In the construction industry, the term material handling machinery is used to describe the tools that aid the process of moving and storing the construction materials and other products. These types of machineries make the controlling of the equipments easier and thus considered an integral part of the logistics management in construction industry. These machineries are known to improve the process efficiency by providing a cost effective solution for heavy material handling tasks and reduces the time taken for the process with less human intervention. As the conclusion of the report titled ‘Global Construction Material Handling Market Outlook,’ by Bonafide Research; the right combinations of tools in the material handling equipments have attracted the construction companies and the contractors, bringing in huge investments in the industry marking a market value of USD 21.21 Billion in the year 2014. The growth can be attributed to the advantageous involvement of these machineries in the construction site, which leads to a reduction in the time involved and a reduction in the lead-time. Owing to the need of optimum utilization of the resources, the demand for material handling machineries in the construction have increased. As the construction industry came to a halt due to the Covid-19 pandemic, the global market of material handling machinery is also to be impacted adversely. The initial costs of these machineries are huge enough to dig a hole in the pockets of the buyers. Thus, many contractors are presumably to opt for renting these machineries for a temporary time being.
Nevertheless, the need to developing the infrastructure and demand for more housing units are to drive the construction market in the forecasted period, which would support the growth of the material handling machinery market. The market is expected to grow with an anticipated CAGR of more than 6%, higher than the historical growth rate.
The material handling machineries are further classified into four categories based on their purpose of use in the construction site. The dump trucks machine is powered by its hydraulics feature, which allows the operator to lift and dump the load single-handed. The dumpers or the dump trucks are one of the most traditional machinery in market, is expected to start losing its share due to the introduction of more compact models and hold share of more than 40% in 2025. Cranes are much commonly known machinery, proffered due to its easy assembly and flexibility and ability to access heighted areas. The telescopic handler machines are growing towards high demand due to their compact, electric models and heavy-duty high risers and many other features. This multipurpose machinery is expected to gain more acceptances from the end users and thus portray an immense growth in the market share.
With the use of the material handling increasing in globally, the regions show a mixed trend in the demand for the material handling machinery. The Asia Pacific is the highest contributor in the market with holding a share up to less than 35% in the year 2019. As many countries in the region are in their developing stage, the need for infrastructural development is in peak, which is to drive the material handling machinery market in the forecasted period. The major regions like North America and Europe follow Asia Pacific in the market share. Unlike the trends in Asia Pacific, these regions are likely to have a decrease in the market contribution during the end of the forecasted period.