Improving economic conditions have boosted investment in the construction sector and also the spending pattern of consumers, both of which have contributed to growth in the material handling market. Another factor is rising labor costs, which has led to investments in these solutions to cut down on operating expenses.
The automated material handling equipment market is expected to reach $44.68bn by 2022, at a CAGR of 7.9 percent between 2016 and 2022, according to analysis firm Research and Markets. Market growth is propelled by increasing demand for automated solutions, advancements in technology; the need to ensure a safe working environment; and reduction in labor cost through advanced robotics.
With the progress of modern logistics as well as the growth in demand for replacing workforce by machinery, forklifts have become the most widely used tools for handling materials in logistics industry. In 2014, global forklift sales volume exceeded one million sets for the first time, representing a year-on-year increase of 7.5%; wherein, China sold 360,000 ones, up 9.4% year on year, still ranking first worldwide.
B2C e-commerce in Canada is dominated by U.S.-based retailers, according to a report from Research and Markets. However, local Canadian retailers could be favored this year by weaker Canadian currency with respect to the U.S. dollar.