The global cargo handling equipment market is experiencing robust growth, driven by the increasing demand for efficient container handling services. United Nations Conference on trade and Development data reveals trade volumes reached 10.2 billion tons in 2016, underscoring the substantial need for effective cargo management solutions. Additionally, the International Air Transport Association (IATA) predicts a surge in air cargo movement, presenting significant growth prospects for the market in the forecasted period. As industries strive for seamless logistics operations, the market for cargo handling equipment is poised for expansion, driven by the vital role it plays in facilitating global trade.
According to Data Bridge Market Research, the Global Cargo Handling Equipment Market was valued at USD 23.30 billion in 2021 and is expected to reach USD 29.63 billion by 2029, registering a CAGR of 3.05% during the forecast period of 2022-2029.
“Escalating imports and exports worldwide facilitate market growth”
The escalating imports and exports worldwide drive the global cargo handling equipment market. As international trade continues to flourish, the demand for efficient handling solutions, including container cranes, conveyors, and automated systems, surges. The need to swiftly load, unload, and transfer goods across various modes of transportation intensifies. This trend compels industries to invest in modern equipment to enhance operational efficiency and reduce turnaround times. The robust growth of import and export activities thus acts as a primary driver, propelling the adoption and innovation of cargo handling equipment on a global scale.
What restraints the growth of the global cargo handling equipment market?
“High capital costs”
High capital costs stand as a significant restraint in the global cargo handling equipment market. The acquisition and deployment of advanced equipment, such as container handlers and forklifts, demand substantial upfront investments. These costs encompass purchasing, maintenance, and training expenses. Such financial commitments can deter smaller businesses from entering the market or upgrading their existing equipment. Additionally, economic uncertainties can further discourage investments. The high capital requirement limits market entry and expansion, potentially impeding the overall growth and adoption of modern cargo handling solutions across industries and regions.
Segmentation: Global Cargo Handling Equipment Market
The cargo handling equipment market is segmented on the basis of product, equipment type, propulsion type, cargo type, application, and end user
- On the basis of product, the cargo handling equipment market is segmented into trucks, man lifts, rail pushers, electric pallet jacks, excavators, tractors, bulldozers, and side picks.
- On the basis of equipment type, the cargo handling equipment market is segmented into aviation dollies, stacker, pallet jacks, loaders, conveyor system, automated guided vehicle, forklift trucks, cranes, rubber tired gantry cranes, straddle carriers, reach stackers, terminal tractors.
- On the basis of propulsion type, the cargo handling equipment market is segmented into diesel, electric, and others.
- On the basis of cargo type, the cargo handling equipment market is segmented into container cargo, dry bulk cargo, liquid bulk cargo, break bulk cargo, and ro-ro cargo.
- On the basis of application, the cargo handling equipment market is segmented into air cargo, marine cargo, and land cargo.
- On the basis of end user, the cargo handling equipment market is segmented into automotive, consumer and retail, energy resources, manufacturing, transportation, and others.
Regional Insights: Asia-Pacific dominates the Global Cargo Handling Equipment Market
Asia-Pacific's dominance in the cargo handling equipment market stems from its escalating need for robust container-handling machinery. This requirement arises in response to the region's burgeoning import and export activities, necessitating efficient equipment to handle the cargo flow effectively. The continuous growth of trade within the region fuels the demand for proficient cargo handling solutions, positioning Asia-Pacific at the forefront of the market.
North America is poised for substantial growth between 2022 and 2029, primarily due to two driving factors such as factor is the surging e-commerce sector, propelling the demand for advanced cargo handling equipment to facilitate the efficient movement of goods in the online retail landscape and rapid industrialization and development within the region, leading to increased manufacturing and trade activities, thereby intensifying the requirement for effective cargo handling solutions. These combined factors position North America for significant expansion in the cargo handling equipment market during the forecast period.
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Recent Developments in Global Cargo Handling Equipment Market
- In 2020, two prominent cargo industry players, PayCargo and IBS Software, embarked on a strategic partnership, establishing a joint venture. This collaboration facilitated the integration of API-based systems, enhancing the automation and efficiency of payment processes in cargo handling equipment. This innovation not only streamlined operations but also yielded profitable returns for both companies, showcasing the success of their upgraded computerized payment platform.
The Prominent Key Players Operating in the Global Cargo Handling Equipment Market Include:
- Hangcha Forklift (China)
- Siemens Logistics GmbH (Germany)
- TOYOTA INDUSTRIES CORPORATION (Japan)
- Terex Corporation. (U.S.)
- Anhui Heli (China)
- Textron Ground Support Equipment Inc. (U.S.)
- Liebherr-International Deutschland GmbH (Germany)
- TLD (U.S.)
- KION GROUP AG (Germany)
- ABB (U.S.)
- Hoist Material Handling, Inc. (U.S.)
- Hyster-Yale Group, Inc. (U.S.)
- Konecranes (Finland)
- Gantrex (Belgium)
- CARGOTEC CORPORATION (Finland)
- Wärtsilä (Finland)
Above are the key players covered in the report, to know about more and exhaustive list of global cargo handling equipment market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Cargo Handling Equipment Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
