CLEVELAND, Aug. 3, 2016 /PRNewswire/ -- Global demand for material handling equipment is forecast to rise 5.3 percent per annum through 2020 to $176.0 billion. Advances at the global level will be largely driven by market growth in China and other industrializing nations, which will account for nearly two-thirds of all new material handling machinery demand generated between 2015 and 2020. These and other trends are presented in World Material Handling Equipment, a new study from The Freedonia Group, a Cleveland-based industry research firm.
The World Material Handling Equipment study can be found here:
In Japan, the US, and Western Europe, sales of material handling machinery will climb at a somewhat more restrained pace during the 2015-2020 period, than in developing countries. Market growth will be largely spurred by replacement product demand. A variety of factors impact material handling replacement patterns in developed countries, including the overall economic environment, access to financing, and the development of new, technologically advanced models that offer efficiency and productivity advantages. Most mature markets will see sales conditions improve through 2020, although they are generally projected to register slower growth than their industrializing counterparts. Additional government spending on public infrastructure, growth in logistics and transportation industries, and the adoption of new material handling technologies will contribute to gains in many mature markets.
Automated storage and retrieval systems and automated guided vehicle equipment are forecast to register faster demand gains than all other product types. Growth for these products will be bolstered by rising global manufacturing activity and the expansion of the world's logistics and transportation industries. As industrial enterprises around the world adopt advanced manufacturing techniques, build new factories and warehouses, and upgrade existing facilities, they will purchase new automated storage and retrieval systems and automated guided vehicles because they offer efficiency and productivity gains and reduce labor costs. Logistics and transportation firms will also increase spending on these products to satisfy growing demand for their services and boost the efficiency of their operations.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Reports can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group