Asia Pacific Material Handling Equipment Market size valued at USD 50 billion in 2020 and is predicted to exhibit a CAGR of 8% between 2021 and 2027.
Get more details on this report - Request Free Sample PDF
The growing food retail sector in Asia Pacific offers various opportunities for the material handling equipment market as it increases the efficiency & speed of the picking & sorting processes. The presence of leading food retail chains, such as Reliance Retail, Aditya Birla Retail Limited, Avenue Supermarts Limited, and Star Bazaar, is supporting the use of AGVs. These businesses employ AGV solutions as they can navigate accurately & efficiently through small aisles & compact layouts and improve the storage process's dependability. The growing adoption of AGVs in the food retail industry can be attributed to their benefits in terms of productivity, safety, and accuracy.
In FY2020, the COVID-19 pandemic had a negative impact on the Asia Pacific material handling equipment market. To combat the COVID-19 outbreak, governments throughout the region implemented stringent lockdowns and travel restrictions in the first half of 2020. The temporary closure of manufacturing operations led to decreased market production rates of material handling equipment. The market gained traction in 2021 as the number of COVID-19 patients increased globally. This increased the demand for material handling equipment solutions in the healthcare industry as conveyor systems automate the movement of a large volume of products such as medicinal tablets, vaccines, and syringes. The market will witness growth in 2022 as e-commerce companies focus on upgrading their warehouses and distribution centers to ensure on-time delivery to customers.
Asia Pacific has a strong automotive industry due to which material handling equipment manufacturers are offering customized solutions. Various leading automotive manufacturers, including Toyota Motor Corporation, Nissan Motor Co., Ltd., Honda Motor Company, and Mitsubishi Motors Corporation are introducing innovative autonomous vehicles. Spot welding of massive body panels of vehicles is handled by industrial robots with extended arms and better payload capacities.
Asia Pacific Material Handling Equipment Market, By Application
The expanding pharmaceutical industry in Asia Pacific will spur advanced material handling equipment demand from companies such as Dr. Reddys Laboratories and Sun Pharmaceuticals. According to the India Brand Equity Foundation (IBEF), the pharmaceutical industry supplies over half of the global demand for different vaccines, 40% of the generic demand in the U.S., and 25% of all the pharmaceuticals in the UK. To improve warehouse productivity and meet strict industry requirements, pharmaceutical companies incorporate automatic equipment into their material handling workflow. Automatic pallet changers can transfer the products to enhance their operational efficiency and enable inventory management.
The direct sales channel allows manufacturers to offer their products directly to end-users without involving a channel partner. For product availability in the material handling equipment market, manufacturers directly contact their consumers and offer solutions based on specific requirements. Due to direct contact, it becomes easy to understand the demand that must be inculcated in the product, helping companies to develop perfect solutions to grow their businesses. The product market is highly fragmented and competitive, encouraging companies to provide free 24/7 technical support to attract customers.
Competitive Industry Landscape
Some of the leading companies operating in the Asia Pacific material handling equipment market include Beumer Group GmbH & Co. KG, Clark Material Handling Company, Columbus McKinnon Corporation, Crown Equipment Corporation, Daifuku Co., Ltd., Dearborn Mid-West Company, Fives Group, Flexlink AB, Grenzebach Maschinenbau GmbH, Honeywell Intelligrated, Hyster-Yale Materials Handling, Inc., JBT Corporation, Jungheinrich AG, KION Group AG, Knapp AG, Mecalux S.A., Mitsubishi Caterpillar Forklift America Inc., Murata Machinery, Ltd., Siemens AG, SSI Schaefer Group, System Logistics SPA, TGW Logistics Group GmbH, Toyota Industries Corporation, Viastore Systems GmbH, and Witron Logistik + Informatik GmbH.
The companies are focusing on introducing new material handling equipment with greater versatility and seamless operations across all applications & environments. For instance, in January 2022, Toyota Industries Corporation unveiled 22 new electric models as part of its expanding portfolio of material handling equipment & solutions. These new models consist of four various operator compartments, multi-directional design for managing long loads in narrow aisles, and high-capacity variants with a maximum fork height of 45 feet.