Material Handling Equipment Market To witness Huge Expansion By 2030
Material Handling Equipment Industry The global material handling equipment market size is expected to reach USD 350.21 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.7% from 2022 to 2030. Growing demand for warehouse operational flexibility and supply chain transparency is anticipated to have a positive impact on industry growth. The market for material handling equipment was temporarily shut down due to the outbreak of COVID-19, resulting in the shutdown of manufacturing facilities and a slowdown in the logistics industry. The ongoing suspension of business operations has a negative effect on the growth of the industry, particularly in the industrial sector. Small hand trucks, pallet jacks, automatic guided vehicles (AGVs), and shelves or racks are required in warehouses to locate the stock, move goods quickly, manage orders, and localize the stock. The rising demand for warehouse operational flexibility, combined w...