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Port Material Handling Equipment Vehicle Market to Attain US$ 12.17 Billion at 5.2% CAGR by 2033: Fact.MR Report
Demand for port material handling equipment vehicles in the United States is estimated to increase at a 5.4% CAGR and reach a value of US$ 2.59 billion by 2033.
/EIN News/ — Rockville, June 28, 2023 (GLOBE NEWSWIRE) — The Port Material Handling Equipment Vehicle Market has reached US$ 7.33 billion in 2023, according to Fact.MR, a market research and competitive intelligence provider. The market is projected to expand at 5.2% CAGR through 2033. Technological advancements, including automation in various industries, are contributing to market growth. Prominent companies are concentrating on developing vehicles with several advanced technologies to strengthen their market footprints.
Port material handling equipment vehicles are widely used to move different materials in a port or any similar facility, including distribution centers or warehouses. There is a noteworthy increase in the demand for port material handling equipment vehicles in the e-Commerce sector owing to an increasing inclination for online shopping.
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Key Takeaways from Market Study
- The global port material handling equipment vehicle market stands at US$ 7.33 billion in 2023.
- Worldwide demand for port material handling equipment vehicles is predicted to increase at a CAGR of 5.2% from 2023 to 2033.
- The global market is anticipated to reach US$ 12.17 billion by 2033.
- Sales of port material handling equipment vehicles for container handling are forecasted to reach US$ 5.30 billion by 2033.
- The United States market is projected to expand at a CAGR of 5.4% through 2033.
- Demand for port material handling equipment vehicles in Germany is estimated to register a CAGR of 6.7% over the forecast period.
- The Chinese market is predicted to reach US$ 3.14 billion by the end of 2033.
“Significant growth in the transportation sector due to rising domestic & international trade and increasing port infrastructure developments are contributing to the growing demand for port material handling equipment vehicles,” says a Fact.MR analyst.
Thriving International Trade Augmenting Port Material Handling Equipment Vehicle Sales
The global economy has been expanding at a significant pace in recent years. Moreover, the global trade is accelerating at a noteworthy rate. Countries from the modern global economic system are engaged in the trade of intermediate inputs and final goods.
For instance,
- In 2021, global trade was valued at US$ 28.5 trillion while representing an increase of 35% from 2020 and a rise of 13% from 2019.
Increasing use of semi-autonomous and autonomous systems for port equipment operations, including electric stacker trucks, etc., is predicted to generate lucrative opportunities for providers of cargo handling services.
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Competitive Landscape
New developments, strengthening the supply chain management system, maintaining product standards, etc., are some noteworthy initiatives taken by market players.
Market players are investing in footprint expansion, mergers & collaborations, etc., to gain a competitive edge.
For instance:
- ABB Group announced its investment of CHF 40 million (US$ 45 million) in December 2020 for the expansion of its R&D activities and an office area for the motion and industrial automation business in Aragu, Switzerland.
Key Market Players
- American Crane & Equipment Corporation
- Shanghai Zhenhua Heavy Industries (ZPMC)
- ABB Group
- CVS Ferrari S.p.A.
- Anhui Heli
- FAMUR FAMAK S.A.
- Cavotec
- Hyster Forklift Company
- Liebherr
- Kalmar Global
- Konecranes
- McNally Bharat Engineering Limited
- Loking Holdings Limited
- SANY Group
- TIL Limited
- TTS
- Timars Svets & Smide AB
Growing Demand for Battery/Electric Equipment for Port Material Handling Vehicles
Based on propulsion, the global industry is classified into diesel, gasoline, electric/battery, and hybrid. Based on volume, the battery-/electric-based port material handling equipment vehicles are predicted to hold a dominating position. The majority of ports around the world are putting efforts to implement initiatives for automation and port electrification.
Companies are adopting electric equipment instead of diesel equipment to achieve carbon neutrality, though electric-based vehicles are comparatively costly. However, increasing concerns about carbon emissions are predicted to stimulate the adoption of electric-based port material handling equipment vehicles.
Segmentation of Port Material Handling Equipment Vehicle Industry Research
- By Equipment:
- Cranes
- Rubber-tired Gantry (RTG)
- Electrified Rubber-tired Gantry (E-RTG)
- Ship-to-share
- Yard
- Rail-mounted Gantry (RMG)
- Automated Stacking
- Ship Loaders
- Reach Stackers
- Mooring Systems
- Forklift Trucks
- Automated Guided Vehicles
- Container Lift Trucks
- Terminal Tractors
- Straddle Carriers
- Cranes
- By Application:
- Container Handling
- Ship Handling
- Services
- Storage Handling
- Automated Storage Handling
- Bulk Material Handling
- By Propulsion:
- Diesel
- Gasoline
- Electric-/Battery-powered
- Hybrid
- By Demand:
- New Demand
- MRO (Maintenance, Repair, & Operations) & Services
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the port material handling equipment vehicle market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights into the market based on equipment (cranes (rubber-tired gantry (RTG), electrified rubber-tired gantry (E-RTG), ship-to-share, yard, rail-mounted gantry (RMG), automated stacking), ship loaders, reach stackers, mooring systems, forklift trucks, automated guided vehicles, container lift trucks, terminal tractors (straddle carriers)), application (container handling, ship handling, services, storage handling, automated storage handling, bulk material handling), propulsion (diesel, gasoline, electric-/battery-powered, hybrid), and demand (new demand, MRO (maintenance, repair, & operations) & services), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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