Market Research Report
Asia-Pacific Material Handling Equipment Market - Growth, Trends, and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence Pvt Ltd||Product code||964811|
|Published||Content info||80 Pages
Delivery time: 2-3 business days
|Asia-Pacific Material Handling Equipment Market - Growth, Trends, and Forecasts (2020 - 2025)|
|Published: August 1, 2020||Content info: 80 Pages||
The Asia-Pacific material handling equipment market is expected to register a CAGR of over 10%, during the forecast period (2020 - 2025).
Electric Material Handling Equipment are Driving the Market
When it comes to material handling trucks the right choice of forklift can improve the overall performance and reduce the operational cost. However, some businesses are turning to electric equipment, as it offers improved efficiency, good battery power, low cost of ownership, low maintenance costs. These electric trucks are equipped with outdoor-friendly pneumatic tires too. This much-needed transformation is driven by the growing interest of customers who are opting for cleaner, higher-capacity trucks that can withstand heavy lifting and perform the same as an IC truck and are environmentally friendly.
Electric trucks are adopted in indoors for quite a few years for light operations. But now electric forklifts are efficiently working outdoors, for various demanding tasks performed by IC trucks. They are now been adopted in tough industries such as recycling centers and construction.
Lithium-ion batteries are becoming a popular option for electric lift trucks batteries as they do not require high-level maintenance as compared to lead-acid, also hydrogen and other gases which are produced by lead-acid are not acceptable in clean food production and storage areas.
According to the Industrial Truck Association's data, electric and internal combustion truck sales grew at a rate of 2.8% and 2.7%, in 2019, and electric products hold nearly two-thirds of the forklift market.
While many local players in the market are entering into the partnership with other regional players to increase their market presence
In 2020, Toyota Material Handling (TMH), introduced new 3,000- and 3,500-pound capacity electric lift trucks models which are equipped with Toyota-designed AC motors that are built to deliver high performance to boost both productivity and reduce operational cost.
In 2019, BYD which is one of the leaders in LiFePO4 lithium technology has partnered with eForklift for distributing its products in the Australian and New Zealand market.
Whereas in 2019, Encarna invests in Hyundai Material Handling, through this investment Encarna will expand its training portfolio to process with the new CACES (certificate of safe driving skills) training reforms.
China is anticipated to have the largest share in the market
China has been a prominent contributor to the growth of the material handling equipment market in the Asia-Pacific region. The increasing demand for AMH products across industries, such as manufacturing, automotive, and e-commerce, among others, is boosting the market's growth positively. China has the presence of almost all the market leaders and the ecosystem of China helps in the growth of the market. As various events are being organized with the help of market participants often for showcasing the latest advancements and better business opportunities. For instance
The 2020 Beijing International Intelligent Warehousing and Material Handling Technology Expo (SMTS 2020) would be held on June 9-11, 2020, at the China International Exhibition Center in Beijing. Various new material handling equipment, such as automatic guided truck, handling and conveying system, forklift, trailer, tractor, palletizing robot, and handling robot, among others, are expected to be presented at this event.
While in February 2020, logistics automation specialist, Swisslog, member of the KUKA Group, received an order from IKEA Supply (Malaysia). Located at Pulai Indah, the Distribution Center run by Inter IKEA would be its most significant regional distribution center in the Asia-Pacific region.
The Asia-Pacific material handling equipment market is fragmented due to the presence of many local players and the increasing presence of global players in the region such as Toyota Material Handling, Daifuku Co., Ltd., XCMG Group and Noblelift Intelligent Equipment Co. Ltd.. Many global players are forming joint ventures with local companies and acquiring them to increase their market presence and diversifying their product portfolio. Also, companies are incorporating the latest features in their material handling equipment to provide the best experience to their customers. For instance,
In 2019, Daifuku Co., Ltd. announced the completion of the acquisition of India-based Vega Conveyors and Automation Private Limited. Vega deals in consulting, designing, manufacturing, and installation of material handling equipment in the Indian market.
In 2020, Toyota Material Handling has announced the launch of more than 190 models that will be available in 2020. Most of the equipment are Class III models. Around 150 were launched in March and the other 40 options will be launched shortly. Toyota's new range includes many features such as bars with power hookups, an operator cooling fan, LED work lights.