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OCMHI | FEATURE


North America holds the second-largest market share after APAC in the material handling industry thanks to key players who are focusing on


expansion, forming strategic alliances and implementing new product development to attract customers. Jenny Eagle reports.


he global material handling equipment market is projected to grow from $216.18bn in 2022 to $319.63bn by 2029 at a CAGR


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of 5.7% during the 2022-2029 period, according to Fortune Business Insights. Its report, “Material Handling Equipment


Market, 2022-2029,” claims disruptions in the supply chain and interrupted manufacturing operations affected the material handling equipment market growth during the Covid pandemic. Also, governments imposed stringent


restrictions on import/export activities and instructed employees to work at 50% capacity, which hampered the overall business performance during the initial lockdown phase. “It is of no surprise that Covid directly


affected the North American material handling market, stunting the growth during the shutdown of industrial enterprises, which sparked an acquisition and consolidation boom among companies and vendors. Beyond that rests the on- going supply chain issues that have come to affect suppliers and manufacturers alike, leaving the demand for equipment subject to volatility. Add in the high price of fuel and the ever-changing competitive price on the commercial market, and you get what some have described it as a ‘race to the bottom’. Although, it is in times of economic struggle that calls for great innovation; and the opportunity for growth is greater than ever. Therefore, many companies have made efforts to distinguish themselves by branching into specialized and custom


Q Gorbel work station cranes. 14 | October 2022 | Overhead Crane Material Handling Industry Supplement


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