Global Port And Material Handling Equipment Vehicle Market 2024 , Forecast To 2033
7 Mar, 2024
The port and material handling equipment vehicle market has witnessed strong growth recently, expanding from $21.62 billion in 2023 to $22.99 billion in 2024, with a compound annual growth rate (CAGR) of 6.4%. This growth can be attributed to factors such as global trade expansion and growth in e-commerce and logistics. Looking ahead, the market is anticipated to see continued growth, reaching $28.56 billion in 2028 at a CAGR of 5.6%. Factors contributing to this growth may include adoption of autonomous vehicles and smart ports, as well as customization for specific cargo types. Major trends in this period could include innovations in containerization technology and integration of IoT and connectivity.
Global Port and Material Handling Equipment Vehicle Market Key Driver
The growth in the e-commerce industry is expected to boost the growth of the port and material handling equipment vehicle market going forward (8). 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 (9). 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 (10). 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 (11). Furthermore, of all retail sales in the US, e-commerce represented 13.2% in 2021 (12). Therefore, the growing e-commerce industry drives the port and material handling equipment vehicle market (13).
Get A Free Sample Of The Global Port and Material Handling Equipment Vehicle Market ReportGlobal Port and Material Handling Equipment Vehicle Market Segments
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
By Geography: The countries covered in the port & material handling equipment vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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
Major Port and Material Handling Equipment Vehicle Industry Players
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
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Port and Material Handling Equipment Vehicle Market Overview
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.