July 25, 2022 (GLOBE NEWSWIRE) -- The global material handling equipment market size was USD 206.50 billion in 2021. The market is projected to grow from USD 216.18 billion in 2022 to USD 319.63 billion by 2029 at a CAGR of 5.7% during the 2022-2029 period. Fortune Business Insights™ publishes this information in a report titled, "Material Handling Equipment Market, 2022-2029". As per the report, the market is projected to grow during the projected period due to increasing awareness regarding water-borne diseases.
Supply Chain Disruptions Amid Pandemic Hampered Market Growth of Material Handling Equipment
The COVID-19 pandemic affected several industries globally. The disruptions in the supply chain and interrupted manufacturing operations affected the material handling equipment market growth during the pandemic. Also, governments imposed stringent restrictions on import/export activities and instructed employees to work at 50% capacity, which hampered the overall business performance during the initial lockdown phase.
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Transport Equipment Segment to Dominate Market Due to Durability
By equipment type, the market is categorized into transport equipment, positioning equipment, storage equipment, and others (unit load formation equipment, identification, and control equipment). Transport equipment is further divided into sub-segments such as conveyors (roller, chain, wheel, vertical belt, screw conveyor, and inclined belts), cranes (jib cranes, bridge cranes, gantry cranes, hammerhead, telescopic, and crawler), industrial trucks (hand trucks, pallet trucks, lift truck, and others), hoppers, and reclaimers. The positioning equipment segment is sub-segmented into dock levelers, hoist, and others. The storage equipment segment is further segregated into an automatic storage/retrieval system, selective pallet rack, and others.
Construction Industry to Dominate Market Due to Rising Reconstruction Activities
Based on industry, the market is divided into consumer goods & electronics, automotive, food & beverages, pharmaceutical, construction, mining, semiconductor, and others. The construction industry is expected to lead the market due to increasing reconstruction activities and developing economies.
Geographically, the market share is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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The report highlights well-researched data regarding the current market scenario and the latest trends adopted by the companies to enhance their business performance. Also, the drivers and restraints affecting the market growth during the forecast period are discussed further in this report. The pre and post-pandemic impacts on market expansion are mentioned further along with the leading players in the global market. Furthermore, regional insights on segmented market areas are given further in this report.
Increasing E-commerce & Logistics to Bolster Market Growth
The market is expected to gain momentum during the projected period due to various industries' surging robotics and process automation. Also, increasing e-commerce and logistics industries is anticipated to bolster the market growth in the coming years. Furthermore, increasing the adoption of online shopping and changing consumer preferences are major growth factors.
However, high initial costs associated with purchasing and maintaining may hinder market growth.
Material Handling Equipment Market: Report Scope & Segmentation:
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Asia Pacific Dominates Global Market Due to Emerging Construction Activities
Asia Pacific is expected to exhibit a higher CAGR during the forecast period due to the increasing development in construction activities in developing countries. Also, the regional market registered USD 89.35 billion in 2021. The region is expected to dominate the global material handling equipment market share in the coming years.
North America holds the second-largest market share due to the presence of leading market players in the industry, which is expected to fuel the regional market growth.
New Product Launch Allow Companies to Propel Growth
The key market players focus on expanding their business globally by implementing various business growth strategies. These strategies include forming strategic alliances and acquiring supporting companies. Also, implementing innovative product development ideas to launch new product allow companies to attract customers.
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List of Key Players Profiled in the Report:
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