The Cargo Handling Equipment Market is predicted to touch USD 24.45 billion at a 5.1% CAGR in the forecast period (2022- 2030), states the latest Market Research Future (MRFR) report.
Growing Adoption in Air, Marine, and Land Routes to Boost Market Growth
Growing adoption of cargo handling equipment in the containers through marine, land, and air routes for trade purposes for the efficiency of such equipment will boost the market growth over the forecast period.
Rising Emphasis on Protection for Laborers to Offer Robust Opportunities
The growing emphasis to protect the laborers working on ground floor (dispatch, storage, and production) will offer robust opportunities for the market in the forecast period.
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High Capital Costs to act as Market Restraint
The soaring capital price of cargo handling equipment may act as a market restraint over the forecast period as small enterprises dealing with cargo shopping are unable to use such equipment.
The global cargo handling equipment is segmented based on application, mode of propulsion, and type.
By type, the forklift truck type segment will lead the market over the forecast period.
By mode of propulsion, the diesel segment will dominate the market over the forecast period for its widespread use in different industries.
By application, the rail cargo segment will spearhead the market over the forecast period for the well-established existing rail networks.
Lack of Synchronization to act as Market Challenge
The lack of synchronization among different equipment may act as a market challenge over the forecast period.
Several industries have been affected by the COVID-19 crisis and the global cargo handling equipment market too is no different. It has also experienced the brunt of the deadly outbreak. Economic consequences, supply chain disruptions, fluctuations in demand share, and long-term & immediate impact of the COVID-19 crisis had a negative effect on the market growth. But with the relaxation of lockdowns, the market is likely to get back into normalcy soon.
Eminent players profiled in the global cargo handling equipment market report include Toyota Industries Corporation (Japan),Terex Corporation (US), Kion Group AG (Germany), Konecranes Oyj (Finland), Hyster (US), Kalmar (Finland), Liebherr (Germany), Cargotec Oyj (Finland), ABB Ltd (Switzerland), and Shanghai Zhenhua Heavy Industries Company Limited (China).
The cargo handling equipment market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers , including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
APAC to Precede Cargo Handling Equipment Market
The APAC will precede the market over the forecast period. Increasing seaborne trade, rising industrial production, increase in air cargo movement, growing trend like e-commerce, the growing need for efficient and strong and efficient equipment for container handling, increase in considerable export and import, increasing technological advances, rise in globalization, trade businesses between different countries, increasing government initiatives, and developments in equipment and ports are adding to the global cargo handling equipment market growth in the region.
Besides, the presence of major developing economies India and China for high need of raw materials and final products, high industrial activities, the presence of largest port in Shanghai, the economy rebalancing from investment to consumption, from external to internal demand, and from manufacturing to services, low material and labor cost, and major import and export activities being supported by the growing economy in India are also adding market growth.
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