Acumen Research & Consulting, Recently Published Report On “Material Handling Equipment Market Size, Share, Growth Opportunities, Sales, Forecast, 2019 - 2026”.
LOS ANGELES, Feb. 07, 2020 (GLOBE NEWSWIRE) -- The global material handling equipment market is anticipated to grow at a CAGR of around 5.2% during the forecast period 2019 to 2026 and reach the market value of around US$ 348.6 Billion by 2026.
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North America dominated the global material handling equipment market in the year 2018. The region is anticipated to grow at the fastest rate due to presence huge number of manufacturing industries. Various purposes behind the prevalence of the region are the majority of its demand impending from e-commerce industries. The growing demand for durable and non-durable commodities, an increase in per capita income, growth in urban deliveries, and technology development are accelerating the regional market growth. In addition, the presence of a huge customer base along with the rising demand for quality products is additionally fueling the demand for material handling equipment. Moreover, innovation and development in material handling equipment, well-developed economies and growing research in the development of material handling equipment in the US and Canada are anticipated to intensify the market size. Moreover, other notable trends include healthy demand for alternatives such as manual stackers and electric tugs has increased the risk of employee accidents and mortality related to manually operated equipment due to this it has increased the popularity of automated equipment to reduce the labor cost, lower the damage of products, and development & introduction of new equipment with smart capabilities. This expected to raise the demand for material handling equipment in the region over the forecast period.
Asia-Pacific is anticipated to register the highest CAGR during the forecast period. The growing demand for manufacturing and automotive industries in countries like China, South Korea, Taiwan, extension in manufacturing capacities and adoption advanced material handling equipment propel the utilization of manufacturing capabilities is spurring the global market. For instance, the Coca-Cola organization opened warehouses in Singapore that valued around USD 57 million to have retrieval systems and automated storage. Moreover, the rise in the popularity of the e-commerce industry, adoption of robotics automation manufacturing facilities especially in the automotive industry, the growing industrial sector in the region and the safety concerns at the workplace mainly in manufacturing industries are accelerating the growth of material handling equipment in this region in the coming years.
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Crane & lifting has dominated the equipment type segment in the year 2018 and the segment is register to maintain its dominance during the forecast period from 2019 to 2026. Crane & lifting equipment include mobile crane, tower crane, overhead crane, etc. are accelerating number of residential & commercial construction which need advanced material handling equipment for lifting heavy construction material and growing mining activities are propelling demand of the segment during the forecast period.
Ecommerce segment dominated the material handling equipment market on the basis of end use in the year 2018. The main factors that are driving the growth of this segment are the increasing urban logistics, boom in e-retailing sector, increase in on time deliveries for e-commerce to fulfillment as a service differentiator are also booming the demand of advanced material handling equipment in the forthcoming years. Additionally, many government are taking initiative to attract foreign companies to establish their manufacturing in their countries, increase in disposable income of middle class in developing countries, change in lifestyle and hectic schedules are rising demand for online orders are fueling the growth of this segment during the forecast period.
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Some of the leading competitors are, Jervish B. Webb Company, Crown equipment Corporation, Hyster-Yale-Materials Handling, Inc., Hytrol Conveyor Co., Toyota Industries Corporation., Koke Inc., Xuzhou Heavy Machinery Co., Viastore Systems GmbH, Jungheinrich AG, Eisenmann AG, and BeumerMaschinefabrik GmbH.
Some of the key observations regarding material handling equipment industry include:
- In June 2018,Hyster-Yale material handling which is leading forklift producer has acquired Maximal Forklift Co., Ltd. for USD 90 million. This acquisition helped the company to expand its low cost manufacturing capabilities and develop competitive component sourcing.
- In April 2018, Toyota industries subsidiary Vanderlande signed an agreement with Udea (Netherlands) which is a leading organic food retailer. Vanderlande installed its ASRS system named ADAPTO in the new distribution center of Udea in Veghel Netherlands.
- In June 2018, Jungheinrich has signed an agreement with VAHLE Group (Germany) which is a specialized developer of data transmission system and positioning. According to the agreement, Jungheinrich has constructed a new automated warehouse of small parts and delivered its STC 2B1A stacker crane, and forklift trucks to VAHLE Group.
- In July 2019, Godrej RenTRUST equipment which offers solutions to customers encompassing manpower, fuel, machine and maintenance launched by Godrej material handling has expanded its existing product portfolio.
- In July 2017, Briggs Construction Equipment, Inc. has acquired Mackinnon Equipment & Services which includes acquisition of all assets of the company. This acquisition has accelerated Briggs Equipment’s business of material handling in Georgia and Florida.
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