Increasing Demand In Cargo Transportation To Drive The Cargo Handling Equipment Market

Cargo Handling Equipment Market: Key Highlights

• According to the new market research report “Cargo Handling Equipment Market by Equipment Type (Land Cargo Handling Equipment, Marine Cargo Handling Equipment, and Air Cargo Handling Equipment), by Propulsion (Diesel, Electric, and Others), by Application (Land Cargo, Marine Cargo, and Air Cargo), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2019 to 2027)”, the cargo handling equipment market is estimated to reach around USD 30 Billion by 2027 at a CAGR of around 3.4% during the review period
• Increasing demand in cargo transportation is a key factor to boost the demand for the cargo handling equipment market
• However, the high capital cost of cargo handling equipment remains a major restraining factor for the market growth.

Cargo Handling Equipment Market: Key Market Dynamics

• 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

• The risk associated with weather conditions will be a restraining factor for the market growth

• Increasing stringency in emission regulations is anticipated to boost the cargo handling equipment market in the future
• Possible downtime due to malfunction and maintenance cost is likely to act as a challenge for market growth

Cargo Handling Equipment Market: Regional Overview

• Asia-Pacific

The growth in the Asia-Pacific region is attributed to the increasing industrial production and increasing air cargo and seaborne trade. The increasing emission regulations have led to advancements in cargo handling equipment for using hybrid and electric equipment in this region. According to International Air Transport Association (IATA), in 2019 Asia-Pacific region accounts for the global largest share of 35% in the cargo market.

• Europe

In Europe, the increasing investment in technological advancements in cargo handling equipment and the growing trend of the e-commerce industry is boosting the demand for cargo handling equipment market growth. Moreover, the European Union has prompted cargo equipment manufacturers to offer fuel-efficient equipment with lower emissions which have increased the demand for cargo handling equipment.

Cargo Handling Equipment Market: Key Players Overview

• Cargotec Corporation:

Cargotec Corporation manufactures cargo-handling machinery for ports, terminals, ships, and local distribution. The company provides on-road load-handling solutions, the design, delivery, and servicing of marine cargo flow solutions. In December 2019, Cargotec‘s Navis a part of Cargotec Corporation to acquire the assets of Jade Logistics, a provider of the Master Terminal TOS for mixed cargo terminals. This acquisition will help to manage advance general cargo terminal operations software and services for Navis’ global customer base.

• Konecranes:

Konecranes manufactures cranes and other lifting equipment. The Company products serve the ports and intermodal, light manufacturing, and energy industries.

In January 2017, the company and Terex Corporation acquired the Mitsubishi Hitachi Power Systems (MHPS) business for improving Konecranes’ position in the industrial lifting and port solutions market.

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