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The handling and lifting equipment market size is estimated to grow by USD 17.15 billion, at a CAGR of 3.83% between 2023 and 2028. The market is experiencing significant growth, driven by various factors. The expansion of the construction sector, marked by an increase in infrastructure projects and building developments, is a key contributor. Furthermore, the manufacturing industry's increasing adoption of automation in production processes necessitates the use of advanced handling and lifting solutions. Additionally, the rapid growth in e-commerce retail has led to a surge in demand for efficient logistics and warehousing systems, further boosting market. These trends are expected to continue, ensuring the market's continued expansion.
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The market is undergoing significant transformation, driven by advancements in technology and automation, particularly in the e-commerce application segment. This sector sees substantial private investment in industrial equipment and machinery, enhancing efficiency in the warehousing industry. Worker safety awareness remains paramount, influencing the development and adoption of innovative material handling equipment. Automation continues to reshape the landscape, improving the distribution of machinery and systems for the transportation of goods and materials. Warehouse owners are increasingly integrating these technologies to optimize operations and ensure worker safety. These developments underscore a growing demand for reliable and efficient solutions, highlighting the pivotal role of technology breakthroughs in shaping the future of the material handling equipment market.
The growth of the construction sector is notably driving the market. The global construction industry is growing at a rapid pace due to the increasing demand for residences and commercial buildings such as office and retail complexes. Besides, governments across the world are investing in social infrastructures such as healthcare, education, power, transport, and communication. This is evident in countries such as India, Saudi Arabia, and Qatar, where governments are investing heavily in the development of smart cities.
In October 2018, Saudi Arabia announced the project NEOM for building a multi-billion-dollar megacity. The first phase is expected to be completed by 2025. The Government of Qatar is likely to spend billions of dollars on infrastructure development for the upcoming 2022 FIFA World Cup. The development of infrastructure worldwide necessitates the need for industrial and construction machinery, including handling and lifting equipment. Thus, the growth in the global construction industry will fuel the market during the forecast period.
The growth of the equipment rental business is the primary trend driving the market. handling and lifting equipment are associated with high initial investment and maintenance costs. Hence, many SMEs are increasingly opting for machinery on a rental basis and are gradually investing less in the purchase of handling and lifting machinery. Renting handling and lifting equipment is considered a low-risk option as it provides customers access to the latest, technologically upgraded machinery that is incorporated with the latest hardware.
Moreover, the increasing demand for rental equipment is encouraging market players to provide a broad range of handling and lifting machinery in the rental construction area for customers, such as construction companies, industrial companies, municipalities, government agencies, and independent contractors. This trend is expected to have a positive impact on the growth of the global market during the forecast period.
Fluctuating prices of raw materials are the major challenges impeding the market. The major raw materials used for building handling and lifting equipment are steel, hardened steel, and aluminum. The prices of these raw materials keep continuously fluctuating due to various macroeconomic factors, such as inflation, labor cost, and regulatory policy changes. In addition, various other factors cause fluctuations in the raw material prices, such as iron ore, steel, and aluminum.
However, fluctuations in the prices of raw materials are directly correlated to the production of handling and lifting equipment. When the prices of raw materials reach a threshold limit, raw material suppliers are compelled to pass on the increased price to their downstream industries. This directly affects the growth of various industries as well as handling and lifting manufacturers. All these factors are negatively influencing the global market growth during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Cargotec - The company offers products and equipment for loading, unloading, and lifting things securely, safely, and cost-efficiently. The company offers HIAB, EFFER, and ARGOS loader cranes, LOGLIFT and JONSERED forestry and recycling cranes, MOFFETT and PRINCETON truck mounted forklifts, MULTILIFT skip loaders and hooklifts, and tail lifts under the ZEPRO, DEL, and WALTCO brands.
The report also includes detailed analyses of the competitive landscape of the market and information about 19 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share by the e-commerce segment will be significant during the forecast period. E-commerce companies are increasingly focusing on achieving large order fulfillment rates with reduced errors and maximum efficiency using automated processes in their business operations. This is increasing the adoption of handling and lifting equipment in the industry.
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The e-commerce segment showed a gradual increase in the market share of USD 23.35 billion in 2018. The global e-commerce industry is growing significantly due to an increasing preference for online shopping. The growth rate of the e-commerce industry is expected to be higher than the growth rate of the conventional retail sector during the forecast period. As a result of these factors, the market will observe significant growth in the e-commerce segment during the forecast period.
APAC is projected to contribute 53% of the market growth by 2028. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The growing demand for handling and lifting equipment from construction, e-commerce, mining, and other end-user industries, coupled with increasing disposable income, is driving the market in APAC. In addition, increasing investments in the steel, chemical, and petrochemical industries in this region is creating significant demand for handling and lifting equipment. This has prompted prominent companies from the US and Europe to launch new products and forge partnerships with end-users in emerging countries such as India and Indonesia. All these factors are fostering the market in APAC.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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In the dynamic landscape of the warehousing industry, the demand for efficient handling and lifting equipment has surged, driven by advancements in industrial technology and the growing prominence of e-commerce applications. This sector has seen substantial private investment, particularly in industrial equipment and machinery like cranes, forklifts, and racking systems. Warehouse owners prioritize worker safety awareness amidst operations, integrating ergonomic designs and safety protocols into their facilities. The market research and growth analysis indicate significant developments across various segments, including industrial trucks, semiconductor devices, and heavy-duty industries. Technologies such as industrial automation and continuous handling equipment have streamlined warehousing operations, supporting the all under one roof policy adopted by many facilities. Moreover, the integration complexity of handling solutions has been crucial in meeting the diverse needs of industries like pharmaceuticals and food beverages.
In addition, e-commerce applications and the pharmaceutical segment have been pivotal in driving market growth and forecasting. With increasing urbanization and infrastructure development, there's a rising demand for customized forklifts and sustainable solutions in warehousing. The market landscape depends on the Technology breakthroughs, E-commerce application segment, Cranes and lifting equipment segment, Racking and storage equipment segment, E commerce segment, Ports, Warehousing industries, Recycling Operations, Dockyards, Import or Export Analysis, Industrial Lifting Equipment, Historic Years, Quantitative Units, Countries Covered, Development of Customized Forklifts, Growth of the E commerce, Demand in the Construction Industry, Growth in E commerce, Worker Safety and Ergonomics, Demand for Sustainable Solutions, Cranes and Lifting Equipment, Racking Storage Equipment, Semiconductor Electronics. The market also considers factors like worker safety, market saturation in mature regions, and import-export dynamics, influencing the production and distribution of machinery globally.
Market Scope |
|
Report Coverage |
Details |
Page number |
189 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.83% |
Market growth 2024-2028 |
USD 17.15 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.53 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 53% |
Key countries |
China, US, Germany, Japan, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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 AG, Manitex International Inc., Sany Group, Shandong Dahan Construction Machinery Co. Ltd., Sumitomo Heavy Industries Ltd., Terex Corp., The Manitowoc Co. Inc., Xuzhou Construction Machinery Group Co. Ltd., and Zoomlion Heavy Industry Science and Technology Co. Ltd. |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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