Asia Pacific Material Handling Equipment Market is Estimated to Witness High Growth Owing to Increasing E-commerce Industry
Asia Pacific Material Handling Equipment Market is Estimated to Witness High Growth Owing to Increasing E-commerce Industry
Blog Article
The Asia Pacific material handling equipment market involves products that are used for transportation, storage, packaging and distribution of raw materials, semi-finished and finished goods within facilities like warehouses, distribution centers, manufacturing plants and other industrial premises. Equipment like conveyor systems, cranes, automated storage and retrieval systems, automatic guided vehicles are widely employed for improved efficiency and productivity in supply chain operations. The burgeoning e-commerce sector across developing Asian economies has fueled demand for advanced logistics infrastructure and integration of automation solutions.
The Global Asia Pacific material handling equipment market is estimated to be valued at US$ 112.45 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Asia Pacific material handling equipment market are 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. These companies are focusing on developing automated and Internet of Things (IoT) enabled solutions to gain competitive advantage.
The rapid Asia Pacific Material Handling Equipment Market Demand of the e-commerce industry across emerging Asia Pacific nations presents significant opportunities for warehouse automation product vendors. Investments in advanced logistics infrastructure by both public and private sectors is supporting market expansion.
Major global manufacturers are strengthening their presence in Asia through mergers and acquisitions or greenfield projects. Localization of production facilities helps address trade barriers and fulfill growing regional demand. Japan, China and India are recognized as strategic markets for long term business development.
Market Drivers
The robust growth of the e-commerce industry across the Asia Pacific region is a key market driver. Rising internet and smartphone penetration coupled with evolving consumer purchase preferences has boosted online retail activities. E-tailers require expansive and technologically sophisticated warehouse facilities to handle increasing order volumes efficiently. This drives material handling equipment adoption. Rising industrial and manufacturing activities in countries such as China, India and Southeast Asia also augurs well for market opportunities.
PEST Analysis
Political: The governments in various APAC countries are increasingly focusing on infrastructure development and manufacturing sector growth. This is positively impacting the demand for material handling equipment in the region.
Economic: Steady economic growth of developing nations like India and Indonesia coupled with rising income levels is fueling the demand for material handling equipment from industries like e-commerce and automotive.
Social: Growing urbanization and shift towards nuclear families is increasing demand for packaged and processed foods which require effective warehouse and distribution center logistics. This acts as a driver for the material handling equipment market.
Technological: Adoption of robotics, Internet of Things (IoT) and automation solutions for warehousing operations is boosting demand for technologically advanced material handling systems in the Asia Pacific region.
In terms of value, the material handling equipment market in Asia Pacific is concentrated maximum in major economies like China, Japan and India. China currently dominates over 1/3rd of the total regional market value owing to its global leadership in manufacturing output across diverse industries. Other fast growing countries contributing significantly include South Korea, Taiwan, Indonesia and Vietnam driven by their expanding electronics, automotive and e-commerce sectors.
The fastest growing regional market for material handling equipment in Asia Pacific is forecasted to be Southeast Asian countries like Thailand, Malaysia and Vietnam. Strong double digit annual growth rates ranging between 10-15% are projected for these developing nations over the forecast period. Rapid infrastructure development, expanding trade volumes through sea ports and rising industrial and manufacturing capabilities are fueling demand growth in Southeast Asia.
Get More Insights on- Asia Pacific Material Handling Equipment
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
copyright src="chrome-extension://fpjppnhnpnknbenelmbnidjbolhandnf/content_script_web_accessible/ecp_regular.js" type="text/javascript">