Asia Pacific Material Handling Equipment Market is estimated to be valued at US$ 174.23 Bn in 2031; 6.5% CAGR Projected- Coherent Market Insights

Key market players covered in the asia pacific material handling equipment market includes Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Mitsubishi Logisnext Co., Ltd., Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, Raymond Corporation, Komatsu Ltd., Doosan Industrial Vehicle, and Hitachi Construction Machinery Co., Ltd

A newly published report by Coherent Market Insights reveals a sustainable growth in opportunities in the Asia Pacific material handling equipment market.

Coherent Market Insights’ analyst projected the Asia Pacific material handling equipment market is estimated to be valued at US$ 174.23 Bn in 2031. It is expected to exhibit a CAGR of 6.5% over the forecast period 2024-2031.

Market Dynamics:

The Asia Pacific material handling equipment market is witnessing significant growth. This is owing to increased demand from the e-commerce sector and manufacturing industry. Rapid expansion of warehouses and distribution centers is augmenting demand for forklifts, conveyors and cranes.

Growing manufacturing activities across industries such as automotive, electronics, FMCG, and pharmaceuticals is fuelling market growth.

Market Trends:

• Adoption of automated guided (AGVs) vehicles is a key trend driving market growth. (AGVs) allow wireless connectivity and use laser guidance, magnetic tape, or vision camera to transport materials within facilities. AGVs offer benefits such as high efficiency, accuracy, reduced labor costs, and ergonomic handling.

• Deployment of advanced robotics in warehouses is. E-commerce giants are employing collaborative robots for various warehouse operations such as sorting, packing, transportation, and inventory management. Collaborative robots can work comfortably alongside humans without any safety hazards. This is expected to drive the advanced robotics market during the forecast period.

Asia Pacific Material Handling Equipment Market Opportunities

• Forklift segment is expected to dominate market. This is due to Forklifts offer high load capacity, versatility, and efficient operation compared to other vehicles like conveyor belts or automated guided vehicles. Forklift segment accounted for over 35% of the overall material handling equipment market in Asia Pacific in 2023.

• Manual equipment segment is expected to dominate market. The manual equipment type segment is projected to expand at a CAGR of over 8% till 2031. This is due to industries in developing Asia Pacific countries that rely heavily on manual labor for material handling tasks like order picking, packaging.

• Warehousing & distribution segment is anticipated to witness substantial growth in the coming years. The warehousing & distribution segment accounted for over 30% of the regional market value in 2023. This is due to expanding e-commerce networks and rising inventory levels at distribution centres.

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Key Market Takeaways

• The Asia Pacific material handling equipment market is anticipated to witness a CAGR of 6.5% during the forecast period 2024-2031. This is owing to rapid industrialization and infrastructure development across developing countries.

• On the basis of product type, the forklift segment is expected to hold a dominant position. This is owing to their versatile application in short-distance transportation of goods.

• On the basis of equipment type, the manual equipment segment is expected to hold the largest market share. This is due to sustained demand from labor-intensive industries in the region.

• On the basis of end-use industry, the warehousing & distribution segment is expected to dominate the market over the forecast period. This is due to e-commerce boom in the region.

• North America is expected to dominate the Asia Pacific material handling equipment market over the forecast period. This is due to the presence of globally established manufacturing bases and major ports that drive warehouse and distribution activities.

Competitor Insights

Key players operating in the Asia Pacific material handling equipment market include

• Toyota Industries Corporation
• KION Group AG
• Jungheinrich AG
• Mitsubishi Logisnext Co., Ltd.
• Hyster-Yale Materials Handling, Inc.
• Crown Equipment Corporation
• Raymond Corporation
• Komatsu Ltd.
• Doosan Industrial Vehicle

Recent Developments: 

• Jungheinrich AG, collaborated with a technology company in July 2023 to create smart warehouse solutions. This collaboration aims to improve operational efficiency and foster innovation in warehouse automation.

• In May 2023, KION Group, purchased a software startup to improve automation. This strategic acquisition seeks to boost KION Group’s technical solutions and improve operational efficiencies throughout its product portfolio,

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About Coherent Market Insights

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.