Cargo Handling Equipment Market

Cargo handling equipment are the various hardware equipments having the capability to handle, move, transport and load the heavy loads to particular areas where there is a requirement of having high-strength heavy load carriers to protect the workers and ensure the safety and integrity of cargo. The type of equipment essentially depends on the type of material to be handled and the areas of application such as land, air or even marine.

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Cargo handling equipment market is growing due to increasing demand for air and land cargo transportation, technological development in the cargo handling equipment; the effects of these factors are mentioned below:

• Increasing demand for air and land cargo transportation: With the rising volume of population and a resulting shift in the population shifting towards urban areas of the world giving rise to a significant rate of urbanization globally. The trading of goods and services has significantly increased in volume from air and land modes. This increasing volume requires better management practices and handling equipment of cargo to ensure that the efficiency of operations in not hindered. Subsequently, this trend is having a positive impact on the market’s growth for cargo handling equipment as these equipments provide high operating capacity, increased cost-efficiency and safety of cargo as well as workers
• Technological development in the cargo handling equipment: Another important factor having a highly positive impact on the overall growth of cargo handling equipment is the various levels of technological advancements and innovations in product development being undertaken by the various market players. One of the most important initiatives is the availability of automated cargo handling equipment to meet the growing demand of IoT product adoption. These innovations in the market are resulting in a positive outlook of the market for the forthcoming period

Strategic acquisitions along with launch of innovative products in Global Cargo Handling Equipment Market:

• In July 2019, Cargotec announced that MacGregor business department of their organization had completed the acquisition of TTS Group ASA’s marine and offshore business operations. The completion comes after the company has received the necessary regulatory approval of the proposed acquisition agreed since February 2018 for euro 78 million. This acquisition will built upon the existing expertise and enhance the capabilities of MacGregor for cargo handling
• In February 2019, Lutco announced the availability of ball transfers designed for air cargo as well as other heavy duty load uses. These ball transfers ensure that the material handling equipment can resist the maintenance requirement for a longer duration while enhancing the efficiency because of its long-lasting nature. These stainless steel balls provide high quality of operations while offering complete resistance against corrosion

The market is segmented on the basis of equipment type as aviation dollies, stacker, pallet jack, loader, conveyor systems, automated guided vehicle, forklift trucks, cranes, rubber-tired gantry cranes, straddle carrier, reach stacker, terminal tractors; application as air cargo, marine cargo, land cargo; propulsion as diesel, electric; product as trucks, man lifts, rail pushers, electric pallet jacks, excavators, tractors, bulldozers, side picks.

“According to Data Bridge Market Research, global cargo handling equipment market is expected to reach USD 29.62 billion by 2026, growing with a steady CAGR during the forecast period of 2019 to 2026”

Some of the major players operating in market are Hangcha, Siemens, Toyoto Industries Corporation, Terex Corporation, Anhui Heli Industrial Vehicle Imp.& Exp. Co., Ltd, Textron Ground Support Equipment Incorportated, HYSTER, JBT, TLD, KION GROUP AG, Hoist Liftruck Mfg, LLC., Mitsubishi Motors North America, Inc., Gantrex, Cargotec, Konecranes, Liebherr-International Deutschland GmbH, SANY GROUP.

With preference from various end-users and product manufacturers to integrate automation in their equipments and integrate advanced technology to help provide greater reliability and effectiveness for cargo handling equipment, various technology providers and equipment manufacturers are combining their expertise to develop a highly efficient and effective product. This strategy presents the consumers with innovative product offerings that can be used to reduce the cost of operations and promote the effectiveness in carrying heavy loads.

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