 Demand is growing. PHOTO: SHUTTERSTOCK |
Demand for materials handling products is expected to increase by 20% within the next four years, according to research by the Freedonia Group Inc.
The industry research firm's study found demand worldwide will exceed USD133.5 billion by 2012. The demand for materials handling products in 2002 was valued at USD75.5 billion.
Growth is expected in the Asia Pacific region, Eastern Europe, Africa and Middle East region and Latin America. Freedonia says the demand in these regions outpaces sales in the US, Western Europe and Japan.
"In fact, China alone will account for 30% of the total demand through to 2012," Freedonia analysts say.
The study says the demand for conventional materials handling products such as industrial trucks, forklifts, conveyors and cranes will benefit from rapid industrialisation in developing nations.