Port and Material Handling Equipment Vehicle Market
Port and Material Handling Equipment Vehicle Market, Forecast, Trend, Analysis & Competition Tracking - Global Market Insights 2021 to 2031
About the Report
The global port and material handling equipment vehicle market is expected to register a CAGR of around 5% over the 2021 to 2031 assessment period, mainly on the back of increasing port infrastructure development across geographies.
The global logistics and transportation sector has taken a turn for the better in recent years, characterized by the ever-widening scope of international and domestic trade.
Consequently, effective management of key services such as warehousing and distribution have increased, paving the way for rising demand for port and material handling equipment vehicles.
According to Fact.MR, the market is slated to experience steady growth reaching nearly US$ 10 billion valuation by the end of the forecast period.
The report tracks global sales in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the automotive domain in general, and demand for port and material handling equipment vehicles in particular.
How Do Historical and Future Projections Compare?
Historically, the port and material handling equipment vehicle market has performed relatively well amid the increasing volume of domestic and foreign trade which has led to the emergence of a strong shipping and logistics industry. However, a general slowdown in key industries since 2019 led to a contraction of demand.
Significant crunches were experienced in 2020 amid the COVID-19 pandemic crisis, with output across key industries falling below par. This led to a sluggish global trade outlook which limited deployment of material handling equipment for managing logistical services. However, growth has rebounded since late 2020 as the pandemic receded, promising a bright future outlook through 2021 and beyond.
Why is a Surging Shipping Industry Proving Beneficial for Market Growth?
The global shipping industry has been experiencing lucrative growth in recent years, with liner shipping emerging at the forefront. Surging international trade volumes have primarily driven this growth. Consequently, logistical requirements to manage this heavy volume is increasing, providing room for port and material handling equipment market expansion.
Extensive development of ports have increased uptake of forklift trucks, automated transit vehicles, ship loaders, reach stacker, cranes and container lift trucks. These are deployed across a broad range of application areas, including container management, ship handling and warehouse storage managements.
Will Multilateral Trade Frameworks Fuel Expansion Prospects?
Growing import and export of goods and commodities through seaports due to different free-trade agreements, such has the Trans Pacific Strategic Economic Partnership (TPSEP), NAFTA, AFTA, and other initiatives have helped countries significantly strengthen their economies. This, in turn, is anticipated to boost the port and material handling equipment vehicle market.
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What are the Key Challenges Faced by Port and Material Handling Equipment Vehicle Manufacturers?
High initial investments and maintenance cost of port and material handling equipment vehicles are likely to pose a challenge for the port and material handling vehicle market across the globe. Many small-scale enterprises cannot afford such high-end equipment, thus restraining growth.
How is Effective Material Handling Demand Bolstering Uptake in the U.S.?
According to the US Department of Commerce and Bureau of Labor Statistics, material handling and logistics is one of America's largest and fastest growing industries. The consumption of material handling and logistics equipment and systems in America exceeds $156 billion per year, and producers employ in excess of 700,000 workers.
As key industries experience rapid automation, demand for managing these automated services is inclining the demand for port and material handling equipment vehicles throughout the US. Prominent manufacturers include Taylor Machine Works Inc., American Crane & Equipment Corporation, Crown Equipment Corporation, and Hyster-Yale Materials Handling Inc. among others.
Why is China Emerging as a Growth Hotspot for Port and Material Handling Equipment Vehicles?
China is experiencing a consistent incline in the adoption of these vehicles, amid increasing trade volumes in the global arena. According to the statistics released by China Ports and Harbors Association, export container volume increased 11.5%, while inland container volume increased 18.3%.
From January 11 to 20, 2021, container throughput at eight key ports increased 3.3% on a Y-o-Y basis, with growth rates at Tianjin, Qingdao, Shanghai, Ningbo Zhoushan and Xiamen ports exceeding 20%, according to the Association. Furthermore, foreign trade and exports in the first 10 months of 2020 accounted for 12.8% and 14.2% respectively, paving way for enhanced container handling operations.
Will India Be a Promising Market for Port and Material Handling Equipment Vehicles?
Surging maritime infrastructure spending is expected to bolster uptake of port and material handling equipment vehicles across India. Recently, in March 2021, the government announced an US$ 82 billion package to invest in the nation’s seaports. The Sagarmala Project, as it is known, consists of 574 projects which will be implemented through 2035.
An additional US$ 30 billion worth of investment opportunities for about 400 different projects. Hence, the demand for on-site operations management in terms of cargo handling and shipping are bound to increase, prompting the entry of numerous reputed material handling equipment vehicle service providers across the regional landscape.
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Why are Automated Stacking Cranes Surging in Popularity?
Demand for automated stacking cranes is expected to spike significantly in forthcoming years, amid its ability to maximize space efficiency and increased productivity and safety.
Players such as Kalmar Global are at the forefront in this regard. It offers the AutoShuttleTM automated stacking crane (ASC) which helps reduce footprint size to yield significant capital cost savings.
How is Container Handling Generation Growth Spaces for Port and Material Handling Equipment Vehicle Suppliers?
Ever increasing trade volumes - domestic and international - are pivoting demand for port and material handling equipment vehicles for container handling operations. The total container throughput of 50 major cargo ports in the world increased by 3.5% year-over-year.
Player such as Hyster® Forklift Company offer a wide range of container handling equipment vehicles. The company’s Laden Container Handlers deliver unparalleled first row box-rates, with a carrying capacity of 40 to 52 thousand kilograms, and is highly energy efficient.
Will Battery- / Electric-propelled Vehicles Shift the Demand Landscape?
By propulsion, while diesel and gasoline propelled vehicles shall remain popular, demand for electric/battery driven vehicles is expected to incline significantly in the future.
Rising concerns over excessive fuel consumption and its purported adverse environmental impact is tilting preference towards more sustainable and eco-friendly alternatives, thus spurring demand.
Some major developments concerning prominent market players are as follows:
- ABB Group announced a CHF 40 million investment in September 2020 to expand its R&D facilities and office space for its Motion and Industrial Automation Business Areas in Aragu, Switzerland
- In November 2018, Anhui Heli introduced its lithium battery forklift in the Czech Republic, making it the first of its kind to be launched across Europe, deployed across multiple industries
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Historical Data Available for
US$ Mn for Value & ‘000 Units for Volume
Key Regions Covered
Key Countries Covered
Key Segments Covered
Key Companies Profiled
Customization & Pricing
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Key Market Segments Covered
- Rubber-tired Gantry (RTG) Cranes
- Electrified Rubber-tired Gantry (E-RTG) Cranes
- Ship-to-share Cranes
- Yard Cranes
- Rail-mounted Gantry (RMG) Cranes
- Automated Stacking Cranes
- Ship Loaders
- Reach Stackers
- Mooring Systems
- Automated Guided Vehicles
- Forklift Trucks
- Container Lift Trucks
- Terminal Tractors
- Straddle Carriers
- Container Handling
- Ship Handling
- Storage Handling
- Automated Storage Handling
- Bulk Material Handling
- Diesel Port and Material Handling Equipment Vehicles
- Gasoline Port and Material Handling Equipment Vehicles
- Electric- / Battery-powered Port and Material Handling Equipment Vehicles
- Hybrid Port and Material Handling Equipment Vehicles
- Port and Material Handling Equipment Vehicles for New Demand
- Port and Material Handling Equipment Vehicles for MRO & Services
- North America (US and Canada)
- Europe (Germany, UK, France, Italy, Spain and Rest of Europe)
- Asia Pacific (China, India, Japan, ASEAN and Rest of Asia-Pacific)
- Middle East & Africa (GCC, South Africa and Rest of MEA)
- Latin America (Brazil, Mexico and Rest of Latin America)
- FAQs -
Demand for port and material handling equipment vehicles, with the market expected to reach nearly US$ 10 billion by 2031, expanding at a CAGR of around 5%.
Demand across Asia Pacific is expected to be the strongest, with key countries such as India and China being the frontiers of global growth.
ABB Group, ANUHI Heli, and Libherr are some prominent manufacturers operating in the global landscape.
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
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