Market Size –
The cargo handling equipment market size has grown strongly in recent years. It will grow from $25.7 billion in 2023 to $27.33 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to increased industrialization, eco-friendly handling equipment, safety and environmental regulations, development of air freight handling equipment, and growth in global shipping routes and ports.
The cargo handling equipment market size is expected to see strong growth in the next few years. It will grow to $35.12 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to shift towards electric cargo handling vehicles, demand for green handling equipment, shifts in consumer preferences, need for enhanced cargo screening and handling security, and focus on reducing operational costs. Major trends in the forecast period include integration of RFID technology, adoption of 3D printing, advancements in hydraulic systems, integration of ai, and blockchain integration.
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Scope Of Cargo Handling Equipment Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Cargo Handling Equipment Market Overview
Market Drivers –
The rising import and export activities are expected to propel the growth of the cargo-handling equipment market going forward. Import and export activities refer to the buying (importing) and selling (exporting) of goods and services across international borders. Import and export activities are rising due to global trade, which facilitates the exchange of goods and services between different countries or regions. Cargo handling equipment enhances import and export activities by improving efficiency, ensuring safety, accelerating handling speeds, maximizing capacity utilization, and accommodating diverse cargo types, thereby facilitating smoother international trade operations. For instance, in November 2023, according to the International Trade Administration, a US-based government agency, in 2022, the value of goods and services exported from the US to the UK rose by 21.5% from 2021, reaching $157.1 billion. Therefore, increasing import and export activities are driving the growth of the cargo-handling equipment market.
Market Trends –
Major companies operating in the cargo handling equipment market are introducing advanced forklift models to improve efficiency, incorporate advanced automation features, and tackle sustainability issues with electric and hybrid technologies. A forklift refers to a small industrial vehicle with a power-operated pronged platform that can be raised and lowered for insertion under a load to lift or move it. For instance, in May 2023, Toyota Material Handling, a US-based machinery manufacturing company, launched three electric forklift models. Three new electric forklift models include the Side-Entry End Rider for efficient cross-warehouse operations, the versatile Center Rider Stacker that combines three functions in one, and the powerful Industrial Tow Tractor designed for towing heavy loads with ease and efficiency. All three models feature AC drive motors for smooth, quiet operation, adjustable controls for operator comfort, and optional features like cold storage conditioning and PIN code access for enhanced customization and security.
The cargo Handling Equipment market covered in this report is segmented –
1) By Equipment Type: Aviation Dollies, Stacker, Pallet Jacks, Loaders, Conveyor System, Automated Guided Vehicle, Forklift Trucks, Cranes, Rubber Tired Gantry Cranes, Other Equipment Types
2) By Technology: Manual, Semi-Automated, Fully Automated
3) By Propulsion Type: Diesel, Electric, Other Propulsion Types
4) By Application: Air Cargo, Marine Cargo, Land Cargo
5) By End User: Automotive, Consumer And Retail, Energy Resources, Manufacturing, Transportation, Other End-Users
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Regional Insights –
Asia-Pacific was the largest region in the cargo handling equipment market in 2023. The regions covered in cargo handling equipment report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the cargo handling equipment market are Siemens AG, ABB Ltd., Komatsu Ltd., Toyota Industries Corporation, HD Hyundai Heavy Industries Co. Ltd., Liebherr-International Deutschland GmbH, KION Group AG, Sany Heavy Industry Co. Ltd., Doosan Industrial Vehicle BG, Jungheinrich AG, Mitsubishi Logisnext Co. Ltd., Wallenius Wilhelmsen Logistics ASA, Shanghai Zhenhua Heavy Industries Company Limited, Terex Corporation, Crown Equipment Corporation, Cargotec Oyj, Hyster-Yale Materials Handling Inc., Konecranes Oyj, Anhui Heli Co. Ltd., Hangcha Group Co, Manitowoc Company Inc., John Bean Technologies Corporation, Kalmar Corporation, The Taylor Group Inc, and CVS ferrari S.P.A
Table of Contents
1. Executive Summary
2. Cargo Handling Equipment Market Characteristics
3. Cargo Handling Equipment Market Trends And Strategies
4. Cargo Handling Equipment Market – Macro Economic Scenario
5. Global Cargo Handling Equipment Market Size and Growth
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31. Cargo Handling Equipment Market Other Major And Innovative Companies
32. Global Cargo Handling Equipment Market Competitive Benchmarking
33. Global Cargo Handling Equipment Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cargo Handling Equipment Market
35. Cargo Handling Equipment Market Future Outlook and Potential Analysis
36.Appendix
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