A new report predicts that the global materials handling market will reach USD148.5 billion by 2021.
Research and Markets estimates that the market was worth USD115.3 billion last year.
The report attributes growth to improving economic conditions that have boosted investment in the construction sector and also the spending pattern of consumers. Another factor for growth in the materials handling market is rising labour costs, which has led to investments in these solutions to cut down on operating expenses.
A focus on workplace safety is also augmenting the demand for these solutions.
The report identifies the Asia Pacific as the major market for materials handling equipment, followed by Europe, the Middle East and Africa (EMEA) and the Americas region.
Europe and North America were the early adopters of materials handling solutions for different industries and the trend caught on across different countries, leading to its dominance in the global materials handling market.
It is predicted that the Asia Pacific will emerge as the fastest-growing market and high growth will be observed across major economies like China and India, which are fast becoming the major markets for this equipment, driving the materials handling industry over the forecast period.
The report singles out automated guided vehicles and automated storage/retrieval systems as products destined for maximum growth due to increasing demand arising from different industry verticals.
Research and Markets publishes industry data on a range of sectors.