Production Tools And Need For Higher Productivity Influencing The Demand For Material Handling Equipment Market
According to a new market research report published by Credence Research “Material Handling Equipment Market (by Equipment Type: Conveyors, Industrial Trucks & Forklifts, Cranes & Hoists, Pallets Racks & Shelves, Automated Equipment; by End-user Industries: Automotive, Manufacturing & Processing, Packaging, Transportation & Logistics, Oil & Gas, Building & Construction and Others (Agriculture, Glass, Chemicals, etc.)) – Growth, Future Prospects, and Competitive Landscape, 2018-2026”, the material handling equipment market was valued US$ 138.54 Bn in 2017 and estimated to grow with a CAGR of 5.5% during the forecast period from 2018 to 2026.
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Market Insights
The consumption rate of consumer goods has broken down all barriers and the trend is not expected to fall anywhere in the future due to the exponential growth of the global population. Supply-related industries and, in particular, manufacturing and distribution companies are forced to work 24 hours a year to meet their requirements. The mission is difficult without proper planning across all divisions, including material management and inventory control. As a result, material handling equipment across different industries plays a crucial role in overall productivity.
Many development methods, such as lean manufacturing, Gemba and 5S, and reliability tools, such as six sigma, have highlighted the importance of material handling equipment. Regardless of the item to the producer, manufacturing units around the globe have increased their profitability, quality and enhanced inventory control. Due to all of the factors mentioned above, the demand for material handling equipment reached a market value of more than US$ 130 billion and the expected growth to continue over the years to reach new levels.
The advent of robotics and automation has created a revolution in the market for material handling equipment. Advanced Integrated Computer Manufacturing and Artificial Intelligence has enabled concepts such as Automated Storage and Retrieval System (ASRS) and Automated Guided Vehicle (AGV) to become a reality. Technology allows exceptional precision and higher productivity while at the same time attenuating the likelihood of any mishaps. Upgraded tech is not a common site in Asia Pacific industries.
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However, Asia Pacific still stand at the top of the podium in global material handling equipment market. The credit is majorly attributed to the countries including South Korea, China, Taiwan, India, and Japan. North America follows Asia Pacific in terms of market value and runs in close quarters with Europe.
Competitive Insights:
The competition is observed by the presence of numerous machinery manufacturing companies, both local and international. Material handling equipment giants and big robotics firms are directly facing local manufacturers for their market share. This has generated intense competition between the participants and the market, which is projected to become hostile to new entrants.
Few of the major notable players profiled in this research study include Hyster-Yale Materials Handling, Inc., Liebherr Group, KUKA AG, Kion Group AG, JBT Corporation, Flexlink, Viastore Systems GmbH, Crown Equipment Corporation, Toyota Industries Corporation, Hytrol Conveyor Co., Inc. Intelligrated, Inc., Dematic GmbH & Co., KG., Columbus McKinnon, and Daifuku Co., Ltd. among others.
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Key Analysis Covered:
- Latest developments and advancements in material handling equipment market and growth opportunities for material handling equipment manufacturers
- Production philosophies and quality management tool encouraging manufacturing and logistics sector to create a nourishing environment for material handling equipment market
- Different equipment types, their usability, and availability used for material handling across several end-user industries and their market estimations
- Major and fastest growing segments in terms of equipment type and end-use industries
- Most prominent geographical regions/ countries mapped for the material handling equipment market
