The Material handling equipment market includes a variety of tools, vehicles, warehouses, equipment, and accessories involved in the transport, storage, control, calculation, and counting of products at any stage of manufacturing, distribution, use, or disposal. The main objectives of asset management are as follows: It must be able to determine the appropriate distance to be installed. Prepare for waste reduction to improve quality. Reduce the overall performance time by designing the movement of the material.

Growth Factors

The flow of investments for the development of power and battery technology will contribute to market growth. Apart from that, favourable government initiatives worldwide encourage new infrastructure development, resulting in growth prospects in the material handling equipment market over the forecast period (2023–2031). The developing economies, such as India and China, attract foreign investments promoting infrastructure and industrial development; this is expected to drive market growth. Also, the development of public infrastructure, such as rail networks, airports, seaports, and power plants, among others, is estimated to foster market growth.

The development of the Belt and Road Initiative (BRI) by China is anticipated to create lucrative opportunities that will fuel the growth of the materials handling equipment market. This initiative focuses on connecting a network of rail and road routes from China to Europe via the Middle East.  The Material Handling Equipment Market has greatly benefited from the rapid rise of the e-commerce industry. Furthermore, in reaction to the COVID-19 epidemic, the imposition of social distance rules, lockdowns, and other measures has prompted consumers to turn to online shopping, which has helped market growth.

The increase in labor costs and safety concerns has led many industries to choose equipment in order to improve work efficiency and time reduction, and this factor will foster market growth. Also, with the enhancement of technology, there will be a demand for automation and productivity, which will trigger market growth. Furthermore, the increasing requirement for efficient material movement necessitates automated processes, which are expected to fuel market growth