Dublin, Sept. 02, 2024 (GLOBE NEWSWIRE) -- The "Cargo Handling Equipment Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global cargo handling equipment market size has grown strongly in recent years. It will grow from $25.7 billion in 2023 to $27.33 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth observed in the historic period can be attributed to several factors including increased industrialization, the adoption of eco-friendly handling equipment, stringent safety and environmental regulations, advancements in air freight handling equipment, and the expansion of global shipping routes and ports.
The cargo handling equipment market is expected to see strong growth in the next few years. It will grow to $35.12 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. In the forecast period, growth can be attributed to several factors, the shift towards electric cargo handling vehicles, increasing demand for environmentally friendly handling equipment, changes in consumer preferences, the necessity for improved cargo screening and handling security, and a focus on reducing operational costs. Key trends expected in this period include the integration of RFID technology, adoption of 3D printing, advancements in hydraulic systems, integration of AI, and the implementation of blockchain technology.
The growth of the cargo-handling equipment market is expected to be driven by increasing import and export activities, facilitated by global trade.
Major companies in the cargo handling equipment market are introducing advanced forklift models to enhance efficiency, incorporate advanced automation features, and address sustainability concerns with electric and hybrid technologies. For example, Toyota Material Handling launched three new electric forklift models in May 2023, the Side-Entry End Rider for efficient cross-warehouse operations, the versatile Center Rider Stacker combining multiple functions, and the powerful Industrial Tow Tractor for towing heavy loads. These models feature AC drive motors for smooth, quiet operation, adjustable controls for operator comfort, and optional features such as cold storage conditioning and PIN code access for enhanced customization and security.
In February 2024, Taylor Group, a US-based industrial equipment manufacturer, acquired Italy-based CVS Ferrari for an undisclosed amount. This acquisition aims to bolster Taylor Group's global market presence, leveraging the strengths of both companies to enhance product innovation, service capabilities, and market access. CVS Ferrari specializes in manufacturing high-quality mobile container handling and heavy cargo equipment, including reach stackers and high-capacity forklifts.
Asia-Pacific was the largest region in the cargo handling equipment market in 2023. The regions covered in cargo handling equipment report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the cargo handling equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Report Scope
Where is the largest and fastest growing market for cargo handling equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Markets Covered
1) By Equipment Type: Aviation Dollies; Stacker; Pallet Jacks; Loaders; Conveyor System; Automated Guided Vehicle; Forklift Trucks; Cranes; Rubber Tired Gantry Cranes; Other Equipment Types
2) By Technology: Manual; Semi-Automated; Fully Automated
3) By Propulsion Type: Diesel; Electric; Other Propulsion Types
4) By Application: Air Cargo; Marine Cargo; Land Cargo
5) By End User: Automotive; Consumer & Retail; Energy Resources; Manufacturing; Transportation; Other End-Users
Key Companies Mentioned: Siemens AG; ABB Ltd.; Komatsu Ltd.; Toyota Industries Corporation; HD Hyundai Heavy Industries Co. Ltd.
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $27.33 Billion |
| Forecasted Market Value (USD) by 2028 | $35.12 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- Siemens AG
- ABB Ltd.
- Komatsu Ltd.
- Toyota Industries Corporation
- HD Hyundai Heavy Industries Co. Ltd.
- Liebherr-International Deutschland GmbH
- KION Group AG
- Sany Heavy Industry Co. Ltd.
- Doosan Industrial Vehicle BG
- Jungheinrich AG
- Mitsubishi Logisnext Co. Ltd.
- Wallenius Wilhelmsen Logistics ASA
- Shanghai Zhenhua Heavy Industries Company Limited
- Terex Corporation
- Crown Equipment Corporation
- Cargotec Oyj
- Hyster-Yale Materials Handling Inc.
- Konecranes Oyj
- Anhui Heli Co. Ltd.
- Hangcha Group Co
- Manitowoc Company Inc.
- John Bean Technologies Corporation
- Kalmar Corporation
- The Taylor Group Inc
- CVS Ferrari S.p.A.
For more information about this report visit https://www.researchandmarkets.com/r/vmc6sv
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