PUBLISHER: The Business Research Company | PRODUCT CODE: 1539644
PUBLISHER: The Business Research Company | PRODUCT CODE: 1539644
Cargo handling equipment encompasses machinery and tools utilized in the loading, unloading, and transportation of goods within logistics and industrial settings. This equipment plays a crucial role in optimizing supply chain operations, boosting productivity, and ensuring the safe and efficient movement of goods throughout various stages of transportation and storage. Its integration is vital for streamlining logistics processes, cutting turnaround times, and minimizing the risk of damage during handling and transit.
Key types of machinery include aviation dollies, stackers, pallet jacks, loaders, conveyor systems, automated guided vehicles, forklift trucks, cranes, rubber-tired gantry cranes, and others. Aviation dollies, for instance, are specialized for ground handling at airports, facilitating the transport of baggage, cargo containers, and other materials between aircraft and terminal buildings or cargo areas. These equipment types employ diverse technologies ranging from manual to semi-automated and fully automated systems, utilizing various propulsion methods such as diesel, electric, and others. They cater to a wide array of applications across air, marine, and land cargo handling, serving industries such as automotive, consumer goods, energy resources, manufacturing, transportation, and more.
The cargo handling equipment market research report is one of a series of new reports from The Business Research Company that provides cargo handling equipment market statistics, including cargo handling equipment industry global market size, regional shares, competitors with a cargo handling equipment market share, detailed cargo handling equipment market segments, market trends and opportunities, and any further data you may need to thrive in the cargo handling equipment industry. This cargo handling equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cargo handling equipment market size has grown strongly in recent years. It will grow from $25.7 billion in 2023 to $27.33 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth observed in the historic period can be attributed to several factors including increased industrialization, the adoption of eco-friendly handling equipment, stringent safety and environmental regulations, advancements in air freight handling equipment, and the expansion of global shipping routes and ports.
The cargo handling equipment market size is expected to see strong growth in the next few years. It will grow to $35.12 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. In the forecast period, growth can be attributed to several factors, the shift towards electric cargo handling vehicles, increasing demand for environmentally friendly handling equipment, changes in consumer preferences, the necessity for improved cargo screening and handling security, and a focus on reducing operational costs. Key trends expected in this period include the integration of RFID technology, adoption of 3D printing, advancements in hydraulic systems, integration of AI, and the implementation of blockchain technology.
The growth of the cargo-handling equipment market is expected to be driven by increasing import and export activities, facilitated by global trade. This involves the buying (importing) and selling (exporting) of goods and services across international borders. Cargo handling equipment plays a crucial role in enhancing these activities by improving efficiency, ensuring safety, accelerating handling speeds, maximizing capacity utilization, and accommodating diverse cargo types. This facilitates smoother international trade operations.
Major companies in the cargo handling equipment market are introducing advanced forklift models to enhance efficiency, incorporate advanced automation features, and address sustainability concerns with electric and hybrid technologies. Forklifts are small industrial vehicles with power-operated pronged platforms used to lift or move loads. For example, Toyota Material Handling launched three new electric forklift models in May 2023, the Side-Entry End Rider for efficient cross-warehouse operations, the versatile Center Rider Stacker combining multiple functions, and the powerful Industrial Tow Tractor for towing heavy loads. These models feature AC drive motors for smooth, quiet operation, adjustable controls for operator comfort, and optional features such as cold storage conditioning and PIN code access for enhanced customization and security.
In February 2024, Taylor Group, a US-based industrial equipment manufacturer, acquired Italy-based CVS Ferrari for an undisclosed amount. This acquisition aims to bolster Taylor Group's global market presence, leveraging the strengths of both companies to enhance product innovation, service capabilities, and market access. CVS Ferrari specializes in manufacturing high-quality mobile container handling and heavy cargo equipment, including reach stackers and high-capacity forklifts.
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.
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.
The countries covered in the cargo handling equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The cargo handling equipment market consists of revenues earned by entities by providing services such as loading and unloading goods from ships, handling and moving cargo within ports and terminals, and managing logistics operations efficiently. The market value includes the value of related goods sold by the service provider or included within the service offering. The cargo handling equipment market also includes sales of palletizers, terminal tractors, lift trucks, container, and bulk handling equipment. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Cargo Handling Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cargo handling equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cargo handling equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cargo handling equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.