Material Equipment Market Synopsis

Material Equipment Market Size Was Valued at USD 5.3 Billion in 2023, and is Projected to Reach USD 8.29 Billion by 2032, Growing at a CAGR of 5.1 % From 2024-2032.

Material handling equipment includes a variety of tools and machinery in commercial and industrial environments that aid in the movement, storage, and organization of materials. This machinery consists of forklifts, conveyor belts, shelves, and even cutting-edge technologies such as autonomous mobile robots (AMRs). Its main function is to improve operational efficiency by automating tasks that would normally need a lot of manual work, ultimately saving time and money.

• One crucial location where material handling equipment is extremely valuable is in warehouses and distribution centers. In this setting, shelves, storage racks, and mezzanines are used to store and organize inventory effectively. These tools aid in simplifying inventory management procedures, enabling fast retrieval of goods and maximizing storage space efficiency.
• Industrial vehicles such as forklifts, order pickers, and pallet jacks play a crucial role in moving materials around facilities. These vehicles facilitate quick and secure transportation of items within warehouses, whether it's moving pallets onto shelves or transferring inventory across large floors.
• Bulk material handling equipment is essential in industries that deal with massive amounts of materials. Conveyors, hoppers, and reclaimers are used to store, transport, and process bulk materials such as grain, minerals, and aggregates. These systems are created to efficiently and safely manage heavy workloads, decreasing manual labor and boosting productivity.
• Engineered systems in material handling consist of a variety of customized machinery designed for particular industrial operations. This consists of palletizers for automated packaging, automated guided vehicles (AGVs) for navigating warehouse environments, and warehouse robots that are programmed to carry out different tasks such as picking and packing orders. These sophisticated systems play a major role in ensuring operational accuracy and dependability.
• Material handling equipment is crucial for contemporary industrial activities, allowing companies to efficiently handle materials, enhance process effectiveness, and keep up with a constantly changing market. The versatility and technological features of this product are exceptional.

Top Active Players:

Hyster-Yale Materials Handling, Inc. (U.S.), Crown Equipment Corporation (U.S.), Honeywell International Inc. (U.S.), JBT Corporation (U.S.), Mitsubishi Caterpillar Forklift America, Inc. (U.S.), Schaefer System International Ltd. (Germany), Beumer Group (Germany), Jungheinrich AG (Germany), Kion Group AG (Germany), Swisslog Holding AG (Switzerland), KUKA AG (Germany), Mecalux, S.A (Spain), SSI Schaefer AG (Germany), Schaefer Holding International GmbH (Germany), Fives Group (France), System Logistics SPA (Italy), TGW Logistics Group GmbH (Austria), Viastore Systems GmbH (Germany), Daifuku Co., Ltd. (Japan), Toyota Industries Corporation (Japan), Godrej Group (India), Action Construction Equipment Ltd. (India), Mitsubishi Logisnext Co., Ltd. (Japan), Toyota Material Handling Group (Japan), Vanderlande Industries B.V (Netherlands), Xuzhou Heavy Machinery Co. Ltd. (China) and Other Active Players

Material Equipment Market Trend Analysis

Increasing Adoption of Automation

• The material handling equipment market is experiencing significant growth worldwide due to the widespread adoption of automation. Automation provides various benefits that improve operational efficiency and productivity.
• Automated systems decrease dependence on manual labor, reducing human error and enhancing consistency in material handling procedures. This dependability is essential in sectors where accuracy and security are of utmost importance, like manufacturing and logistics.
• The automation allows for improved use of space within buildings. Automated storage and retrieval systems (AS/RS) and robotic palletizers maximize warehouse layouts by efficiently utilizing vertical space and minimizing the space needed for material storage and handling. The effective utilization of space not only reduces warehouse space costs but also enhances inventory management and accessibility.
• The automation enables flexibility and scalability to meet evolving market needs. Businesses can readily adapt production and distribution processes to changing consumer demands or market trends through automated systems. This adaptability boosts operational flexibility and enables businesses to stay competitive in ever-changing market conditions.
• The growing use of automation in material handling equipment is transforming industries by improving effectiveness, productivity, space usage, and flexibility. As companies focus on automating their operations for efficiency, the material handling equipment market is set to experience a substantial increase due to constant technological improvements and the valuable advantages of automation in different industries.

Expansion of Manufacturing and Logistics Sectors

• The growth of the manufacturing and logistics industries offers substantial potential for the Material Handling Equipment (MHE) market. With the expansion of manufacturing sectors, the need for effective transportation of raw materials, work-in-progress inventory, and finished products within facilities has risen.
• This creates a demand for a variety of MHE solutions like conveyors, forklifts, AGVs, and robotics. These technologies make operations more efficient, lower labor costs, and boost productivity by improving material flow and reducing downtime.
• At the same time, the logistics industry greatly benefits from developments in material handling equipment. Due to the increase in e-commerce and international trade, warehouses and distribution centers need advanced machinery to effectively handle large quantities of products.
• MHE enables speedier order completion, precise inventory monitoring, and smooth integration with supply chain management systems. This skill is essential for satisfying customer demands for speedy delivery and staying ahead in a fast-changing market environment.
• In addition, the sector is being transformed by technological advancements in MHE, including IoT-enabled devices and AI-driven automation. These advancements allow for live tracking, proactive upkeep, and flexible control mechanisms that enhance operational dependability and safety.
• The growth of manufacturing and logistics industries not only increases the need for MHE but also motivates market competitors to create new and varied products. This consists of creating environmentally friendly options, improving ergonomic layouts, and incorporating cutting-edge data analysis to improve operational efficiency.

Material Equipment Market Segment Analysis:

Material Equipment Market Segmented based on Equipment Type and End-users and Region.

By Equipment Type, Industrial Trucks & Lifts segment is expected to dominate the market during the forecast period

• Industrial trucks and lifts are a predominant sector in the material handling equipment market because of their versatility and crucial function across different industries. Industrial trucks include a variety of vehicles made for moving materials in buildings, storage areas, and shipping facilities. This consists of various types of equipment like forklifts, pallet jacks, and order pickers, designed to meet particular operational demands such as lifting capacity, maneuverability, and load handling needs.
• Forklifts, the most common kind in this category, are essential for lifting and transporting heavy objects across brief distances. They play a vital role in factories and distribution centers where efficiency and safety in handling materials are of utmost importance. Pallet jacks are necessary in retail and wholesale environments for quickly and securely moving palletized goods, ensuring efficient goods turnover.
• Order pickers improve operational efficiency by allowing workers to quickly access items from high storage shelves. This important feature is crucial in contemporary warehouses that employ high-density storage systems to optimize floor space. These industrial trucks and lifts work together to simplify supply chain operations, lower labor expenses, and boost efficiency in various industries, solidifying their role as a crucial part of the material handling equipment market.

By End-User, the Building and Construction segment held the largest share of 45.98 % in 2023

• The construction industry is a major segment in the material handling equipment market, using a wide range of equipment for logistics and moving materials. This sector depends greatly on the effective management of large and weighty materials like steel beams, concrete blocks, and building supplies. Material handling equipment is essential for improving efficiency, safety, and productivity on construction sites.
• A primary factor for the prevalence of MHE in the building and construction industry is the wide variety of equipment needed to aid various construction phases. Cranes, forklifts, and conveyor systems are necessary for moving materials and parts at different heights and distances on construction sites. These machines speed up tasks and decrease manual labor, lowering the chances of injury and fatigue for workers.
• The need for high-tech material handling equipment solutions is increasing due to the expansion and complication of construction projects. Automated guided vehicles (AGVs), robotic arms, and telematics-integrated equipment are being more commonly incorporated into construction processes to improve effectiveness and accuracy.
• The implementation of MHE in construction is also fueled by regulatory requirements and industry standards. Adherence to safety regulations, environmental concerns, and efficiency standards motivates construction companies to purchase up-to-date material handling equipment. As construction techniques progress, the MHE market still advances, offering tailor-made solutions to fulfill the unique requirements of global building and construction projects.

Material Equipment Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast Period

• Rapid industrialization, urbanization, and growing investments in logistics infrastructure have led to the Asia Pacific region becoming a significant player in the Material Handling Equipment (MHE) market. The significant growth is especially noticeable in nations such as China, Japan, India, and South Korea, where strong manufacturing industries and growing online shopping drive the demand for Material Handling Equipment (MHE).
• China is a prominent player, with the biggest share of the market in the area. The MHE market in the country has been driven forward by its wide manufacturing base and substantial investments in automation and warehousing technologies. Japan is closely following, using state-of-the-art robotics and automation technologies to improve efficiency in industrial operations.
• India, with its growing e-commerce industry and emphasis on updating logistics, is a crucial market for MHE. Initiatives like "Make in India" and projects to improve infrastructure increase the need for equipment such as forklifts, conveyors, and automated guided vehicles (AGVs), supported by the government.
• South Korea contributes to the area's development path through its advanced skills in robotics and automation. The focus on smart manufacturing and digital transformation in logistics is leading to increased use of advanced MHE solutions in the country.
• The dynamism of the market for Material Handling Equipment (MHE) in the Asia Pacific region is driven by technological progress, industrial expansion, and favorable government initiatives to improve logistics and supply chain effectiveness in the area. With industries modernizing and consumer demands changing, Asia Pacific is set to remain a global leader in the MHE sector.

Active Key Players in the Material Equipment Market

• Hyster-Yale Materials Handling Inc (U.S.)
• Crown Equipment Corporation (U.S.)
• Honeywell International Inc (U.S.)
• JBT Corporation (U.S.)
• Mitsubishi Caterpillar Forklift America Inc (U.S.)
• Schaefer System International Ltd. (Germany)
• Beumer Group (Germany)
• Jungheinrich AG (Germany)
• Kion Group AG (Germany)
• Swisslog Holding AG (Switzerland)
• KUKA AG (Germany)
• Mecalux, S.A (Spain)
• SSI Schaefer AG (Germany)
• Schaefer Holding International GmbH (Germany)
• Fives Group (France)
• System Logistics SPA (Italy)
• TGW Logistics Group GmbH (Austria)
• Viastore Systems GmbH (Germany)
• Daifuku Co., Ltd. (Japan)
• Toyota Industries Corporation (Japan)
• Godrej Group (India)
• Action Construction Equipment Ltd. (India)
• Mitsubishi Logisnext Co., Ltd. (Japan)
• Toyota Material Handling Group (Japan)
• Vanderlande Industries B.V (Netherlands)
• Xuzhou Heavy Machinery Co. Ltd. (China) and Other Active Players

Key Industry Developments in the Material Equipment Market:

In March 2024, Lonestar Forklift announced the strategic acquisition of Permian Machinery Movers, expanding its reach across Texas. Permian Machinery, a longstanding regional dealership based in Odessa and El Paso, Texas, was officially acquired, solidifying Lonestar Forklift's position as a comprehensive material handling service provider in the state. This move broadened Lonestar Forklift’s geographic footprint and enhanced its capabilities in the forklift and material handling equipment sector across Texas.

In February 2024, Big Lift LLC announced that it had completed the acquisition of ePicker LLC, a rapidly expanding provider of material handling equipment based in Fort Worth, Texas. ePicker had developed a robust network of leading material handling distributors who marketed its range of electric pallet jacks, stackers, access vehicles, and lithium-ion-powered forklifts throughout North America.