In its new World Material Handling Products study, Cleveland, Ohio-based industry research firm, Freedonia Group points to emerging trends that will play a strong part in market growth. While demand will rise overall by 4.5%, specific area increases through from 2000 to 2010 are North America up 4.4%, Western Europe at 3.3%, Asia/Pacific up 5.7% and other regions at 5.0%.
The research firm notes fixed investment need, increase in per capita income and boosts in manufacturing output as driving the need for more equipment, especially in China and India. The study looks at Mexico, Russia and Turkey as major purchasers of material handling products, as well.
Freedonia expects that Western Europe, Japan and the United States will be experiencing better economic conditions and higher income levels which will translate in to greater demand for consumer goods, meaning increased manufacturing and a greater need for material handling equipment.
Greatest growth in the area will be for advanced and automated product such as robots and automated guided vehicles (AVG), in addition to software and services like systems design and project management.