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The rubber tire gantry crane (RTGC) market is influenced by several key market factors that play a pivotal role in shaping its dynamics. One of the main drivers is the Globalization of Trade, which seeks efficient ways of handling containers at ports and terminals. The size of the Rubber Tyre Gantry Crane Market was USD 1,163.80 Million in 2030, and it will witness a CAGR of 5.10% during the forecast period. The other significant driver for the RTGC market is technological advancement. For instance, manufacturers are increasingly adopting techno-savvy features as well as automation capability to enhance the efficiency and operational ability of these cranes. Consequently, automation has hastened the speed at which container handling takes place while making minimal chances for human mistakes, hence making overall operations much safer than ever anticipated, resulting in the shift towards technologically advanced RTGCs, which have been gradual.
Environmental considerations have emerged as another influential factor in the RTGC market. The globe has become more conscious about environmental issues, and governments have come up with regulations aimed at protecting them, leading to an increased demand for eco-friendly and energy-saving products. Worldwide, the increasing focus on sustainability and environmental policies has resulted in greater demand for environmentally safe solutions that consume minimum energy, such as low carbon emissions. Manufacturers are producing high-tech RTGCs that lower fuel use, include alternative electric power options, and comprise advanced energy management systems as measures toward this trend occurring across markets. Moreover, the competitive environment also influences the direction taken by the RTG crane industry players who are always involved in research endeavors so as to be ahead of their competitors including elements like port capacity, speediness levels, and reliability are necessary when choosing between type specified above all others as per operators who would like to procure them thereby; most firms produce gadgets that can meet or exceed this criteria.
Infrastructure development projects, particularly within emerging economies, significantly contribute to the demand for Rubber Tyre Gantry Cranes (RTGC). To cater to growing trade volumes, ports are expanding and modernizing, thereby necessitating advanced container-handling equipment, including RTGCs. In addition to that, the economic climate has a significant influence on the RTG crane market. The globalization of trade in containers always accompanies a good economy, while geopolitical effects and commerce protocols may also pose some risks. Trade agreements, tariffs, and international alliances can affect the flow of goods, and thus, port operations may be impacted by various changes. These uncertainties call for port operators to evaluate their equipment requirements from time to time due to evolving geopolitical and trade environments leading to increased or lowered demand for RTGCs.
Rubber Tyre Gantry Crane Market Highlights:
Rubber Tyre Gantry Crane Market Synopsis
Rubber Tyre Gantry Crane Market size was USD 1,163.80 Million in 2030 and is expected to witness 5.10% CAGR during the forecast period.
The Global Rubber Tyre Gantry Crane Market is expected to witness significant growth in the next few years due to the rapid growth of seaborne trade. Seaborne trade is expected to continue to expand internationally over the forecast period as shipping has a significant contribution to the global economy, which adds to the demand for rubber tyre gantry cranes.
Furthermore, the increase in industrialisation and the liberalisation of the economies of China and India, have boosted the demand for iron ore and coal, which are exported by industries through seaborne trading. The increase in import/export of goods and commodities and the growth of e-commerce and three-dimensional printing have further increased the demand for rubber tyre gantry cranes in the global market.
Regional Analysis: Global Rubber Tired Gantry Crane Market
Based on region, the Rubber Tyre Gantry Crane Industry has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Asia-Pacific is expected to hold the largest share of the rubber tyre gantry crane market, followed by North America and Europe. This is attributed to the growing trend of transshipments, especially in China and India, have led to a rise in the demand for rubber tyre gantry cranes in the region. The region is also anticipated to witness the fastest growth rate during the forecast period. Furthermore, rapid industrialisation and urbanisation in Asia-Pacific have increased the demand for iron ore and coal. Hence, an increase in transportation of iron ore, especially in developing countries, drives the demand for rubber tyre gantry cranes during the forecast period.
Segmentation: Global Rubber Tyred Gantry Crane Market
The Global Rubber Tired Gantry Crane Market has been segmented based on Type and Power. Based on type, the Global Market has been divided into 8-wheeler and 16-wheeler. Based on power, the global market is segmented into diesel, electric, and hybrid.
In 2018, the hybrid segment accounted for the largest market share of around 45%, which is expected to witness the fastest growth rate during the forecast period.
Key Players
The Key Players operating in the Global Rubber Tyre Gantry Crane Industry include Anupam Industries Limited (India), TNT Crane & Rigging (US), ElectroMech Material Handling Systems Pvt. Ltd (India), SANY GROUP (China), KoneCrane (Finland), Cargotec-Kalmar (Finland), Liebherr (Switzerland), Mi-Jack Products (US), and Shanghai Zhenhua Heavy Industries Co., Ltd (China).
There are many global and regional players operating in the global rubber tyre gantry crane market. These players are adopting strategies such as mergers & acquisitions, product development, partnerships, and expansion to improve their position in the global market. High competition, rapid changes in technology, and integrated solutions by industry participants are the key factors that impact market growth. Vendors compete based on cost, product quality, and reliability. It is vital for these players to offer cost-effective and superior products to succeed in the competitive market environment.
Intended Audience
- Crane manufacturers
- Traders/distributors/suppliers
- Raw materials suppliers
- Architects & engineers
- Regulatory bodies
- Research organisations
- Association and industry bodies
- End consumers
- Market research and consulting firms
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