Global Cargo Handling Equipment Market 2024-2031

Description

List of Tables

Cargo Handling Equipment Market Size, Share & Trends Analysis Report by Equipment Type (Industrial Trucks, Tow Tractors, Conveying Equipment, Stacker, Port Cranes, and Others), by Propulsion Equipment Type (Diesel, and Electric), and by Application (Air, Road & Rail, and Marine) Forecast Period (2024-2031)

Cargo handling equipment market is anticipated to grow at a CAGR of 4.5% during the forecast period (2024-2031). The cargo handling equipment market comprises a variety of handling equipment including industrial trucks, cranes, stackers, and pallets, among others, which streamline logistical and transport processes such as unloading cargo, transporting cargo, warehousing, picking, and sorting. The market growth is driven by the rising demand for cargo handling equipment from the marine segment, the increase in seaborne trade, the e-commerce boom, and advancement in cargo equipment through the integration of IoT devices, automation & robotics, and AI (artificial intelligence)) & ML (machine learning) among others.

Market Dynamics

Increase in Seaborne Trade to Create Demand for Cargo Handling Equipment

The global cargo equipment handling equipment market is highly dependent on international trade for its growth, which majorly comes from seaborne trade. According to the International Maritime Organization (IMO), up to 90.0% of the world's goods are transported through maritime trade. Further, the import and exports of goods through the marine have showcased exponential growth in recent years, especially post-pandemic owing to the e-commerce boom, government investment in port infrastructure, and increased consumer spending, which is projected to grow in the future and benefit the cargo equipment handling market. As per the Indian Ministry of Ports, Shipping, and Waterways, cargo handling in national waterways has grown by more than 1700.0% to 126.1 million Metric Tons (MMT) in 2022-23 from 6.83 MMT in 2013-14. reaching reported by the United Nations Conference on Trade and Development (UNCTAD), in 2020, due to the fallout of COVID-19, international maritime trade contracted by nearly 4.0%, which saw a rebound in 2022 with the global economy starting to recover and continued consumer spending, along with an easing in pandemic-related restrictions, causing maritime trade to grow by 3.2% reaching to a total of 11 billion tons, close to pre-pandemic levels.

Advancement in Cargo Handling Equipment

The development of a wide variety of cargo handling equipment with the integration of automation & robotics, IoT, and AI (artificial intelligence) & ML (machine learning) has increased the adoption of cargo handling equipment owing to increased efficiency, reduction in manpower consumption, and cost-effectivity. In March 2024, Konecranes introduced the Konecranes X-series industrial crane. It features a modern, compact design and safe, dependable technology that can be upgraded wirelessly to meet changing client needs. The X-series demonstrates ways Konecranes is influencing next-generation material handling for a safer, better, and more intelligent society by implementing sustainable design and material selections. Such product launches to meet user needs further promote the adoption of cargo handling equipment.

Segmental Outlook

Based on equipment type, the market is segmented into industrial trucks, tow tractors, conveying equipment, stackers, port cranes, and others (pallet jacks, loaders).
Based on propulsion type, the market is segmented into diesel and electric.
Based on application, the market is segmented into air, road & rail, and marine.

Electric is the Most Prominent Propulsion Type

Electric cargo equipment such as industrial trucks, stackers, cranes, and tow tractors, among others, are the preferred propulsion type owing to cost effectivity, eco-friendly features, and regulatory requirements. In January 2024, Kalmar, a division of Cargotec, received a substantial order from Wallenius Wilhelmsen, a leading Norwegian logistics service provider, to supply four heavy electric forklift trucks, two electric reachstackers, and three heavy terminal tractors to the company's US logistics network. The order, which includes the Kalmar Insight fleet performance monitoring solution, was placed during Cargotec's Q4 2023 order intake. The high adoption of electric cargo handling equipment by end-user industries is further contributing to the high share of this market segment.

Marine is the Biggest Application

Marine cargo accounts for 90.0% of global import-export volumes, creating a larger scope for purchase, replacement, and upgradation of cargo handling equipment. Further, the segment also has marine-specific cargo handling equipment such as container cranes, and twist lock among others, explaining the significance of the segment in cargo handling equipment revenue. For instance, in May 2024, SeaPort Manatee will add capacity to container and general cargo handling at their Tampa Bay, Florida, operations with two Konecranes Gottwald ESP.7 Mobile Harbor Cranes. After ordering the first crane in Q1 2024, the port swiftly chose to acquire a second optional crane at the start of Q2 to keep up with rapidly increasing demand. Both cranes will be delivered by the end of the year.

Regional Outlook

The global cargo handling equipment market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

Asia-pacific is estimated to demonstrate a Significant Market Growth

The growing investments by regional governments in logistical infrastructure development is a key factor driving the regional market growth. The increasing seaborne trade in the region with significant presence of major cargo handling equipment manufacturers in the region such as Mitsubishi, Godrej, Toyota, among others is another contributor to the regional market growth. In August 2020, KION GROUP AG announced expansion of its operations in China and has commenced building of a new counterbalance truck manufacturing plant in Jinan, Shandong Province. The innovative project is intended to allow the global logistics equipment supplier to expand its product offering for industrial trucks in one of the world's most important material handling markets for around $109 million. The KION Group's new plant in eastern China is expected to create around 800 jobs by 2025. Such developments are further driving the regional market growth.

The major companies serving the global cargo handling equipment market include Cargotec Corp., Mitsubishi Heavy Industries, Ltd., and Liebherr-International Deutschland GmbH, among others. The market players are focusing on capitalizing on growth by adopting strategies such as collaboration, partnerships, and market expansion, among others. For instance, in October 2020, The Boards of Directors of Cargotec Corp. and Konecranes Plc entered into a combination agreement (referred to as the "Combination Agreement") and a merger plan to integrate the two businesses. This merger is anticipated to provide synergy to the company's cargo-handling equipment business.

Product Code: OMR2028732

1. Report Summary

Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
- 1.2.1. By Segments
- 1.2.2. By Region

2. Market Overview and Insights

2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
- 2.2.1. Key Market Trends
- 2.2.2. Recommendations
- 2.2.3. Conclusion

3. Competitive Landscape

3.1. Key Company Analysis
3.2. Cargotec Corp.
- 3.2.1. Overview
- 3.2.2. Financial Analysis
- 3.2.3. SWOT Analysis
- 3.2.4. Recent Developments
3.3. Liebherr-International Deutschland GmbH
- 3.3.1. Overview
- 3.3.2. Financial Analysis
- 3.3.3. SWOT Analysis
- 3.3.4. Recent Developments
3.4. Mitsubishi Heavy Industries, Ltd.
- 3.4.1. Overview
- 3.4.2. Financial Analysis
- 3.4.3. SWOT Analysis
- 3.4.4. Recent Developments
3.5. Key Strategy Analysis

4. Market Segmentation

4.1. Global Cargo Handling Equipment Market by Equipment Type
- 4.1.1. Industrial Trucks
- 4.1.2. Tow Tractors
- 4.1.3. Conveying Equipment
- 4.1.4. Stacker
- 4.1.5. Port Cranes
- 4.1.6. Others (Stacker, Pallet Jacks, Loaders)
4.2. Global Cargo Handling Equipment Market by Propulsion Type
- 4.2.1. Diesel
- 4.2.2. Electric
4.3. Global Cargo Handling Equipment Market by Application
- 4.3.1. Air
- 4.3.2. Road & Rail
- 4.3.3. Marine

5. Regional Analysis

5.1. North America
- 5.1.1. United States
- 5.1.2. Canada
5.2. Europe
- 5.2.1. UK
- 5.2.2. Germany
- 5.2.3. Italy
- 5.2.4. Spain
- 5.2.5. France
- 5.2.6. Rest of Europe
5.3. Asia-Pacific
- 5.3.1. China
- 5.3.2. India
- 5.3.3. Japan
- 5.3.4. South Korea
- 5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
- 5.4.1. Latin America
- 5.4.2. Middle East and Africa

6. Company Profiles

6.1. Anhui Heli Co., Ltd.
6.2. Brunnhuber Cranes GmbH
6.3. CVS Ferrari S.P.A.
6.4. Delite Systems Engineering (India) Pvt. Ltd.
6.5. Godrej & Boyce Manufacturing Co. Ltd
6.6. KION Group AG
6.7. Kornylak Corp.
6.8. Konecranes
6.9. McGrath Industries Ltd.
6.10. Oshkosh Aerotech LLC
6.11. SACO AIRPORT EQUIPMENT
6.12. Sany Heavy Industry Co Ltd
6.13. Shanghai Zhenhua Heavy Industries Co. Ltd
6.14. Terex Corp.
6.15. The Manitowoc Company, Inc.
6.16. Toyota Industries Corp
6.17. TREPEL Airport Equipment GmbH