Port Material Handling Equipment Vehicle Market

Port Material Handling Equipment Vehicle Market Outlook (2023 to 2033)

According to Fact.MR, the global port material handling equipment vehicle market reached a size of US$ 6.97 billion in 2022 with worldwide demand increasing at a CAGR of 5.4% from 2018 to 2022. The industry is projected to expand at a CAGR of 5.2% and reach US$ 12.17 billion by the end of 2033.

Significant growth in the logistics and transportation sector is characterized by the widened horizon of domestic and international material handling equipment vehicles. The efficient management of various key services, including warehousing and distribution, is paving the way for the growing demand for port material handling equipment vehicles.

• Sales of port material handling equipment vehicles in India are forecasted to increase at a CAGR of 7% and reach US$ 997.85 million by 2033.
• Demand for port material handling equipment vehicles for container handling is projected to reach a market value of US$ 5.30 billion by 2033.
• The German market is predicted to register a CAGR of 6.7% and reach US$ 1.25 billion by 2033.
• Sales of port material handling equipment vehicles in Japan are set to increase at a CAGR of 5.7% and reach US$ 985.68 million by the end of the projected period.

Noteworthy growth in e-Commerce along with rising export and import activities in various countries are predicted to drive opportunities for manufacturers of port material handling equipment vehicles. Constant renovation of infrastructure and industrial facilities around the world is forecasted to augment growth opportunities for market players.

Development of innovative forklift trucks and similar facilities is creating opportunities for suppliers of port material handling equipment vehicles. These advancements are attributed to the propelling demand for goods transportation from one place to another. Prominent companies are concentrating on some advanced technologies that include biometrics and GPS (global positioning system) in port material handling equipment vehicles.

Vehicles equipped for port material handling find applications in marine ports to move cargo. Lift trucks, stackers, tractors, etc., are used for the transportation of cargo from the ship terminal to respective distributor hubs or warehouses. Growing requirements for efficient warehousing and distribution systems are contributing to market growth. Governments from various countries are concentrating on improving their port infrastructure to boost the effectiveness of the distribution system and stacking.

Report Attributes	Details
Port Material Handling Equipment Vehicle Market Size (2023)	US$ 7.33 Billion
Forecasted Market Value (2033)	US$ 12.17 Billion
Global Market Growth Rate (2023 to 2033)	5.2% CAGR
Cranes Segment Value (2033)	US$ 4.37 Billion
China Market Growth Rate (2023 to 2033)	5.3% CAGR
Germany Market Growth Rate (2023 to 2033)	6.7% CAGR
United States Market Value (2033)	US$ 2.59 Billion
Key Companies Profiled	American Crane & Equipment Corporation Shanghai Zhenhua Heavy Industries (ZPMC) ABB Group CVS Ferrari S.p.A. Anhui Heli FAMUR FAMAK S.A. Cavotec Hyster Forklift Company Liebherr Kalmar Global Konecranes McNally Bharat Engineering Limited Loking Holdings Limited SANY Group TIL Limited TTS Timars Svets & Smide AB

Which Factors are Contributing to Rising Demand for Port Material Handling Equipment Vehicles?

“Booming Shipping Industry Generating Huge Prospects for Market Players”

The global shipping industry has been expanding at a noteworthy pace in recent years. Increasing international trade volumes are contributing to respective market growth. The increasing need for logistics to manage large trade volumes is providing opportunities for port material handling equipment vehicle suppliers.

Extensive development of numerous ports is leading to increased uptake of automated transit vehicles, cranes, forklift trucks, reach stackers, ship loaders, and container lift trucks. Warehouse storage management, ship handling, and container management are some broad application areas of port material handling equipment vehicles.

“Multilateral Trade Frameworks Fueling Opportunities for Port Material Handling Equipment Vehicle Suppliers”

Increasing import and export activities related to goods and commodities through seaports owing to multiple free-trade agreements, including the TPSEP (Trans-Pacific Strategic Economic Partnership), AFTA (ASEAN (Association of Southeast Asian Nations) Free Trade Area), NAFTA (North America Free Trade Agreement), etc., are estimated to strengthen the economic situation of countries. These activities are predicted to drive growth in the market for port material handling equipment vehicles.

What is the Main Obstacle Encountered by Market Players in Increasing Their Sales?

“High Initial Expenditure and Maintenance Cost”

High initial investments along with maintenance expenditure on port material handling equipment vehicles are forecasted to pose challenges for players across the globe. Therefore, the high cost of port material handling equipment vehicles hinders market growth as small enterprises cannot afford to spend on the purchase of these equipment vehicles.

How are Start-ups Strategizing to Mark Their Presence in This Market?

“Adoption of Advanced Technologies in Development of Material Handling Equipment Vehicles”

Start-ups are investing in R&D activities to develop more effective and economical port material handling equipment vehicles. Automation, biometrics, GPS, etc., are some technologies that are used in the development of products by new entrants to increase their profit share.

Country-wise Insights

Which Aspects are Contributing to Market Growth in the United States?

“Rapid Growth of Material Handling and Logistics Sector”

Demand for port material handling equipment vehicles in the United States is estimated to increase at a 5.4% CAGR and reach a value of US$ 2.59 billion by 2033.

• Material handling and logistics is considered one of the fastest-growing industries in the United States, according to the United States Department of Commerce and Bureau of Labor Statistics. Moreover, the demand for numerous material handling and logistic systems and equipment in the United States exceeds US$ 156 billion annually. The manufacturers employ more than 700,000 workers per year in the United States.

Increasing automation in prominent industries is propelling demand for effective management services that are further boosting sales of port material handling equipment vehicles. Moreover, the presence of some key players such as Hyster-Yale Materials Handling Inc., Crown Equipment Corporation, Taylor Machine Works Inc., and American Crane & Equipment Corporation in the United States is also predicted to contribute to market revenue.

How is India Emerging as a Noteworthy Market for Suppliers of Port Material Handling Equipment Vehicles?

“Rising Maritime Expenditure Bolstering Demand for Port Material Handling Equipment Vehicles”

The Indian market is projected to advance at a CAGR of 7% and reach a value of US$ 997.85 million by the end of the forecast period. Increasing investments in developing maritime infrastructure are projected to boost the demand for port material handling equipment vehicles.

For instance :

• The Indian government announced to spend US$ 82 billion on major seaports of the country in March 2021. Moreover, the Sagarmala Program also consists of about 574 projects to be implemented through 2025.

Rising demand for effective on-site operations based on cargo handling as well as shipping is projected to increase significantly. These factors are expected to stimulate the entry of various new manufacturers of port material handling equipment vehicles into the landscape.

Category-wise Insights

Which Facets Make Automated Stacking Cranes More Popular Globally?

“Increased Productivity and Safety of Automated Stacking Cranes”

Demand for cranes is estimated to expand at a 9.8% CAGR and reach a value of US$ 4.37 billion by 2033. Sales of automated stacking cranes are anticipated to spike due to their ability to enhance productivity and safety and maximize space efficiency.

Several market players, including Kalmar Global, are operating at the forefront in this regard. The company offers the ASC (AutoShuttleTM automated stacking crane) that helps in reducing footprint size to yield noteworthy capital cost savings.

Which Application of Port Material Handling Equipment Vehicles Accounts for Higher Revenue?

“Thriving International Trade Propelling Demand for Port Material Handling Equipment Vehicles for Container Handling”

Sales of port material handling equipment vehicles for container handling are projected to increase at a CAGR of 5.3% and reach US$ 5.30 billion by 2033. Increasing trade volumes at international and domestic levels are predicted to play a pivotal role in rising sales of port material handling equipment vehicles.

• Hyster Forklift Company provides a wide variety of port material handling equipment vehicles. The laden container handlers of the company deliver unparalleled products with a capacity of 40 to 52 thousand kilograms.

Which Propulsion is Widely Preferred for Port Material Handling Equipment Vehicles?

“Inclination towards Electric-/Battery-based Port Material Handling Equipment Vehicles as Eco-friendly Alternative”

Based on propulsion, the demand for electric-/battery-powered port material handling equipment vehicles is growing around the world. Increasing concerns about excessive fuel consumption along with its adverse environmental impacts is stimulating consumers to opt for eco-friendly and sustainable alternatives.

Key Market Players

New developments, strengthening the supply chain management system, maintaining product standards, etc., are some noteworthy initiatives taken by market players.

Market players are investing in footprint expansion, mergers & collaborations, etc., to gain a competitive edge.

For instance :

• ABB Group announced its investment of CHF 40 million (US$ 45 million) in December 2020 for the expansion of its R&D activities and an office area for the motion and industrial automation business in Aragu, Switzerland.

Key companies in the port material handling equipment vehicle market include American Crane & Equipment Corporation, Shanghai Zhenhua Heavy Industries (ZPMC), ABB Group, CVS Ferrari S.p.A., Anhui Heli, FAMUR FAMAK S.A., Cavotec, Hyster Forklift Company, Liebherr, Kalmar Global, Konecranes, McNally Bharat Engineering Limited, Loking Holdings Limited, SANY Group, TIL Limited, TTS, and Timars Svets & Smide AB.

Segmentation of Port Material Handling Equipment Vehicle Industry Research

• By Equipment :

  • Cranes
    • Rubber-tired Gantry (RTG)
    • Electrified Rubber-tired Gantry (E-RTG)
    • Ship-to-share
    • Yard
    • Rail-mounted Gantry (RMG)
    • Automated Stacking
  • Ship Loaders
  • Reach Stackers
  • Mooring Systems
  • Forklift Trucks
  • Automated Guided Vehicles
  • Container Lift Trucks
  • Terminal Tractors
    • Straddle Carriers

• By Application :

  • Container Handling
  • Ship Handling
  • Services
  • Storage Handling
  • Automated Storage Handling
  • Bulk Material Handling

• By Propulsion :

  • Diesel
  • Gasoline
  • Electric-/Battery-powered
  • Hybrid

• By Demand :

  • New Demand
  • MRO (Maintenance, Repair, & Operations) & Services

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa