Indonesian Material Handling Equipment Market Outlook by 2023
The strategic position of Indonesia in combination with enormous infrastructure investments brings Indonesia forward to become one of the world’s logistic and warehouse hotspots. Logistics sector is the backbone of development and the growing logistic sector indicates a healthy trend of economic growing.
Indonesian government has released the blueprint for National Logistics System Development (Sistem Logistik Nasional / SISLOGNAS) to strengthen national connectivity, through the development of economic corridors. This blueprint not only optimizes the development of integrated physical infrastructure but also optimizes digital aspects to be able to compete in the era of the Industrial Revolution 4.0. According to the report by Ken Research, a noteworthy CAGR of 7.9% in revenue in Indonesia Logistics and Warehousing Market is expected to reach USD 74.9 billion in terms of revenues by the year 2023.
To support the logistics cost, Indonesia government targets to build new 100 ports for Maritime Highway Program by 2020. The aggressive of seaport development and warehouse expansion bring good opportunities for material handling equipment and forklift truck.
Asia-Pacific dominates the global Forklift truck market due to rising urbanization and industrialization. Moreover, Japan, India and China are the major economies in Asia-Pacific that contribute to the adoption of forklift trucks.
The research estimates that the global forklift truck market is anticipated to grow at a CAGR of 6.4% during the forecasted period of 2016-2023. Global Forklift truck market report covers segmentation by its basis of product, technology and end-user.
The global material handling equipment market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whopping, CAGR of 7.5% during the estimated period (2017 – 2023).