NEW YORK, May 26, 2021 /PRNewswire/ — As per a study by Fact MR, the global port and material handling equipment vehicle market is forecast to grow at around 5% CAGR over the duration of 2021 to 2031. According to the study, increasing foreign and domestic trade elevated the demand for better logistics and transportation services.
Growing need for efficient warehousing and distribution systems boosted the demand for port and material handling equipment vehicles. Governments across the globe are emphasizing towards developing their port infrastructure to cater the rising shipping logistics and improve efficacy of the stacking and distribution system.
According to a report published by China Ports and Harbors Association, annually export container volume rose by 11.5% and inland container volume experienced the growth by 18.3%. The government on India invested US$ 82 Bn in “The Sagarmala Project” in March 2021. The project aims to modernize 574 ports and will be implemented by the end of 2035.
Such initiatives will elevate the demand for on-site cargo handling and shipping creating a doorway for port and material handling equipment vehicle service providers to penetrate the market. COVID-19 pandemic did slow the port and material handling equipment vehicle market but with relaxation in trading, a steady recovery is on the card.
“E-commerce has sky-rocketed the growth of cross border trade and led to the expansion of internal and international trade. Flourishing international trading and shipping industry will augment the port and material handling equipment vehicle market demand”, said a lead analyst at Fact.MR.
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Key Takeaways
- Leading companies in U.S. are rapidly switching towards automation and surge in demand is observed for logistics management of the automated system. This trend heightened the demand for port and material handling equipment vehicles in U.S.
- China is emerging as a prominent market for port and material handling equipment vehicle owing to increasing internal and external trading and container volume and growing demand for modern container handling operations.
- India remains a lucrative market for port and material handling equipment vehicle. Rapid maritime infrastructure development and increased government investment towards modernizing the seaports will increase the market demand in India.
- Automated stacking cranes are gaining popularity in shipping industry for its superior space efficiency, higher productivity and better safety characteristics.
- Demand for container handling operations is expected to rise significantly during forecast period, amid increasing domestic and international trading volumes.
Prominent Drivers
- Thriving international trading and shipping industry is the main growth driver for the port and material handling equipment vehicle market.
- Surging demand in logistics to deal with bulking trade volume and increasing government initiatives promoting shipping to elevate their economy fuels the market growth.
- Rising utilization of seaports for international import and export of commodities on the backs of various trading agreements boosts the market growth.
Key Restraints
- High capital investment required for purchasing of port and material handling equipment vehicles restraints the market growth.
- High maintenance cost and scarcity of skilled operator of port and material handling equipment vehicle is also restricting the market growth.
- Port and material handling equipment vehicles is a very niche market, Majority of small scale enterprises cannot afford the vehicles due to its high price, thus retarding the market growth.
Discover more about the port and material handling equipment vehicle market with 89 figures and 48 data tables
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Competitive Landscape
Leading players operating in port and material handling equipment vehicle market profiled by Fact.MR include American Crane & Equipment Corporation, Cavotec, FAMUR FAMAK S.A., Kalmar Global, Liebherr, McNally Bharat Engineering Limited, Shanghai Zhenhua Heavy Industries (ZPMC), Timars Svets & Smide AB, TTS, TIL Limited, SANY Group, Lonking Holdings Limited, Konecranes, Hyster Forklift Company, CVS Ferrari S.p.A., Anhui Heli, ABB Group. New product launch and faster product approval are the main area of focus among the key market players. Increasing competition is pushing leading player to develop innovative products for strengthen their market hold. Strategic merger and collaboration is in the cards for faster market expansion.
For instance, A CHF investment of US$ 40 Mn was announced by ABB group in September 2020, with the goal to expand its R&D facilities in Aragu, Switzerland.
A first generation, lithium battery forklift was launched by Anhui Heli in the Czech Republic in November 2018.
More Valuable Insights on Port and Material Handling Equipment Vehicle Market
Fact.MR, in its new report, offers an unbiased analysis of the global in port and material handling equipment vehicle market, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on in port and material handling equipment vehicle market on the basis of equipment type (tug boats, cranes, reach stackers, mooring systems, automated guided vehicles, forklift trucks, container lift trucks, terminal tractors), Application (container handling, ship handling, services, storage handling, automated storage handling, bulk material handling, others), propulsion (diesel, gasoline, electric/battery, others), demand (new demand, MRO and services), across regions (North America, Latin America, Europe, Asia Pacific, MEA).
Key Questions Covered in the Report
- Which factor will be the most crucial for port and material handling equipment vehicle market growth?
- What is likely to be the future outlook of port and material handling equipment vehicle market?
- What are the key drivers and restraints for port and material handling equipment vehicle market?
- Which region has the highest growth rate in port and material handling equipment vehicle market?
- Which are the leading players operating in port and material handling equipment vehicle market?
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