What Has Been the Progress and Growth of the Port and Material Handling Equipment Vehicle Market in Recent Years?
The port and material handling equipment vehicle market has seen considerable growth due to a variety of factors.
• The market for port and material handling equipment vehicles has experienced substantial growth in recent years. Its size, which was $22.99 billion in 2024, is projected to expand to $24.41 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.2%.
Factors such as the expansion of global trade, increased containerization, the rise of e-commerce and logistics, advancements in port infrastructure, emphasis on safety and ergonomics, and environmental regulations have contributed to its growth during the historical period.
What Can Be Expected from the Port and Material Handling Equipment Vehicle Market Size?
The port and material handling equipment vehicle market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for the port and material handling equipment vehicle market, projecting a robust expansion in the coming years. The market is predicted to escalate to a size of $30.38 billion by the year 2029, with a compound annual growth rate (CAGR) of 5.6%.
Factors attributed to the expected growth during the forecast period includes the increased dependence on autonomous vehicles, the expanding renewable energy sector, strategic digital transformation and smart ports, customizable options for diverse cargo types, and the emergence of eco-friendly ports. The forthcoming period will also see key trends such as advances in containerization technology, incorporation of Internet of Things and connectivity, automation of material handling processes, improvement in telematics and fleet management, progressive upgrades in crane technology, and an increased utilization of artificial intelligence (AI).
What Are the Critical Driver Fuelling The Port and Material Handling Equipment Vehicle Market's Growth?
The expansion of the e-commerce sector is likely to propel the port and material handling equipment vehicle market's development. Essentially, e-commerce involves trading goods and services via the Internet, along with transmitting funds and data. Port and material handling equipment vehicles have gained traction in e-commerce due to their effectiveness in moving materials within a port or facility like a warehouse or distribution centre. The explosion of online shopping has fostered this trend. As an example, the U.S. Census Bureau, part of the Department of Commerce, reported in November 2023 that U.S. retail e-commerce sales for the third quarter of 2023 were an estimated $271.7 billion, signifying a 0.9% (±0.4%) leap from the previous quarter. Also, compared to the third quarter of 2022, there was a 7.8% (±1.2%) growth in e-commerce sales, whereas total retail sales saw a 2.0% (±0.4%) rise in the corresponding period. E-commerce sales represented 14.9% of overall sales in the third quarter of 2023. As such, the burgeoning e-commerce sector fuels the growth of the port and material handling equipment vehicle market.
How Is The Port and Material Handling Equipment Vehicle Market segmented?
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
Subsegments:
1) By Tug Boats: Harbor Tug Boats, Ocean-going Tug Boats, Escort Tug Boats
2) By Cranes: Mobile Cranes, Gantry Cranes, Ship-to-shore (STS) Cranes, Floating Cranes
3) By Shiploaders: Rail-mounted Shiploaders, Wheel-mounted Shiploaders
4) By Reach Stackers: Container Reach Stackers, Industrial Reach Stackers
5) By Mooring Systems: Conventional Buoy Mooring (CBM) Systems, Single Point Mooring (SPM) Systems
6) By Automated Guided Vehicles (AGVs): Container AGVs, Bulk Cargo AGVs, Hybrid AGVs
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What New Trends Are Influencing The Port and Material Handling Equipment Vehicle Market?
Innovations in technology are becoming a crucial trend within the port and material handling equipment vehicle market. Firms who are prominent within this market are placing their focus on designing vehicles which utilise these advancing technologies in order to solidify their standing within the sector. For example, the Sweden-based material handling equipment producer, Camblift, unveiled its first ever reach stacker, a vehicle used in port and material handling operations, in May 2022. This reach stacker provides a safe and ergonomically friendly work environment while also increasing production efficiency. It's available globally in both electric and diesel models, featuring green fuel technology. Its design also allows for operation using clean energy.
Who Are the Key Players In The Port and Material Handling Equipment Vehicle Market?
Major companies operating in the port & material handling equipment vehicle market include:
• 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
What Is The Most Dominant Region In The Port and Material Handling Equipment Vehicle Market?
Asia-Pacific was the highly lucrative region in the port and material handling equipment vehicle market in 2024. 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
