Asia Pacific Material Handling Equipment Market will witness over 7% CAGR between 2023 and 2032. The rapid expansion of e-commerce and the need for efficient warehousing solutions are fueling demand for material-handling equipment like conveyor systems and forklifts. The burgeoning manufacturing sector in countries like China and India requires advanced automation and logistics solutions, boosting market growth. Additionally, increasing urbanization and infrastructure development are spurring demand for construction and heavy material handling equipment. Furthermore, government initiatives supporting industrial growth and trade in the region will contribute to the market upward trajectory.
Increasing deals and partnerships between companies support the material handling equipment market expansion in Asia Pacific. For instance, in October 2023, Toyota Industries Corporation, a well-known international producer of material handling equipment based in Japan, and UMW Equipment Segment Sdn Bhd formally inked a share sale and purchase deal. The well-known UEDSB wants to further its strategic alliance with TICO across the industrial equipment market. TICO is well-known for its strong regional presence. As per the contract, UEDSB would sell TICO for RM260 million, a 26 percent ownership in UMW Toyota Material Handling Sdn Bhd, in a mutual benefit partnership.
The overall Asia Pacific Material Handling Equipment Market is classified based on product, application, and region.
The storage and handling equipment segment will record significant growth from 2023 to 2032. With the booming e-commerce sector and growing warehousing needs, there’s a surge in demand for advanced storage solutions like automated conveyor systems, racks, and shelves. Additionally, the expansion of manufacturing and logistics industries is driving the need for efficient material handling equipment, such as forklifts and pallet jacks, to enhance the productivity of storage and distribution operations. Therefore, the several benefits of storage and handling equipment support its growth in the material handling equipment market share.
The 3 PL segment will register a commendable CAGR from 2023 to 2032. Third-party logistics providers rely heavily on advanced material handling equipment to optimize their supply chain operations. This includes conveyor systems, automated picking and packing solutions, and forklifts to handle goods efficiently. As the e-commerce and logistics industries continue expanding, the demand for material handling equipment within the 3PL sector is poised to increase significantly.
Asia Pacific material handling equipment market from Australia will showcase an appreciable CAGR from 2023 to 2032 fueled by various factors, including the growth of e-commerce, manufacturing, and logistics industries. Companies in Australia are increasingly investing in advanced material handling solutions like conveyor systems, forklifts, and automated storage systems to improve efficiency and productivity in their operations. This trend is expected to continue as these industries expand further in the Asia Pacific region.