Steady Growth Expected for Global Material Handling Market
The material handling market was estimated to be worth $115.342 billion in 2015.
The material handling market was estimated to be worth $115.342 billion in 2015 and will reach a total market size of $148.542 billion by the end of 2021 at a compound annual growth rate (CAGR) of 4.31%, according to a recent report available from Research and Markets. Asia-Pacific is the major market for material handling equipment, followed by Europe, the Middle East, and the Africa and Americas region. The Europe and North America regions were the early adopters of material handling solutions for different industries and the trend caught up across different countries, leading to the region’s dominance in the global material handling market.
Asia-Pacific will emerge as the fastest-growing market. High growth will be observed across the major economies like China and India, which are fast becoming the major markets for this equipment, driving the material handling market over the forecast period.
Of the different types of material handling equipment, automated guided vehicles and automated storage/retrieval systems will witness maximum growth due to increasing demand arising from different industry verticals.
For more information, visit www.researchandmarkets.com.