According to a recent study from market research firm Graphical Research, the Asia Pacific material handling equipment market will observing healthy growth during the forecast timeframe, with continued expansion across the healthcare, automotive, and manufacturing sectors. An upsurge in demand for global manufacturing organizations to automate processes and facilitate efficient flow of goods is one of the primary drivers of the market.
Asia Pacific material handling equipment market size is projected to reach beyond $80 billion by 2027. Fives Group, Dearborn Mid-West Company, JBT Corporation, Honeywell Intelligrated, Hyster-Yale Materials Handling, Inc., and KION Group AG are counted amongst the leading companies operating in the region. Material handling equipment is being used in the following industries, in each of which it serves a distinct function:
According to the India Brand Equity Foundation (IBEF), pharmaceutical business supplies more than half of the worldwide demand for various vaccines. With rising threat on various infectious disease spread, the healthcare industry has been working around the clock in R&D to ensure global health security.
The recent COVID-19 pandemic created havoc around serval industries, including the pharmaceutical. To meet rising drug & vaccine demands on such a large scale, manufacturers such as Dr. Reddy’s Laboratories & Sun Pharmaceuticals capitalized the features of innovative material handling equipment. The industry is mostly dependent on a complex system of conveyors. As per estimates, APAC material handling industry share from the healthcare & pharmaceutical sector will observe healthy growth through 2027.
Asia Pacific hosts leading players such as Nissan Motor Co., Ltd., Toyota Motor Corporation, Honda Motor Company, and Mitsubishi Motors Corporation in its well-established automotive industry. Material handling equipment serves a host of purposes in this industry, ranging from heavy-duty conveyors to overhead cranes for carrying hoods, seats, gearboxes, engines, and other components.
As part of its array of material handling equipment and solutions, Toyota Industries Corporation unveiled 22 new electric models to the material handling equipment market in January 2022. These new versions have four different operator compartments, a multi-directional design for managing lengthy loads in tight spaces, and high-capacity variations with a maximum fork height of 45 feet.
The global COVID-19 pandemic resulted in a spike in e-commerce activity across Asia Pacific. As lockdowns became the new normal, both, customers & businesses gradually went digital, providing and purchasing more products and services online.
To satisfy these rising demands the e-commerce industry has adopted a variety of industrial lifting equipment and other tools for moving products and goods from one section to the other. Automated modular conveyors, loading and unloading conveyors, and monorail overhead cranes are employed to optimize the order fulfillment process.
According to the International Trade Administration, Australia’s e-commerce revenue is expected to reach $32.3 billion by 2024, representing a 15.5% Y.O.Y growth. These statistics have motivated e-commerce giants such as Amazon, eBay, and Woolworths to deploy innovative material handling technology in their distribution hubs to ensure on-time delivery. The expanding use of warehouse automation to improve material handling processes and maximize uptime is likely to drive the Asia Pacific material handling equipment market expansion.
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