New York (US), April 06, 2023 (GLOBE NEWSWIRE) -- Cargo Handling Equipment Market Overview
According to a Comprehensive Report by Market Research Future (MRFR), Cargo Handling Equipment Market Information by Type, Mode of Propulsion, Application, and Region - Forecast till 2028", the global cargo handling equipment market value is registered as USD 22.6084 billion in 2020 and is anticipated to grow at a significant rate of 3.04% CAGR with the market size of USD 27.4474 billion during the forecast period (2021-2028).
Market Synopsis
Container ships use cargo handling equipment to convey products and services. Moreover, the equipment for handling cargo is utilized for loading and unloading operations. Examples include cargo cranes, side loading systems, cargo pumping systems, conveyors, belt conveyors, elevators, and side loading systems. As freight handling equipment is being used in end-use sectors, demand for it is growing at an extremely quick rate.
The market is expanding as a result of the growing need for sturdy cargo handling equipment and cargo shipping to convey goods and services effectively, quickly, and affordably.
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Market Competitive Landscape:
The affluent companies in the cargo-handling equipment industry are
- Terex Corporation (U.S.)
- Hyster (U.S.)
- Konecranes (Finland)
- Liebherr (Switzerland)
- Mitsubishi (Japan)
- Toyota Industries (Japan)
- Sany (China)
- Kion Group (Germany)
- Anhui Heli (China)
- Macgregor (Finland)
- JBT Corporation (U.S.)
- Kalmar (Finland)
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 27.4474 billion |
| CAGR | 3.04% (2021-2028) |
| Base Year | 2021 |
| Forecast Period | 2021–2028 |
| Historical Data | 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Mode of Propulsion, Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising interest in the marine business The ascent in business through seaborne courses |
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There are many regional and local participants of the worldwide industry. In terms of prices and customization options, these competitors pose a serious threat to the big, well-established vendors. The businesses frequently have long-standing professional contacts.
Market USP Covered:
Market Drivers
One of the key factors fueling the market's expansion is the growth of business via seaborne channels. The development of innovative cargo handling equipment has contributed to the market expansion by enabling the effective transportation of sensitive industrial materials and other products, all at a lesser cost. Since cargo ships can move large quantities of products through in a single voyage while saving on transportation costs, many nations worldwide choose seaborne routes for import and export purposes.
Also, small businesses use cargo shipping for trade on a large scale since they typically use tramp shipping because they lack the fleet necessary to operate linear voyages and because it saves them money by eliminating the need for multiple transportations. These elements are fueling the market's expansion.
Due to the development of effective cargo handling machinery, the growth of technological improvements has been a major factor in the expansion of the transportation, import, and export industries globally. The development of technology has made it possible to move products and services over land, sea, and air routes. Because of technology improvements, it is now possible to create cargo handling equipment that is more environmentally friendly because it uses less energy and produces fewer pollutants. These elements are accelerating the market's expansion.
Market Restraints
Despite the fact that cargo handling equipment has a lot of benefits, many businesses are unable to use it because of cost-related issues. Due to the high cost of conveyors and other cargo handling equipment, small businesses that deal with cargo shipping are unable to utilize this equipment.
Opportunities
The growing computerization of cargo handling equipment and the tightening of outflow regulations may present an opportunity for innovation suppliers to fuel the market expansion for cargo handling equipment.
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COVID 19 Analysis
Several industries have been badly impacted by the COVID-19 epidemic. Due to the ongoing lockdowns, the majority of industry sectors, including transportation, food & beverage, electronics & electrical, and automotive, experienced a decline in the first two quarters of 2020. Most governments implemented strict laws to stop the coronavirus from spreading, including lockdowns, the closure of public areas including restaurants, theaters, schools, and colleges, transit prohibitions, and more.
The COVID-19 epidemic is also having an effect on the market. Because to supply chain problems, a manpower shortage, and a scarcity of raw materials as a result of the lockdowns, manufacturing industries have to suspend output. The cargo handling equipment industry is expanding quickly as a result of the advent of the online procedure.
Market Segmentation
Type
Forklift trucks, portable harbor cranes, stacking cranes, transport frameworks, and other types are studied as different forms of cargo handling equipment on the global market. Forklift trucks are the most popular of these varieties, accounting for the majority of the market.
Based on the Mode of Propulsion
With respect to the mode of propulsion, the market for cargo handling equipment is divided into two distinct segments, which are diesel and electric. Because diesel yard farm carriers are less expensive than their gasoline counterparts, the diesel technique has seen the most market growth of the two. Several of the trucks and cargo ships in the ports are entirely powered by diesel engines. Because they offer better solidity and a longer lifespan, diesel motors are employed in many applications, including trains and marine workboats. Diesel motors are perfect for use in this equipment due to their many benefits, including efficiency, power, durability, and performance.
Based on Application
The cargo handling equipment’s applications are rail cargo, air load, marine freight, and land cargo. Marine cargo now has the highest market share among these applications due to its widespread use on larger ships. Marine cargo is rapid market growth as a result of the increased use of freight ships.
Regional Insights
With the highest share, the APAC region dominates the global market for cargo handling. The potential for cargo handling in APAC has been driven by the escalating pace of technical development, the expansion of imports and exports, and the rise of e-commerce. The increase in globalization has led to an increase in the import and export of commodities and materials between various APAC nations. As globalization has increased, there are more chances for cargo handling equipment due to increased international trade, exports, and imports.
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