What Fueled The Previous Growth In The Cargo Handling Equipment Market?
The cargo handling equipment market has seen considerable growth due to a variety of factors.
• The cargo handling equipment market has experienced steady growth in recent years. It will grow from $27.33 billion in 2024 to $29.14 billion in 2025, at a compound annual growth rate (CAGR) of 6.6%.
Growth drivers include increased industrialization, eco-friendly equipment, safety and environmental regulations, the development of air freight handling equipment, and the expansion of global shipping routes and ports.
What Can Be Expected from the Cargo Handling Equipment Market Size?
The cargo handling equipment market is expected to maintain its strong growth trajectory in upcoming years.
• The cargo handling equipment market is expected to grow to $37.32 billion by 2029, with a CAGR of 6.4%.
This growth is driven by the shift toward electric vehicles, demand for green handling equipment, consumer preferences, the need for better cargo security, and cost reduction efforts. Trends include RFID technology integration, 3D printing, hydraulic system advancements, AI integration, and blockchain use.
What Are the Critical Driver Fuelling The Cargo Handling Equipment Market's Growth?
The rise in import and export activities is expected to drive the growth of the cargo-handling equipment market. These activities refer to the buying and selling of goods across borders, driven by global trade. Cargo handling equipment improves the efficiency, safety, and speed of handling goods, facilitating smoother international trade operations. In November 2023, the International Trade Administration reported that U.S. exports to the UK rose by 21.5% in 2022, reaching $157.1 billion. Therefore, increasing import and export activities are fueling the growth of the cargo-handling equipment market.
How Is The Cargo Handling Equipment Market segmented?
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
Subsegments:
1) By Aviation Dollies: Aircraft Towing Dollies, Pushback Dollies, Cargo Dollies
2) By Stacker: Manual Stackers, Electric Stackers, Semi-Electric Stackers
3) By Pallet Jacks: Manual Pallet Jacks, Electric Pallet Jacks, High-Lift Pallet Jacks
4) By Loaders: Front-End Loaders, Telescopic Loaders, Articulated Loaders
5) By Conveyor System: Roller Conveyors, Belt Conveyors, Chain Conveyors, Pneumatic Conveyors
6) By Automated Guided Vehicle (AGV): Laser-Guided AGVs, Vision-Guided AGVs, Magnetic Tape AGVs
7) By Forklift Trucks: Electric Forklifts, Internal Combustion Forklifts, Reach Trucks, Pallet Forklifts
8) By Cranes: Overhead Cranes, Gantry Cranes, Jib Cranes, Tower Cranes
9) By Rubber Tired Gantry Cranes (RTG): Standard RTG Cranes, Electric RTG Cranes, Hybrid RTG Cranes
10) By Other Equipment Types: Dock Levelers, Container Handling Equipment, Lifting Tables, Palletizers
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What Emerging Trends Are Influencing The Growth Of The Cargo Handling Equipment Market?
Companies in the cargo handling equipment market are introducing advanced forklifts with features like electric and hybrid technology to improve efficiency and sustainability. For instance, Toyota Material Handling, a US-based machinery manufacturer, released three electric forklift models in May 2023, including models for cross-warehouse operations, versatile stacking, and heavy-duty towing, all equipped with advanced automation and customization features.
Who Are the Key Players In The Cargo Handling Equipment Market?
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
What Is The Most Dominant Region In The Cargo Handling Equipment Market?
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.
