Cargo Handling Equipment Market to Reach $48.3 Billion, Globally, by 2031 at 5.3% CAGR: Allied Market Research
The growing e-commerce industry, rise in trade-related agreements, surge in tech-driven cargo handling solutions, and the growing adoption of loT-enabled connected cargo handling equipment drive the global cargo handling equipment market. By application, the road and rail segment would dominate through 2031.
PORTLAND, Ore., Jan. 9, 2023 /PRNewswire/ -- 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 estimated to generate $28.5 billion in 2021 and $48.3 billion by 2031, witnessing a CAGR of 5.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
The growing e-commerce industry, rise in trade-related agreements, surge in tech-driven cargo handling solutions, and the growing adoption of loT-enabled connected cargo handling equipment fuel the growth of the global cargo handling equipment market. However, lack of control of manufacturers on logistics service, poor infrastructure, and high costs of purchasing cargo handling equipment are likely to hinder the global market growth. On the other hand, 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.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic impacted the global cargo handling equipment market negatively. The strict restrictions and lockdowns imposed by governments worldwide had a major impact on the downstream industries.
- The pandemic majorly affected the construction, manufacturing, hotel, and tourism industries. Due to the halt of manufacturing activities, there was a decline in the manufacturing of various equipment used for cargo handling equipment as well as their demand in the market. This suppressed the growth of the cargo handling equipment market.
- However, industries are gradually resuming their regular operations, leading to the re-initiation of cargo handling equipment companies at their full-scale capacities, and thus, helping the market to recover slowly.
The port cranes segment to dominate the market in terms of revenue during the forecast period
Based on equipment type, the port cranes segment contributed to the largest share of more than one-third of the global cargo handling equipment market in 2021, and is expected to rule the roost during the forecast period. This is due to the increasing adoption of such equipment for carrying bulk goods. However, the tow tractors segment is projected to witness the fastest CAGR of 7.3% from 2022 to 2031, as it can provide 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.
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The IC engine segment to dominate in terms of revenue during the forecast period
Based on the propulsion type, the IC engine segment held the largest share of 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 provide better consumption of fuel. However, the electric segment is expected to exhibit the highest CAGR of 5.7% in 2031, owing to the growing adoption of electric-based equipment that provides better convenience.
The road and rail segment to maintain its leadership during the forecast period
Based on the application, 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 prominent growth during the forecast period, as bulk materials can be carried through roads and rails. However, the air segment is expected to exhibit the highest CAGR of 6.4% in 2031, as it helps save the time for moving goods, which in turn, facilitates faster delivery.
Asia-Pacific to garner the largest revenue by 2031
Based on region, the market in Asia-Pacific was the largest in 2021, accounting for over two-fifths of the global cargo handling equipment market, and is likely to maintain its dominance during the forecasted timeframe 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 growing number of acquisitions and agreements by different companies in the region.
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Leading Market Players
- Hyster-Yale Group, Inc.
- Terex Corporation
- KION Group AG (KION)
- Toyota Industries Corp (TICO)
- Sany Heavy Industry Co. Ltd. (SHI)
- Macgregor
- Mitsubishi Corporation
- Anhui Heli Co., Ltd.
- Konecranes
- Liebherr International AG
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