According to the research report titled ‘Global Material Handling Equipment Market Size study, by Product (Storage and Handling Equipment, Automated Storage and Retrieval System, Industrial Trucks, Bulk Material Handling Equipment and Others), by End-use (Automotive, Food & Beverages, Chemical, Semiconductor & Electronics, E-Commerce, Aviation, Pharmaceutical and Others), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global material handling equipment market was valued at approximately USD 26.3 billion in 2020 and is estimated to reach USD 43.35 billion by the end of forecast period 2021-2027, registering a strong growth rate of more than 7.4% throughout.
 

As per the findings of the report, rising penetration of automation solutions is majorly propelling the worldwide material handling equipment market growth. Moreover, expanding e-commerce industry, and expansion of public infrastructure such as airports, seaports, and rail networks will enhance the market outlook over the projection period.
 

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Launches of new & advanced products will continue to support the market growth. For instance, Godrej Material Handling Company expanded its product portfolio by launching RenTRUST equipment that offered solutions for its customers spanning workforce, fuel, machinery, and maintenance.
 

Experts cite that factors such as high startup investment along infrastructure & operational costs may hamper the progress in upcoming years.
 

With respect to geography, as per the report, global material handling equipment market size spans across North America (U.S., Canada), Europe (UK, Germany, Spain, France, Italy), Asia Pacific (Japan, China, South Korea, India, Australia), and Latin America (Mexico and Brazil).
 

Among the mentioned regions, Europe is leading the world market in terms of revenue owing to the surging application of new & innovative products to support large-scale industries. Meanwhile, Asia Pacific market is estimated to grow at a rapid pace during the analysis timespan due to booming regional manufacturing sector.
 

North America market is also likely to gain considerable traction, attributable to high potential of equipment sales from online retail stores. In fact, Digitalcommerce360 claims that e-commerce sales in United States are expected to rise from USD 193.62 billion in 2020 to USD 211.7 billion in 2021.
 

Elaborating on the competitive landscape, Vanderlande Industries BV, Swisslog Holding AG, Murata Machinery Ltd., Kion Group AG, Daifuku Co. Ltd., Beumer Group GmbH & Co. KG, Honeywell International Inc., Mecalux S.A, SSI Schaefer AG, and Toyota Material Handling Group are the key players influencing the global material handling equipment market trends.