As the name suggests, material handling equipment refers to the wide range of products that are used to transport and store industrial products. Material handling equipment are a core component of supply chain management, offering a cost-effective method of moving goods from one place to another and storing them securely. Manufacturing firms around the globe are focusing on improving their supply chain management and logistics channels in a bid to cut down on costs and prevent delays. Advancement in technology has given new tools that have improved transparency and downtime at warehouses.
Automation Driving Adoption of New Equipment
Automation has the potential to transform the material handling equipment landscape. As archaic machines give way to new, advanced equipment, warehouse operators are finding themselves better equipped to manage their affairs.
Phasing out of old machines is expected to be a key contributor to increased demand for material handling equipment in the market. In many companies, nearly 20% to 30% material handling equipment is older than a decade, and safety and efficiency factors are prompting the purchase of new machines.
Some of the commonly used material handling equipment used in end-use industries are conveying equipment, roller conveyor, platform truck, magnetic belt conveyor, pallet jack, and platform truck.
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Asia Pacific: A Lucrative Market in Material Handling Equipment
The global material handling equipment market is anticipated to expand at 3%-6% CAGR through 2020. Global demand for material handling equipment will be led by Asia Pacific, representing over 30% of the global revenues. The dominance of Asia Pacific in the global material handling equipment market is projected to continue in the next decade as well.
In addition to Asia Pacific, North America and Western Europe remain strong markets for material handling equipment. In North America, the US remains a lucrative region, whereas in Western Europe, Germany, France, and U.K. are expected to witness sizeable demand.
The key industries/sectors that account for bulk of the demand for material handling equipment are aerospace, building and construction, shipping industry, postal express, and agriculture.
Some of the leading companies operating in the material handling equipment market are Liebherr Group, McKinnon Corporation, Columbus Crown Equipment Corporation, Beumer Maschinenfabrik GmbH, Jungheinrich AG, Xuzhou Heavy Machinery Co., Ltd., Manitowoc Company, Inc., Hyster-Yale Materials Handling, Inc., Eisenmann AG, Viastore Systems GmbH, Jervis B. Webb Company, KION Group AG, Hytrol Conveyor Co., Inc., and Toyota Industries Corporation.
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Mergers and acquisitions is a key expansion and growth strategy in the material handling equipment market. Behemoth, multi-national companies are buying out small firms in a bid to gain competitive advantage in regional markets. For example, Toyota Industries acquired Cascade, whereas Kalmar acquired Mareiport. Further, big companies are also collaborating with each other to leverage on existing opportunities in the market.
