Major players in the material handling market are Toyota Industries Corporation, Daifuku Co., Ltd., Beumer Group, Liebherr Group, Dematic Group, Jungheinrich AG, Columbus McKinnon Corporation, Eisenmann AG, Crown Equipment Corporation, and Schaefer Systems International Pvt Ltd.
The global material handling market is expected to grow from $83.85 billion in 2020 to $92.48 billion in 2021 at a compound annual growth rate (CAGR) of 10.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $127.26 billion in 2025 at a CAGR of 8.3%.
The material handling market consists of sales of material handling machinery by entities (organizations, sole traders, or partnerships) that are engaged in manufacturing material handling machinery and equipment such as jib crane, pallet jack, vertical carousel, and others. Only goods and services traded between entities or sold to end consumers are included.
Lithium-ion technology is an emerging trend in the material handling market.Li-ion batteries are environmentally friendly and offer higher energy densities than lead-acid or nickel-metal hydride batteries.
It can store more electricity and is mostly preferred for electric vehicles that are used in material handling.Additionally, Lithium-ion batteries are lightweight, charges quickly, and doesn’t require cool-down intervals.
For instance, Flux Power Holdings, Inc., a prime developer of advanced Li-ion batteries, launched the LiFT Pack L48 Li-ion battery pack at MODEX 2020. The battery is specifically designed for 3-wheel forklifts which are used in narrow aisle and high-performance warehouses. The battery offers high capacity and also demands minimum maintenance.
The material handling market covered in this report is segmented by type into automated guided vehicles; automated storage and retrieval systems; trucks and lifts; cranes; pallet racking; conveying systems; hoists; others. It is also segmented by operations into assembly; distribution; transportation; others and by end-user into food and beverages; automotive; construction; consumer goods and electronic; pharmaceuticals; e-commerce; others.
In April 2019, Daifuku Co. Ltd., a leading provider of material-handling equipment, acquired India-based Vega Conveyors & Automation Private Limited for an undisclosed amount. The acquisition will help Daifuku in setting up its Factory and Distribution Automation (FA&DA) division of its Indian subsidiary and also allow the expansion of manufacturing and distribution business segments within Asia. Vega Conveyors & Automation Pvt. Ltd. is a leader in producing ready, safe, and cost-effective systems in the field of conveying, material handling and packaging automation across industry segments.
The growth of the material handling market witnessed growth owing to a rise in the e-commerce industry. According to the Census Bureau of the US Department of Commerce, retail e-commerce sales in the second quarter of 2020 hit $211.5 billion which is an increase of 31.8% from the first quarter of 2020. The increase in e-commerce is mostly driven by Covid-19 as people preferred shopping online rather than visiting any physical store. Rising e-commerce industry growth boosted the demand for material handling services and with this increase, the industry players in the material handling market are focusing on developing customized equipment and systems such as manufacturing engineered systems, smart warehousing, and remotely tracked transport vehicles. Therefore, the increase in online shopping is expected to drive the material handling market during the period.
Safety is one of the major challenges in the material handling market in construction sites.In construction sites, material handling equipment is a major cause of accidents though safety measures are being followed and monitored continuously.
Material handling involves diverse operations at the construction sites such as hoisting tons of steel with a crane, driving a truck loaded with bricks and concrete, or operating any other material handling equipment including hydraulic excavators, lifting devices, and conveyor systems and lack of operational experience results in the number of accidents and deaths. For instance, according to a study published by the Saudi Journal of Biological Sciences on August 2020, there were around 25.3% of accidents were caused due to material handling at construction sites of Jeddah city of Saudi Arabia. Lack of safety and inexperienced workers at the construction sites results in more accidents in material handling and this can impact the material handling market negatively.
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