Increasing technological advancements, growing safety concerns & labor costs, and strong demand for robots in warehousing facilities and manufacturing units are just a few of the major aspects driving the automated material handling equipment market
Sales of automated material handling equipment are projected to expand at a CAGR of 7% from 2022 to 2032, as per industry analysis by Fact.MR, a market research and competitive intelligence provider.
A product life cycle includes several processes, from product creation to product delivery to end users or customers, with material handling and automation required at each stage. Automated material handling equipment comprises any automation that minimizes or eliminates the need for human intervention throughout the product production process, resulting in increased efficiency.
Read Detailed Study: Click Here
Logistics and supply chain management are critical components in many industries, improving business performance. It also allows suppliers to optimize inventories, control cash outflow, and increase the effectiveness of processes in order to develop their business activities. In this situation, automated material handling equipment is being installed in manufacturing facilities and warehouses to minimize labor costs and downtime, efficiently boost production, transportation, and distribution, and provide an early return on investment.
Moreover, the demand for automated material handling equipment is predicted to grow at a rapid pace over the forecast period due to the expanding e-commerce industry. With more individuals flocking to online shopping, constantly changing customer expectations, and intense competition among online retailing organizations, there is an increasing demand for precise, fast, and effective customer service for delivering purchased products.
Furthermore, the incorporation of modern technologies such as SLAM (simultaneous localization and mapping), artificial intelligence (AI), and the Internet of Things (IoT) has ushered in a new era of progress and transformation in the automated material handling equipment market.
Key Takeaways from Market Study
- The automated material handling equipment market is valued at US$ 46 billion in 2022.
- The market is anticipated to hit US$ 91 billion by the end of 2032.
- Demand for automated material handling equipment in Asia Pacific reached US$ 19 billion in 2021.
- The European market is expected to increase at a CAGR of 8% from 2022 to 2032
- The North American market is likely to progress at a CAGR of 6% from 2022 to 2032
Key manufacturers of automated material handling equipment have employed a number of organic and inorganic growth strategies to enhance their offerings, such as product innovations, new releases, partnerships, and acquisitions.
- In February 2021, Daifuku and AFT industries integrated their material handling expertise in the automotive industry. Daifuku and AFT will gain from each other as part of a strategy to expand channels and assure higher demand and investments in material handling systems from automobile manufacturers.