Cargo Handling Equipment Market to Garner $48.3 Billion, at 5.3% CAGR, by 2031, Globally: Allied Market Research
The global cargo handling equipment market is driven by the growing e-commerce industry, surge in tech-driven cargo handling solutions, rise in trade-related agreements, and the growing adoption of loT-enabled connected cargo handling equipment.
Wilmington, Delaware, Nov. 05, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Cargo Handling Equipment Market By Equipment Type (Industrial Trucks, Tow Tractors, Conveying Equipment, Stacker, Port Cranes, Others), By Propulsion Type (IC Engine, Electric), By Application (Air, Road and Rail, Marine): Global Opportunity Analysis and Industry Forecast, 2022-2031.” According to the report, the global cargo handling equipment industry is anticipated to garnered $28.5 billion in 2021 and is expected to hit $48.3 billion by 2031, manifesting a CAGR of 5.3% from 2022 to 2031.
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Drivers, Restraints, and Opportunities
The global cargo handling equipment market is driven by the growing e-commerce industry, surge in tech-driven cargo handling solutions, rise in trade-related agreements, and the growing adoption of loT-enabled connected cargo handling equipment. In addition, the emergence of last-mile deliveries, logistics automation, and cost-cutting & lead time reduction due to the adoption of cargo handling systems will present new growth opportunities for the global cargo handling equipment market in the coming years. However, poor infrastructure, lack of control of manufacturers on logistics service, and high costs of purchasing cargo handling equipment are likely to hamper the global market growth.
The IC engine segment to dominate during the forecast period
On the basis of propulsion type, the electric segment is anticipated to exhibit the fastest CAGR of 5.7% in 2031, owing to the growing adoption of electric-based equipment that provides better convenience. However, the IC engine segment held the largest share, accounting for two-thirds of the global cargo handling equipment market in 2021, and is expected to maintain a prominent growth during the forecast period. The growth of the segment is attributed to its ability to offer better consumption of fuel.
The road and rail segment to lead during the forecast period
On the basis of application, the air segment is expected to witness the fastest CAGR of 6.4% in 2031, as it helps save the time for moving goods, which in turn, facilitates faster delivery. However, the road and rail segment held the largest share of nearly two-thirds of the global cargo handling equipment market in 2021, and is expected to maintain a significant growth during the forecast period, as bulk materials can be carried through roads and rails.
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The port cranes segment to maintain its dominance during the forecast period
On the basis of equipment type, the port cranes segment accounted for the largest share with more than one-third of the global cargo handling equipment market in 2021, and is anticipated to rule the roost during the forecast timeframe. This is attributed to the increasing adoption of such equipment for carrying bulk goods. However, the tow tractors segment is registered to potray the fastest CAGR of 7.3% from 2022 to 2031, as it can offer efficient transportation of heavier loads in indoor and outdoor areas. In addition, the availability of fuel-efficient and electric tow tractors is likely to provide huge cost saving for performing cargo handling activities.
Asia-Pacific to dominate by 2031
On the basis of region, the market in Asia-Pacific held the largest share in 2021, accounting for over two-fifths of the global cargo handling equipment market, and is likely to maintain its lead during the forecasted period, due to the establishment of new manufacturing companies in the U.S. and Canada. However, the market in LAMEA is likely to show the fastest CAGR of 9.1% during the forecast period, due to the growing number of acquisitions and agreements by different companies in the region.
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Leading Market Players
- KION Group AG (KION)
- Hyster-Yale Group, Inc.
- Terex Corporation
- Sany Heavy Industry Co. Ltd. (SHI)
- Mitsubishi Corporation
- Anhui Heli Co., Ltd.
- Liebherr International AG
- Toyota Industries Corp (TICO)
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