The global port and material handling equipment vehicle market is expected to be worth nearly US$ 10 billion by 2031, with a CAGR of around 5% over the forecast period, according to a recently published report by award-winning consulting firm Fact.MR. The overall increase in global trade and transportation activities has a significant impact on growth.
Rapid port infrastructure development in key countries such as China, India, Singapore, and South Korea, according to the report, is increasing uptake, particularly in the container management segment. According to the 2020 e-handbook of statistics from UNCTAD, developing economies in Asia and Oceania handled 62% of global port container traffic. Furthermore, global container port traffic increased by 2% between 2018 and 2019.
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Furthermore, future infrastructure expansion projects are expected to provide significant market momentum. For example, at the March 2021 Maritime India Summit, the Indian government allocated US$ 82 billion for the ongoing Sagarmala Project, which will see improved port infrastructure development, generating demand. Similarly, several planned port infrastructure projects as part of China’s Belt and Road Initiative (BRI) are expected to boost demand for port and material handling equipment vehicles in the coming years.
Key Market Segments Covered
- Rubber-tired Gantry (RTG) Cranes
- Electrified Rubber-tired Gantry (E-RTG) Cranes
- Ship-to-share Cranes
- Yard Cranes
- Rail-mounted Gantry (RMG) Cranes
- Automated Stacking Cranes
- Ship Loaders
- Reach Stackers
- Mooring Systems
- Automated Guided Vehicles
- Forklift Trucks
- Container Lift Trucks
- Terminal Tractors
- Straddle Carriers
- Container Handling
- Ship Handling
- Storage Handling
- Automated Storage Handling
- Bulk Material Handling
- Diesel Port and Material Handling Equipment Vehicles
- Gasoline Port and Material Handling Equipment Vehicles
- Electric- / Battery-powered Port and Material Handling Equipment Vehicles
- Hybrid Port and Material Handling Equipment Vehicles
- Port and Material Handling Equipment Vehicles for New Demand
- Port and Material Handling Equipment Vehicles for MRO & Services
- North America (US and Canada)
- Europe (Germany, UK, France, Italy, Spain and Rest of Europe)
- Asia Pacific (China, India, Japan, ASEAN and Rest of Asia-Pacific)
- Middle East & Africa (GCC, South Africa and Rest of MEA)
- Latin America (Brazil, Mexico and Rest of Latin America)
Key Takeaways from Market Study
- Automated Stacking Cranes (ASCs) to remain most preferred equipment due to their significant capital cost reduction.
- By application, container handling emerged as the dominant segment, expected to retain its position through 2031.
- Demand for electric- / battery-propelled vehicles to aggrandize over coming years.
- New demand is likely to attract significant investments towards port and material handling equipment vehicles.
- China and India to present heavy investment opportunities amid extensive port and maritime infrastructure spending.
- Robust presence of regional manufacturers heightening growth prospects in the U.S.
“Prominent end users are seeking autonomous and smart equipment handling solutions with a view to streamline management operations. This is prompting key port and material handling equipment vehicle manufacturers to introduce digitized management solutions,” remarks the Fact.MR analyst.
Leading manufacturers are focusing heavily on introducing new products that are equipped with cutting-edge technology and innovations. Key players also rely on capacity expansion, strategic mergers and acquisitions, and partnerships.
- In 2019, CVS Ferrari S.p.A partnered with ITS Conglobal, North America’s largest integrated intermodal service provider, to supply its range of stackers as the backbone of the latter’s equipment fleet to execute their terminal operating contract at the Canadian National Railroad facility serving the Detroit metropolitan area.
- In May 2019, Konecranes launched the Agilon® materials management robot which brings about greater speed, flexibility and efficiency to warehouses due to its ability to move diagonally as well as horizontally and vertically. This means accelerated transfers of items at customer sites, a more comprehensive reach in terms of warehouse size and greater efficiency and insight for customers.
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