Cargo Handling Equipment Market By Equipment Type (Industrial Trucks, Tow Tractors, Conveying Equipment, Stacker, Port Cranes, Others), By Propulsion Type (IC Engine, Electric), By Application (Air, Road and Rail, Marine): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global cargo handling equipment market was valued at $28,517.6 million in 2021, and is projected to reach $48,246.4 million by 2031, registering a CAGR of 5.3% from 2022 to 2031. Cargo handling equipment are the off- road, self - propelled vehicle or equipment that are used at a port or intermodal rail yard for moving or lifting bulk, container, or liquid cargo carried by train, ship or any another vehicle. In addition, it is used for performing repair and maintenance activities which are been routinely scheduled or that are due to predictable process upsets.
The growth of the cargo handling equipment is expected to be driven by increase in government expenditure on port infrastructure to promote safe and efficient commercial activities. In addition, rise in need for liquefied natural gas exports via marine transport is likely to contribute toward the growth of the industry. Furthermore, numerous sectors rely on marine shipping to import and export commodities throughout the world, as transporting products by air is more expensive than transporting commodities by water. Thus, this factor is expected to significantly rise surge the volume in usage of the cargo handling equipment.
However, the expansion of the port infrastructure industry is hampered by trade obstacles which in turn is affectsing the growth of the cargo handling equipment market. Tariffs are a type of trade barrier that imposes a levy on imported products. Tariffs increase the cost of imported products. Higher tariffs are due to higher price of imported goods. In addition, higher tariffs lead to lower port transit and shipping. For instance, in comparison to exports to China, the U.S. import from China is high. The U.S. Government implemented a tariff tax system To to regulate imports and save American firms, the U.S. Government implemented a tariff tax system. However, because the building and maintenance of port infrastructure requires a significant amount of cash which includes higher cost of machines used at ports. In addition, it takes a long time to complete, ; these difficulties are projected to act as challenges for the market growth.
A country’s economic progress is aided by efficient trade activities. As a result, sea ports play an important role in economic activities, particularly in coastal locations. Every year, the number of passengers travelling by sea and the number of commodities transported by water are witnessed to increase significantly. Hence, it leads to construction of new ports requiring more cargo handling equipment at these ports. Furthermore, the use of IoT and AI for shipping and transport management can shorten the time required for waterway transport delivery, which is expected to offer lucrative opportunities for the market expansion.
The cargo handling equipment market is segmented on the basis of equipment type, propulsion type, application, and region. By equipment type, the cargo handling equipment market is fragmented into industrial trucks, tow tractors, conveying equipment, stacker, port cranes and others. By propulsion type, the market is categorized into IC engine and electric. By application, the market is divided into air, road & rails and marine. By region, the cargo handling equipment market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The major players profiled in the cargo handling equipment market report include Anhui Heli Co., Ltd. , Hyster-Yale Group, Inc., KION Group AG (KION), Konecranes, Liebherr International AG, Mitsubishi Corporation, Macgregor, Sany Heavy Industry Co Ltd (SHI), Toyota Industries Corp (TICO), and Terex Corporation.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cargo handling equipment market analysis from 2021 to 2031 to identify the prevailing cargo handling equipment market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the cargo handling equipment market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global cargo handling equipment market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Equipment Type
- Industrial Trucks
- Tow Tractors
- Conveying Equipment
- Port Cranes
By Propulsion Type
- IC Engine
- Road and Rail
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
- Key Market Players
- Hyster-Yale Group, Inc.
- Terex Corporation
- KION Group AG (KION)
- Toyota Industries Corp (TICO)
- Sany Heavy Industry Co Ltd (SHI)
- Mitsubishi Corporation
- Anhui Heli Co., Ltd.
- Liebherr International AG