Material handling equipment market is set to witness massive growth through 2032, owing to the rising adoption of advanced technologies such as automation, mobility, and advanced power source. Rising usage of IoT technologies and RFID is assisting business firms to lessen labor requirements and increase operational efficiencies. This has led to a high demand for advanced material handling equipment in the automotive, manufacturing, aerospace, and warehouse industries.

In addition, the ongoing trend of automation to enhance industry productivity will also drive the growth of the material handling equipment market. To streamline operation and speed up production, manufacturers are increasingly employing robust machines instead of manual labors, which requires material handling equipment.

On the basis of product, the material handling equipment market has been fragmented into industrial truck, Automate Storage & Retrieval System (AS/RS), and bulk material handling equipment. Among these, AS/RS is widely employed in warehouses, manufacturing plants, and distribution centers for applications including picking orders, storing, assembling, production and to replenishment. Since AS/RS is speedy and accurate, it will become more popular over the forecast timeframe, which, in turn, will increase the material handling equipment market share.

In terms of application, the market has been further branched out into manufacturing, general merchandise, pharmaceutical/healthcare, food retail, and food & beverage. Among these, the food & beverages segment is expected to grow at over 4.5% CAGR from 2023 to 2032. Since food & beverage processing facilities have diverse food handling requirements, they employ robust material handling equipment for bulk handling of food products.

Besides, there is a growing popularity for packaged and processed food items across the globe, which will encourage producers to employ advanced material handling equipment to streamline the whole process, further augmenting the market demand.

Based on type, the material handling equipment market is likely to be characterized by distributors segment. Distributors are entering into long-term partnerships with leading manufacturers to help them expand their market presence. Hence, this segment is bound to witness a substantial growth, with distributors assisting manufacturers explore more untapped market regions.

Geographically, the material handling equipment market in the Latin America region is likely to reach over USD 20 billion through the analysis timeframe. An increasing industrialization in the region is expected to add to the demand for advanced material handling solutions. The growing manufacturing sector requires advanced automation solutions to increase the overall economic development in the region. Besides, the expanding industrial sector witnessed fast growth with more firms implementing robots and automated solutions to handle material.

Such trends are projected to favor the regional market expansion between 2023-2032.