The Global Cargo Handling Equipment Market is projected to reach around USD 30 billion by 2027 at a CAGR of around 3.4%.
Cargo handling equipment is any off-road, land-based equipment or self-propelled vehicle used for loading, discharging and storing of the goods carried at ports, rails, aircraft, ships, production plants, and others. This equipment includes cranes, yard tractors, forklifts, loaders, backhoes, excavators, dozers, and others. Cargo handling equipment is engaged widely in railways and marines for the transportation of containers, heavy goods, materials, and components.
CARGO HANDLING EQUIPMENT MARKET: DRIVERS & RESTRAINTS
Market Driver:
Modern digital purchasing experiences have changed consumer preferences more towards online shopping. Thus, the growing e-commerce industry has increased the demand in marine, air, and land cargo transportation, which is directly increasing the number of cargo handling equipment required. As most of the goods transported are containerized and to deal with this huge container traffic advanced cargo handling equipment is needed like forklifts, tractors, and RTG cranes. According to US Census Bureau, in 2019 total e-commerce sales were estimated at USD 601.7 billion, an increase of 14.9 % from 2018.
Thus, the increasing demand for cargo transportation is expected to drive the cargo handling equipment market growth during the forecast period.
Market Restraint:
The initial investment cost of cargo handling equipment is high. In addition to this, the operational and frequent maintenance cost increases the overall expenditure of this equipment which acts as a restraint to the market growth. For instance, the initial investment of forklifts is more expensive due to operating capacity which is how much weight it can safely handle and lift height such as 20 feet and above.
Thus, the high capital cost of cargo handling equipment is a restraining factor for cargo handling equipment market growth during the forecast period.
Market Opportunity:
To reduce diesel particulate matter and to control emission, stringent emission norms like Mobile Cargo Handling Equipment (CHE) Regulation were imposed which has pushed the cargo operators in replacing the diesel-based equipment with hybrid and electric equipment at ports and railyards. For instance, hybrid straddle carriers consume 40% less fuel than diesel-powered vehicles and emit on average over 50 tonnes less CO2 per year. For instance, by 2021 the business area of Cargotec Corporation expects all its cargo handling equipment to be replaced with electrically-powered equipment.
Thus, stringent emission regulations are anticipated to boost the cargo handling equipment market growth in the future.
CARGO HANDLING EQUIPMENT MARKET: REPORT SCOPE
The report on the cargo handling equipment market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report Features |
Specifics |
---|---|
Historical/Estimated/Forecasted Market Size Years |
2018-2027 |
Base Year for Market Calculation |
2019 |
Forecasted Period |
2020-2027 (2020 estimated year, forecasted up to 2027) |
Measured Units |
Value (USD Million), Volume (Units) |
Segments Included |
Equipment Type, Propulsion, and Application |
Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South Africa |
CARGO HANDLING EQUIPMENT MARKET: REPORT SEGMENTATION
For the scope of the report, In-depth segmentation is offered by Forencis Research
Cargo Handling Equipment Market, by Product Type
Cargo Handling Equipment Market, by Equipment Type
Cargo Handling Equipment Market, by Propulsion
Cargo Handling Equipment Market, by Application
Cargo Handling Equipment Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE CARGO HANDLING EQUIPMENT MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY