According to a new report published by Allied Market Research, titled, The cargo handling equipment market size was valued at $28.5 billion in 2021, and is estimated to reach $48.3 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.
Cargo handling equipment is a motorized vehicle which is used for handling cargo or for performing routine maintenance activities at intermodal rail yards and ports.
Industry Updates:
Rising public investment in port infrastructure to ensure safe and efficient economic operations is anticipated to propel the growth of the global cargo handling equipment market. Additionally, the increasing demand for sea-based transportation of liquefied natural gas exports is expected to further drive market expansion. Many industries rely on ocean shipping for global import and export activities, as air freight remains significantly more expensive than maritime transport, further boosting the demand for cargo handling equipment during the forecast period.
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Driving Demands:
The adoption of automation in port infrastructure has been steadily increasing. Technologies such as IoT and AI are being utilized for cargo and transport management, significantly reducing delivery times for waterway transport. This trend is likely to create new opportunities for expanding the cargo handling equipment market. Efficient trade activities are critical to a nation’s economic progress, with seaports playing a pivotal role, especially in coastal regions. The annual rise in passenger sea travel and the volume of goods transported by water further drives the development of port infrastructure, thereby increasing the adoption of cargo handling equipment.
Cargo Handling Equipment Market Segmentation:
By Equipment Type
- Industrial Trucks: Used for moving cargo within port facilities.
- Tow Tractors: Vehicles for towing cargo loads across terminals.
- Conveying Equipment: Systems like conveyor belts for efficient cargo transport.
- Stacker: Equipment for stacking containers or goods in storage areas.
- Port Cranes: Heavy machinery for loading and unloading cargo from ships.
- Others: Additional tools like forklifts or automated guided vehicles.
By Propulsion Type
- IC Engine: Equipment powered by internal combustion engines, typically diesel.
- Electric: Eco-friendly, battery-powered equipment for reduced emissions.
By Application
- Air: Cargo handling equipment used in airport logistics.
- Road and Rail: Equipment supporting cargo movement in trucking and rail transport.
- Marine: Specialized equipment for seaport and maritime cargo operations.
By Region
- North America (U.S., Canada, Mexico): Advanced infrastructure drives high equipment demand.
- Europe (Germany, France, UK, Italy, Rest of Europe): Strong focus on automation and efficiency.
- Asia-Pacific (China, Japan, South Korea, India, Rest of Asia-Pacific): Rapid growth due to booming trade and port development.
- LAMEA (Latin America, Middle East, Africa): Emerging markets with increasing investments in port infrastructure.
Key Players:
The major players profiled in the report having significant cargo handling equipment market share are 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.
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Key findings of the study:
- The report provides an extensive analysis of the current and emerging global cargo handling equipment market trends and dynamics.
- By equipment type, the port cranes segment was the largest revenue generator in 2021.
- By propulsion type, the IC engine segment generated the highest revenue in 2021.
- By application, the air segment generated the highest revenue in 2021.
- Region wise, Asia-Pacific is anticipated to dominate the global cargo handling equipment market throughout the study period.
- The report provides an extensive analysis of the global cargo handling equipment market forecast and emerging opportunities of the market.
- The global cargo handling equipment market outlook from 2022 to 2031 is included in the report.
About Us:
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
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