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Aug 07, 2023

Material Handling Global Market Report 2023

Major players in the material handling market are Toyota Industries Corporation,

Major players in the material handling market are Toyota Industries Corporation, Daifuku Co, Ltd, Beumer Group, Liebherr Group, Dematic Group, Jungheinrich AG, Columbus McKinnon Corporation, Eisenmann AG, Crown Equipment Corporation, and Schaefer Systems International Pvt Ltd.

New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Material Handling Global Market Report 2023" - https://www.reportlinker.com/p06282460/?utm_source=GNW The global material handling market will grow from $38.23 billion in 2022 to $41.82 billion in 2023 at a compound annual growth rate (CAGR) of 9.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The material handling market is expected to grow to $58.94 billion in 2027 at a CAGR of 9.0%.The materials handling market includes revenues earned by entities by automatic guided vehicles (AGVs), automatic identification and data collection, casters and wheels, controls, conveyors, dock equipment, and ergonomics.The market value includes the value of related goods sold by the service provider or included within the service offering.Only goods and services traded between entities or sold to end consumers are included.Materials handling refers to the movement of raw goods from their native site to the point of use in manufacturing, their subsequent manipulation in production processes, and the transfer of finished products from factories and their distribution to users or sales outlets.Asia Pacific was the largest region in the material handling market in 2022.Western Europe was the second-largest region in the material handling market.The regions covered in the material handling report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.The main types of material handling are automated guided vehicles, automated storage and retrieval systems, trucks and lifts, cranes, pallet racking, conveying systems, hoists, and other types.Pallet racking refers to a single or multi-level storage system that is utilized to support the high stacking of single items or palletized loads.The operations are assembly, distribution, transportation, and other operations. The various end-users involved are food and beverages, automotive, construction, consumer goods and electronics, pharmaceuticals, e-commerce, and other end users.The growth of material handling market witnessed growth owing to a rise in the e-commerce industry. According to the Census Bureau of the US Department of Commerce, retail e-commerce sales in the second quarter of 2020 hit $211.5 billion which is an increase of 31.8% from the first quarter of 2020. The increase in e-commerce is mostly driven by COVID-19 as people preferred shopping online rather than visiting any physical store. Rising e-commerce industry growth boosted the demand for material handling services and with this increase, the industry players in the material handling market are focusing on developing customized equipment and systems such as manufacturing engineered systems, smart warehousing, and remotely tracked transport vehicles. Therefore, the increase in online shopping is expected to drive the material handling market during the period.Safety is one of the major challenges in the material handling market on construction sites.In construction sites, material handling equipment is a major cause of accidents through safety measures being followed and monitored continuously.Material handling involves diverse operations at the construction sites such as hoisting tons of steel with a crane, driving a truck loaded with bricks and concrete, or operating any other material handling equipment including hydraulic excavators, lifting devices, and conveyor systems and lack of operational experience results in the number of accidents and deaths. For instance, according to a study published by the Saudi Journal of Biological Sciences in August 2020, there were around 25.3% of accidents were caused due to material handling at construction sites in Jeddah city of Saudi Arabia. Lack of safety and inexperienced workers at the construction sites results in more accidents in material handling and this can impact the material handling market negatively.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, charge quickly, and doesn'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.In January 2022, Hy-Tek Holdings (Hy-Tek), a US-based company that provides material handling solutions, acquired Advanced Handling Systems, LLC (AHS) for an undisclosed amount.The acquisition will help Hy-Tek Holdings (Hy-Tek) to offer broader range of material handling and integrated systems.With AHS’ robotic solutions, Hy-Tek would deliver cutting-edge technology that optimizes fulfilment, speeds distribution, and addresses labor shortage problems.Advanced Handling Systems, LLC, a US-based material handling automation integrator company.It offers material handling and storage products to clients including 3PL, ecommerce, retail, wholesale, food and beverage, and healthcare sectors.The countries covered in the material handling market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.The material handling market research report is one of a series of new reports that provides material handling market statistics, including material handling industry global market size, regional shares, competitors with a material handling market share, detailed material handling market segments, market trends and opportunities, and any further data you may need to thrive in the material handling industry. This material handling market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.Read the full report: https://www.reportlinker.com/p06282460/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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