According to a new market report published by Acute Market Reports Inc “Cargo Handling Equipment Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2021 - 2029,” the global cargo handling equipment market is expected to witness considerable growth with increasing marine and air traffic. Emerging nations such as India, China, Brazil and Russia are increasingly investing in new air and marine port construction. Moreover, cargo operators are investing in advanced technology equipment to reduce loading and unloading time and improve their operating efficiency. In addition, stringent fuel emission and consumption regulation in the U.S. and Europe are replacing the diesel based equipment with electric and hybrid equipment. In addition, rising burden from increasing traffic at marine and air ports is also expected to spur the demand for cargo handling equipment. Increasing awareness about electrification of cargo operations among cargo equipment operators and service provides is also predicted to support the market growth through the forecast period 2021 – 2029. High initial investment required to install advanced cargo handling equipment is limiting the growth of electric and hybrid equipment particularly in Asia Pacific.
On the basis of application, we have classified cargo handling equipment used at marine ports, air ports and rail yards. Marine is the most common mode for the multinational cargo transportation and represents the largest application segment. However, air port is predicted to witness fastest growth with increasing air traffic and number of air ports globally.
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We have considered bulldozers, cranes, electric pallet jacks, excavators, forklifts, loaders, man lifts, rail pushers, reach stackers, RTG cranes, side picks, sweepers, top handlers, tractors and trucks to estimate the market size of overall cargo handling equipment market. Forklift is the largest product category in terms of volume consumption. Increasing demand for electric RTG cranes due to stringent emission regulation is expected to support the growth of cargo handling equipment market.
The global cargo handling equipment industry is highly competitive and comprises large number of recognized players. Manufacturers are focusing on to develop technology advanced equipment to match stringent fuel efficiency regulations and end users operating efficiency demand. Some major players in the global cargo handling equipment industry include MacGregor, The Liebherr Group, Konecranes Plc, Seehafen Wismar GmbH, Johnson Taylor Forklifts, Terex Corporation, Kalmar Global, ABB Group, JBT Corporation, Toyota Forklifts and others.
