The Cargo Handling Equipment Market was valued at $28.5 billion in 2021, and is estimated to reach $48.3 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031. Cargo handling equipment is a motorized vehicle which is used for handling cargo or for performing routine maintenance activities at intermodal rail yards and ports.
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Top Companies
Anhui Heli Co., Ltd. , Hyster-Yale Group, Inc., KION Group AG (KION), Konecranes, Liebherr International AG, Mitsubishi Corporation, Macgregor, Sany Heavy Industry Co Ltd (SHI), Toyota Industries Corp (TICO) and Terex Corporation.
Increase in public investment in port infrastructure to ensure safe and efficient economic activities is expected to drive the growth of the global cargo handling equipment market. In addition, surge in demand for transportation of liquefied natural gas export by sea is expected to contribute toward the market growth. In addition, many industries depend on ocean shipping to import or export goods globally. Transportation through air freight is expensive compared to water way transport, which is expected to boost the cargo handling equipment market growth during the forecast period.
However, trade barriers are hindering the growth of the cargo handling equipment industry. Trade barriers are the tariffs on imported goods. Tariffs make imported goods more expensive as tariff imports reduce. For instance, the U.S. imports from China were high compared to exports to China. The U.S. Government had introduced a tariff system to control imports and bail out domestic businesses. However, construction and maintenance of port infrastructure require a large amount of capital investment and construction completion time which is preventing the construction of new ports and hence affecting the demand for cargo handling equipment. Hence, this is expected to serve as a potential barrier for the growth of the market.
In addition, the outbreak of COVID-19 has led to halt in logistic and manufacturing activities across the globe, which, in turn, disrupted the supply chain, thereby hindering growth of the cargo handling equipment market. However, this situation is expected to improve as government is relaxing norms around the world for resuming business activities.
The use of automation in port infrastructure is growing over years. The use of IoT and AI for cargo and transport management can shorten the time necessary for waterway transport delivery. Hence, this is likely to offer new opportunity for growing the cargo handling equipment market size. A country’s economic progress is aided by efficient trade activities. As a result, sea ports play an important role in economic activities, particularly in coastal locations. Every year, the number of passengers travelling by sea and the number of commodities transported by water increase at a substantial rate. As a result, this aids in the development of port infrastructure which in turn grows the adoption of cargo handling equipment.
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