In 2020, the global cargo handling equipment market value is registered as USD 22.6084 billion and is anticipated to grow at a significant rate of 3.04% CAGR with themarket size of USD 27.4474 billion during the forecast period (2021-2028).
Cargo handling equipment is also known as Freight handling equipment that is used to transport cargo from one place to another. The versatility, rise in handling velocity, decrease in time and cost, security, and safety are the features provided by this equipment. This device can be powered with diesel, electricity, or a combination of both. In the previous days, cargo transportations are limited to ships. Later, it was grown to trucking, rail, and other logistical modes of transit.
Their different forms include various types such as stackers, pallet jacks, aviation dollies, conveyor systems, loaders, automated guided vehicles, cranes, forklift trucks, rubber-tired gantry cranes, reach stackers, straddle carriers, and terminal tractors. Cargo handling equipment is used to transport goods and services in container ships. The use of this equipment in end-use industries has quickly bolstered the need for cargo handling equipment. Few vehicles are cargo cranes, yard tractors, container handlers, and forklifts for handling the equipment.
The COVID-19 outbreak has affected various industries severely. In the first two quarters of 2020, most of the business sectors like automobiles, food & beverages, electronic & electrical devices, transportation, and many more due to the continuous lockdowns. To control the spread of the coronavirus, most of the governments imposed stringent regulations like lockdowns, the shutdown of public places like restaurants, theatres, schools & colleges, transportation bans, and more.
The market is also impacted due to the COVID-19 pandemic. Due to the lockdowns, the manufacturing industries halt production due to the supply chain disruptions, lack of labor, and raw materials. After the introduction of the online process Cargo Handling Equipment Industry, the market is growing rapidly. It is anticipated that the market to grow at a significant rate during the forecast period.
The prominent key players in the cargo handling equipment market outlook are the following:
Rising import and export operations among countries and a thriving logistics industry are the growth factors of the market. The highly popular trailers are forklifts and tractors. The majority of the equipment runs on diesel that raises concerns about fuel dependency and pollution. As diesel emits carbon monoxide, it is a major source of transport. The increase in seaborne trade, industrial production, and air cargo are the factors boosting the demand of the market.
To satisfy the rigorous emission requirements, equipment with improved fuel efficiency and lower emissions is in demand are the factors boosting the market growth. The growing interest in the marine business is propelling the market growth. Due to the productive conveyance of fragile assembling materials and different materials with low cost for the improvement of cutting-edge cargo dealing with hardware are accelerating the growth of the global market. Additionally, the little organizations are using freight delivery for exchange purposes and large organizations choose tramp delivery as they require more armada to run straight journeys and reduces the transportation costs which needs a few transportations are escalating the development of the market.
The cargo handling equipment is very expensive and the numerous associations that cannot use the expensive freight dealing with supplies are restraining the market growth.
The expanding computerization in cargo handling with gear and the development of severity in outflow guidelines may create the opportunity to propel the cargo handling equipment market growth for the innovation providers.
Lack of synchronization between different port equipment, and accidents involving cargo handling equipment are the challenges of the growth of the market.
The global cargo handling equipment market has been divided into segments based on the type, mode of propulsion, application, and region.
The global market by type is analyzed into various types such as forklift trucks, portable harbor cranes, stacking cranes, transport frameworks, and others. Out of these types, forklift trucks are holding the leading portion in the market.
The global cargo handling equipment market based on the mode of propulsion is classified into two different parts like diesel and electric. Out of these two methods, the diesel method accounts for the largest development in the market due to the low expense of diesel yard farm haulers. Several trucks and load marine in the ports are completely fueled by diesel motors. The diesel motors are used in various applications like trains and marine workboats as the diesel motors are providing better solidness and a long lifespan. The more advantages of diesel motors like proficiency, force, dependability, and execution are making it ideal to use in this equipment.
The global cargo handling equipment by the application is trifurcated into rail cargo, air load, marine cargo, and land cargo. Out of these applications, marine cargo is dominating the largest market share for its wide use in the holder ships. Due to the expansion of the use of freight ships, marine cargo is accelerating the development of the market.
Region-wise, the global cargo handling equipment market is divided into four main geographies like North America, Europe, Asia-Pacific, and the Rest of the World. Out of these regions, the Asia-Pacific region is accounting for the largest market share due to the growing innovative progressions and development in import and fares, development in web-based business is driving the growth in this region.
Geographically, the cargo handling equipment market based on the regions is fragmented into four main regions like Asia-Pacific, North America, Europe, and the Rest of the World. Among them, Asia-Pacific is dominating the largest market share for the increasing innovative progressions, development in import & fares, and development in web-based business are the factors driving the growth of the market in this region. Due to the development of import and fares of products and materials between various nations in this region is increasing the globalization. This globalization development subsequently expands the use of the market.
Owing to the rising interest for solid and competent hardware for holders, fast expansions in import and export, expanding online business are the few factors driving the global market in the Asia-Pacific region. According to the International Air Transport Association, the Asia-Pacific region is accounting for 37.4% of worldwide cargo movement. Due to the growing industrialization of the area, North America is expected to hold a significant rate.
Globally, this cargo handling equipment market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the market drivers, restraints, challenges, and opportunities. The market forecast segments into four types as type, mode of propulsion, application, and region.
The cargo handling equipment market trends have been segmented into four types globally based on the type, mode of propulsion, application, and region.
Forklift trucks, portable harbor cranes, stacking cranes, transport frameworks, and others are a few types of cargo handling equipment.
Diesel and electric.
Air load, rail cargo, marine cargo, and land cargo.
Asia-Pacific, Europe, North America, and the rest of the world are the four main geographies included in the market.
|CAGR||3.04% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Mode of Propulsion, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||The developing severity in outflow guidelines and the expanding computerization in Cargo handling with gear will likely open new opportunities for innovation providers.|
|Key Market Drivers||
Cargo Handling Equipment Market was esteemed at USD 22.6084 Billion every 2020 and is projected to arrive at USD 27.4474 Billion by 2030.
To satisfy the specific outflow necessities, hardware with further developed eco-friendliness and lower or zero discharges is popular, driving the Cargo Handling Equipment Market all through the projection period.
Cargo Handling Equipment market is predicted to grow at 3.04% through forecast period of 2022-2030.
The forecast period for Cargo Handling Equipment market research report is 2022-2030
Global Cargo Handling Equipment Market is dominated by Asia-Pacific region