Overview and Scope
A port is any maritime facility on a coast or shore containing one or more harbors where ships can dock and transfer people or cargo to or from land. Material handling equipment is a type of machinery that is used to move, store, and control materials within a facility or warehouse. These are vehicles that are used to move materials within a port, such as container cranes, yard tractors, and terminal tractors.
Sizing and Forecast
The port & material handling equipment vehicle market size has grown strongly in recent years. It will grow from $21.62 billion in 2023 to $22.99 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to global trade expansion, increasing containerization, growth in e-commerce and logistics, infrastructure development in ports, focus on safety and ergonomics, environmental regulations..
The port & material handling equipment vehicle market size is expected to see strongly grown in the next few years. It will grow to $28.56 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to adoption of autonomous vehicles, growth in renewable energy sector, smart ports and digital transformation, customization for specific cargo types, development of green ports.. Major trends in the forecast period include innovations in containerization technology, integration of iot and connectivity, automation in material handling, telematics and fleet management, innovations in crane technology, adoption of artificial intelligence (ai)..
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Segmentation & Regional Insights
The port & material handling equipment vehicle market covered in this report is segmented –
1) By Equipment Type: Tug Boats, Cranes, Shiploaders, Reach Stackers, Mooring Systems, Automated Guided Vehicles (AGVs), Forklift Trucks, Container Lift Trucks, Terminal Tractors, Other Equipment By Propulsion: Diesel, Gasoline, Electric/Battery, Other Propulsion
2) By Demand: New Demand, MRO(Maintenance, Repair, And Overhaul Or Services)
3) By Application: Container Handling, Ship Handling, Services, Storage Handling, Automated Storage Handling, Bulk Material Handling, Other Application
Asia-Pacific was the highly lucrative region in the port and material handling equipment vehicle market in 2023. The regions covered in the port & material handling equipment vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growth in the e-commerce industry is expected to boost the growth of the port and material handling equipment vehicle market going forward. Electronic commerce (e-commerce) is the buying and selling of goods and services over an electronic network, primarily the internet, or the transmission of funds and data. Port and material handling equipment vehicles are used to move materials within a port or other facility, such as a warehouse or distribution center. There has been an increased use of port and material handling equipment vehicles in e-commerce in recent years due to the rapid growth of online shopping. For instance, in February 2022, according to Quarterly Retail E-Commerce Sales 4th Quarter 2021 report by the U.S. Census Bureau, a US-based government agency, in 2021, e-commerce sales reached $870 billion in the US, which was a 14.2% increase compared to 2020. Furthermore, of all retail sales in the US, e-commerce represented 13.2% in 2021. Therefore, the growing e-commerce industry drives the port and material handling equipment vehicle market.
Key Industry Players
Major companies operating in the port & material handling equipment vehicle market report are Asea Brown Boveri Ltd, American Crane & Equipment Corporation, Anhui Heli Co Ltd., Cavotec SA, CVS Ferrari SPA, Hyster-Yale Materials Handling Inc., Cargotec Corporation, Konecranes Oyj, Liebherr Group, Shanghai Zhenhua Heavy Industries Co Ltd, SANY Group, TIL limited, Timars Svets & Smide Ab, FAMUR FAMAK SA, McNally Bharat Engineering Company Ltd., Kalmar Global, Terberg Terberg Special Vehicles, Seacom, Forkliftcenter, Mantsinen, Toyota Industries Corporation, Hyundai Heavy Industries Co. Ltd., Manitou Group, Komatsu Ltd., J.C. Bamford Excavators Limited., Doosan Corporation, Volvo Construction Equipment, Caterpillar Inc., Hitachi Construction Machinery Co. Ltd., TTS Group .
The port & material handling equipment vehicle market report table of contents includes:
1. Executive Summary
2. Port & Material Handling Equipment Vehicle Market Characteristics
3. Port & Material Handling Equipment Vehicle Market Trends And Strategies
4. Port & Material Handling Equipment Vehicle Market – Macro Economic Scenario
5. Global Port & Material Handling Equipment Vehicle Market Size and Growth
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31. Global Port & Material Handling Equipment Vehicle Market Competitive Benchmarking
32. Global Port & Material Handling Equipment Vehicle Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Port & Material Handling Equipment Vehicle Market
34. Port & Material Handling Equipment Vehicle Market Future Outlook and Potential Analysis
35. Appendix
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