Global Material Handling Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
27 Aug, 2021
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.
Global Material Handling Market Size And Drivers:
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 growth of the material handling market witnessed growth owing to a rise in the e-commerce industry.
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Trends In The Global Material Handling Market
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 don’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.
Global Material Handling Market Segments:
The global material handling market is further segmented based on type, operations, end user and geography.
By Type: Automated Guided Vehicles, Automated Storage And Retrieval Systems, Trucks And Lifts, Cranes, Pallet Racking, Conveying Systems, Hoists, Others
By Operations: Assembly, Distribution, Transportation, Others
By End User: Food & Beverages, Automotive, Construction, Consumer Goods & Electronic, Pharmaceuticals, E-Commerce, Others
By Geography: The global material handling market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Read More On The Report For The Global Material Handling Market At:https://www.thebusinessresearchcompany.com/report/material-handling-global-market-report
Material Handling Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides material handling market overviews, analyzes and forecasts market size and growth for the global material handling market, material handling market share, material handling market players, material handling market segments and geographies, material handling market’s leading competitors’ revenues, profiles and market shares. The material handling market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.