- Expansion of old ports and construction of new ones are anticipated to present profitable prospects for market participants
- Rise in the number of distribution centers and warehouses is estimated to spur demand for terminal tractors in the global Port Equipment Market
WILMINGTON, Del., Nov. 22, 2022 /PRNewswire/ — In 2021, the value of Global Port Equipment Market stood at US$ 11.6 Bn. The global market is predicted to rise at a CAGR of 4.8% during the forecast period, from 2022 to 2031. The global Port Equipment Market is predicted to flourish due to rise in the number of port infrastructure projects in different countries to promote import-export trade. The construction of both manufacturing as well as warehousing facilities and also after-sales services are the main focus areas for major firms in the global port equipment industry.
Port Equipment Market growth and trends analysis highlight that leading manufacturers of port handling equipment are concentrating on cutting-edge technologies including EV technology, automation, and sensors, to boost revenue. They are making significant investments in the research and development of heavy-lifting vehicles and electric-powered vehicles. In order to diversify their revenue sources, manufacturers are expected to take advantage of incremental potential by creating highly advanced terminal tractors. Growing popularity of terminal tractors are estimated to stimulate growth for the port equipment industry in the years to come.
Market players are focusing on the making of battery-operated products and to do so they are leveraging technological breakthroughs. Leading industry participants are using creative strategies to offer port equipment automation products. Due to their minimal maintenance requirements and superior return on investment (ROI) to diesel vehicles, consumers are choosing electrically powered and electric vehicles including terminal tractors, container handlers, and heavy forklifts more frequently. This factor is expected to expand the market size for port equipment in the coming years.
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Key Findings of Market Report
- Growing import and export trade between developing and developed nations is among the main factors influencing the need for various kinds of port equipment. The most recent model of port equipment, including container spreaders, terminal tractors, container handlers, reach stackers, and heavy forklifts, aids in cost-saving, improving operations, and safeguarding staff members. Due to an increase in global seaboard trade, the market share for port equipment is growing.
- Despite being more expensive than diesel vehicles, several important seaports are aggressively investing in electric machinery. Especially in comparison to a diesel tractor, an electric terminal tractor offers a quick return on investment with a typical payback time of two years.
- Participants in the global Port Equipment Market are anticipated to benefit greatly from the rising number of new ports spurred by significant government funding.
Global Port Equipment Market: Growth Drivers
- The terminal tractor category accounted for a sizable portion of the global market in 2021. The category is predicted to lead the global market during the forecast period. Terminal tractors are increasingly being used in distribution and warehouses facilities all over the world. The use of terminal tractors is being driven by an increase in the construction of warehouses. On- and off-road activities both require terminal tractors.
- Green power supplied by renewable sources of fuel like biofuels or hydrogen is a focus of port and terminal operators. Due to major ports increasing preference for electric port equipment, use of terminal tractors, handlers, and forklifts is increasing. The use of the port equipment is anticipated to be driven by over the forecast years.
- Market player are concentrating on the development of battery-operated equipment by utilizing advanced technologies. Major industry participants are implementing novel techniques to offer port equipment automation services.
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Global Port Equipment Market: Regional Landscape
- Asia Pacific is anticipated to account for a significant portion of the global Port Equipment Market. The Port Equipment Market in the region is expected to grow due to rising investment in port infrastructure development activities in India, Japan, China, and other countries of Southeast Asia.
Global Port Equipment Market: Key Competitors
- BYD Motors Inc.
- Toyota Material Handling
- Greenfield Products, LLC.
- Terberg Special Vehicles
- Hyster-Yale Group, Inc.
- Cargotec Corporation
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Global Port Equipment Market: Segmentation
Equipment Type
- Heavy Forklifts
- Reach Stackers
- Container Handlers
- Terminal Tractors
- Container Spreaders
- Others
Lifting Capacity
- Up to 10 Tons
- 10 to 30 Tons
- 30 to 50 Tons
- Above 50 Tons
End Use
- Shipping Ports
- Industrial
- Railyards
Distribution Channel
- Direct
- Indirect
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