Lucintel's latest market report analyzed that material handling equipment provides attractive opportunities in the automotive, food & beverage, chemical, semiconductor & electronics, e-commerce, aviation, and pharmaceutical markets. The material handling equipment market is expected to reach $XX billion by 2028 with a CAGR of 5% to 7%. In this market, industrial trucks is the largest segment by product, whereas E-commerce is largest by application.
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Based on product, the material handling equipment market is segmented into storage and handling equipment, automated storage and retrieval system, industrial trucks, bulk material handling equipment, and others. The safety segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to their wide area of application in an industrial setting. Additionally, these trucks are used to transport huge containers or boxes in a variety of end-use markets.
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The Material Handling Equipment Market is marked by the presence of several big and small players. Some of the prominent players offering material handling equipment include Toyota Industries, KION GROUP, Jugheinrich, Daifuku, Swisslog Holding, SSI Schaefer Group, Crown Equipment, Honeywell International, and Beumer Group.
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