Material Handling Equipment market size worth $46.2 billion by 2026

By OEM Update Editorial April 10, 2020 3:18 pm IST

The global material handling equipment market size is anticipated to reach USD 46.2 billion by 2026 growing at a CAGR of 6.6 percent from 2019 to 2026 according to a new study published by Polaris Market Research. In 2018, the industrial trucks segment dominated the global market, in terms of revenue. Europe is expected to be the leading contributor to the global market in 2017. There has been an increase in adoption of material handling equipment across the world owing to growing manufacturing industry. The increasing need for efficient warehouse operations, and increasing automation of manufacturing processes further supports the market growth. Other factors driving the growth of this market include growth in the global automotive industry, reduced availability and high labour costs. Also, increasing demand of material handling equipment in chemical, pharmaceutical, electronics, and food and beverage industries has created the need to develop new innovative products for diversified application areas in these sectors. However, high initial investment might restrict the growth of material handling equipment market. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the market during the forecast period.

The global Material Handling Equipment industry is segmented on the basis of type, appli-cation, end-user, and region. Based on the type, the market is segmented into storage and handling equipment, industrial trucks, bulk material handling equipment, and others.

The application segment is divided into assembly, storage, packaging, transportation, and others. The end-users scope includes automotive, electronics, chemical, pharmaceutical, aviation, and others.

During 2018, Europe generated the highest revenue in the Material Handling Equipment market. The increasing automation in the manufacturing sector, and the established au-tomotive industry drive the growth of this market in Europe. Government encouragement and related strict regulations to implement operator safety measures are driving the com-panies towards material handling systems for operating hazardous materials. Moreover, increasing investments and subsidies by governments are expected to boost the adoption of material handling equipment in this region. The need to improve efficiency and productivity along with increased industrialisation and automation further supplements market growth. Asia-Pacific is expected to grow at the highest CAGR in during the market during the forecast period.