Material Handling Equipment Market Analysis, Size, Growth, Share, Outlook & Forecast to 2025
The global material handling equipment market size is expected to reach USD 41.18 billion by 2025, at a CAGR of 6.8% over the forecast period according to a study conducted by Grand View Research, Inc. Rising growth of e-commerce industry, rapid industrialization, and automation in manufacturing sector are some of the factors expected to positively impact the growth. Rising penetration of advanced technologies such as Artificial Intelligence (AI), Radio Frequency Identification (RFID), and Internet of Things (IoT), among others is also anticipated to power the market growth. For instance, in April 2016, Hyster-Yale Materials Handling, Inc., announced the launch of Yale AWARE. Yale A-WARE is a location-based truck performance control solution that uses RFID tags to control speed and monitor lifts and acceleration restrictions. These RFID tags are deployed in warehouse storage aisles, which are read by a RFID sensor mounted on the truck. The sensor reads the tag and triggers the pre-defined lift and speed settings at which the truck can operate. Materials handling equipment are extensively used in several manufacturing industries, such as automotive, food and beverage, and pharmaceutical. For instance, chemical industries usually face inefficient or disorganized storage. This issue can be resolved with storage and handling systems that are highly specific or customized toward the load. Furthermore, the growing disposable income coupled with rising penetration of internet has made online shopping convenient. This has urged the need to set up more warehouses, which would indirectly spur the material handling equipment sales across the ecommerce industry.