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Material Handling Equipment Market size was valued at USD 225.51 billion in 2022 and is poised to grow from USD 238.36 billion in 2023 to USD 371.40 billion by 2031, growing at a CAGR of 5.7% in the forecast period (2024-2031).

The market exhibitions a moderate level of merging, with a handful of major players imposing a significant share of the revenue. These key industry participants are advantageously intent on the introduction of innovative products to support their market positioning. Additionally, their focus extends to performing strategic initiatives, including partnerships, product launches, and collaborations, enhancing their overall market presence. 'Toyota Industries Corporation', 'KION Group AG', 'Jungheinrich AG', 'Hyster-Yale Materials Handling, Inc.', 'Crown Equipment Corporation', 'Daifuku Co., Ltd.', 'Mitsubishi Logisnext Co., Ltd.', 'Columbus McKinnon Corporation', 'SSI Schaefer', 'Dematic', 'Vanderlande Industries', 'BEUMER Group', 'Liebherr Group', 'Anhui Heli Co., Ltd.', 'Doosan Corporation Industrial Vehicle', 'Clark Material Handling Company', 'Terex Corporation', 'Komatsu Ltd.', 'Godrej Material Handling', 'Manitou Group', 'Bastian Solutions', 'Raymond Corporation'

The Market is suffering a distinguished upswing, attributed to a surge in the sales of durable and nondurable goods. This discriminating demand is propelled by various factors, including evolving industrial needs, enlarged consumer spending and financial growth. As industries spectator an increasing need for efficient logistics and supply chain solutions, the demand for equipment has strengthened. This trend is particularly manifest in North America, where the e-commerce industry's robust growth is driving a noteworthy uptick in the movement of goods, requiring material handling solutions to rationalize processes and meet consumer expectations. The market's response to the mounting sales of durable and nondurable goods underlines the crucial role that material handling equipment plays in facilitating unified and effective operations across varied industries.

The manufacturers are gradually ordering the integration of ergonomic principles into the development of handling equipment, knowing the pivotal role they play in ornamental operator comfort, reducing fatigue, and eventually improving overall efficiency. The relentless promise to safety is evident through the addition of cutting-edge technologies. This sharp focus on biotechnology and safety not only aligns with controlling standards but also underscores the industry's dedication to developing a workplace environment that prioritizes the well-being of operators and reduces the risk of accidents, thereby contributing to the maintainable growth of the sector.

The Asia Pacific region emerged as the market leader, contributing to over 35.0% of the revenue in 2021. This substantial market dominance is linked to the flourishing food retail sector in Asia Pacific, presenting lucrative opportunities due to its capacity to enhance the efficiency and speed of picking and sorting processes. Anticipated growth in Europe is expected to be supported by integrated solutions aligned with new legislative reforms focusing on safety and quality. Additionally, the demand for material handling equipment in manufacturing, ports, and warehousing industries is predominantly propelled by industrial trucks and automated categories.

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Global Material Handling Equipment Market

Product ID: SQMIG20I2237