BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global cargo handling equipment market size at USD 24.63 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global cargo handling equipment market size to grow at a steady CAGR of 3.5% reaching a value of USD 30.28 billion by 2029. Major growth drivers for the global cargo handling equipment market include globalization, rapid industrialization, and increasing cargo activities. Cargo handling equipment has garnered significant attention due to its multifaceted benefits, which encompass the mitigation of revenue losses stemming from protracted cargo loading and unloading procedures. Moreover, this equipment augments the efficiency of cargo handling operations, reinforces safety protocols, and diminishes the probability of accidents. Significantly, it expedites cargo processing by streamlining cargo movement within docks and warehouses, thereby enhancing precision and reducing handling durations. Also, the equipment curtails the risk of worker injuries and the occurrence of accidents, thereby elevating safety benchmarks within the industry. However, high initial cost is anticipated to restrain the growth of the overall market during the period in analysis.
Global Cargo Handling Equipment Market – Overview
Cargo handling equipment encompasses specialized off-road, self-propelled vehicles and machinery used in intermodal rail yards and ports to handle containers, bulk goods, and liquid cargo transported by sea, air, or rail routes, with additional functions including scheduled maintenance and repairs. This equipment includes a range of machines such as mobile cranes, yard trucks, rubber-tired gantry cranes, side handlers, reach stackers, top handlers, loaders, forklifts, sweepers, dozers, excavators, and aerial lifts. The choice of equipment depends on the specific cargo type. Tankers are equipped with pumping systems, hose-handling cranes, and tank cleaning machinery. Dry-bulk carriers often rely on shoreside facilities, but some feature self-unloading mechanisms like conveyors or deck-mounted cranes. Reefer vessels are designed with refrigerated cargo holds and extensive refrigeration systems. Given the global dominance of containerized cargo transportation across land, air, and sea, precise handling of containers is vital, particularly at sea, where challenging weather conditions and strong winds prevail.
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Impact of COVID-19 on Global Cargo Handling Equipment Market
COVID-19 pandemic adversely affected the global cargo handling equipment market. Lockdown restrictions during the outbreak led to the closure of manufacturing units in this market. Despite the initial challenges caused by a lack of skilled professionals, there is a projected resurgence in the supply sector post-lockdown, as restrictions are gradually lifted. Also, the heightened demand for cargo handling and transportation services has created growth opportunities for the market in the aftermath of the pandemic, underscoring the profound impact of COVID-19 on the global cargo handling equipment market.
Global Cargo Handling Equipment Market – By Equipment
Based on equipment, the global cargo handling equipment market is divided into Industrial Trucks Tow Tractors, Conveying Equipment, Stackers, and Port Cranes segments. The industrial trucks tow tractors segment holds the highest share in the global cargo handling equipment market by equipment. The segment's prominence is attributed to the vital role tow tractors play in the efficient movement of materials and cargo within industrial settings, such as warehouses, factories, and distribution centers. Tow tractors are prized for their versatility and ability to tow heavy loads, making them indispensable for various logistics and materials handling operations. Their reliability, ease of use, and adaptability to diverse applications have contributed to their widespread adoption, solidifying their position as a key driver of the cargo handling equipment market.
Competitive Landscape
Major players operating in the global cargo handling equipment market include Hangcha Forklift, Siemens Logistics GmbH, TOYOTA INDUSTRIES CORPORATION, Terex Corporation, Anhui Heli, Textron Ground Support Equipment Inc., Liebherr-International Deutschland GmbH, TLD, KION GROUP AG, ABB, Hoist Material Handling, Inc., Hyster-Yale Group, Inc., and Konecranes. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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