Handling and Lifting Equipment Market size to increase by USD 18.2 billion from 2022 to 2027, Growth of construction sector to drive the growth - Technavio

NEW YORK, Sept. 6, 2023 /PRNewswire/ -- The handling and lifting equipment market size is expected to grow by USD 18.2 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 4.08% during the forecast period. The market is segmented by application (E-commerce, Automotive and railway, Food and beverages, Aviation, and Others), product (Cranes, Forklifts, Conveyor systems, and Hoists), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The growth of the construction sector is notably driving the market growth. The global construction industry is experiencing rapid growth driven by the rising demand for residential and commercial properties such as offices and retail complexes. Additionally, governments worldwide are channelling investments into essential social infrastructures like healthcare, education, power, transportation, and communication. This trend is particularly prominent in nations like India, Saudi Arabia, and Qatar, where substantial government investments are being directed toward the establishment of smart cities. Notably, Qatar's government is set to allocate significant funds for infrastructure development in preparation for the 2022 FIFA World Cup. As global infrastructure development continues to expand, the demand for industrial and construction machinery, including handling and lifting equipment, is on the rise. Consequently, the growth of the global construction industry will fuel the material handling equipment market's expansion during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the handling and lifting equipment market: American Crane and Equipment Corp., Cargotec Corp., Columbus McKinnon Corp., Daifuku Co. Ltd., Escorts Ltd., Haulotte Group, Hyster Yale Materials Handling Inc., KITO Corp., Komatsu Ltd., Konecranes, Liebherr International Deutschland GmbH, Manitex International Inc., SANY Group, Shandong Dahan Construction Machinery Co. Ltd., Sumitomo Heavy Industries Ltd., Terex Corp., The Manitowoc Co. Inc., XCMG Group, and Zoomlion Heavy Industry Science and Technology Co. Ltd.
• Handling and Lifting Equipment Market is fragmented in nature.
• Market to observe 2.71% YOY growth in 2023.

Challenge 

Fluctuating prices of raw materials are the major challenges hindering the market growth. The primary raw materials utilized in the fabrication of handling and lifting equipment encompass steel, hardened steel, and aluminium. These raw material costs are subject to consistent fluctuations due to a range of macroeconomic variables including inflation, labour expenses, and shifts in regulatory policies. Furthermore, the prices of iron ore, steel, and aluminium, among other factors, also contribute to the volatility in raw material costs. These fluctuations in raw material prices exert a direct impact on the production of handling and lifting equipment. As raw material prices approach critical thresholds, suppliers are compelled to pass on the heightened expenses to downstream industries, thereby affecting various sectors and manufacturers within the handling and lifting domain. These combined factors exert a negative influence on the growth of the market during the forecast period. 

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Keg Segments:

• The market share growth by the e-commerce segment will be significant during the forecast period. E-commerce enterprises are placing greater emphasis on attaining high order fulfilment rates with minimal errors and optimal efficiency through the integration of automated processes into their operational frameworks. This trend is driving the heightened adoption of handling and lifting equipment within the industry. The global e-commerce sector is experiencing substantial expansion driven by the rising preference for online shopping. Projections indicate that the growth rate of the e-commerce domain will surpass that of the traditional retail sector throughout the forecast period. These dynamics collectively contribute to the notable expansion of the material handling equipment market, particularly within the e-commerce segment during the forecast period.

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The material handling equipment market size is estimated to grow at a CAGR of 6.49% between 2022 and 2027, and the size of the market is forecast to increase by USD 14,096.55 million. This report extensively covers market segmentation by type (cranes and lifting equipment, industrial trucks, continuous handling equipment, and racking and storage equipment), application (construction, e-commerce, foods and beverages, automotive, and others), and geography (Europe, APAC, North America, Middle East and Africa, and South America).

The automated material handling (AMH) market size is estimated to grow at a CAGR of 12.47% between 2022 and 2027. The market size is forecast to increase by USD 37.47 billion. This report extensively covers market segmentation by component (hardware, software, and services), end-user (automotive, e-commerce and 3PL, food and beverage, and semiconductor and electronics and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America).  The growing e-commerce industry notably drives the market.

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application 

Market Segmentation by Product 

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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