The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

 

The Business Research Company’s Port & Material Handling Equipment Vehicle Global Market Report 2024 offers crucial insights into the port & material handling equipment vehicle market help businesses analyse and build stronger strategies.

Market Overview

• The port & material handling equipment vehicle market is set to grow from $21.62 billion in 2023 to $22.99 billion in 2024, with a CAGR of 6.4%.
• By 2028, the market is expected to reach $28.56 billion, maintaining a steady CAGR of 5.6%.

Key Drivers of Market Growth

Global Trade Expansion

• Increased global trade activities are driving demand for port and material handling equipment vehicles.
• Ports worldwide are upgrading to handle higher cargo volumes efficiently.

Increasing Containerization

• The rise in container shipping has necessitated more advanced material handling solutions.
• Containerization enhances efficiency and reduces shipping costs.

Growth in E-commerce and Logistics

• The booming e-commerce sector requires robust logistics and material handling infrastructure.
• Warehouses and distribution centers are heavily investing in advanced equipment.

 

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Infrastructure Development in Ports

• Significant investments in port infrastructure are propelling market growth.
• Modern ports require state-of-the-art material handling vehicles to manage operations.

Focus on Safety and Ergonomics

• Safety and ergonomic advancements are crucial in developing new material handling vehicles.
• Companies are prioritizing worker safety and comfort in their designs.

Environmental Regulations

• Stricter environmental regulations are pushing for cleaner, more efficient vehicles.
• Electric and hybrid material handling vehicles are gaining popularity.

Future Prospects and Trends

Adoption of Autonomous Vehicles

• Autonomous material handling vehicles are becoming more prevalent.
• Automation enhances efficiency and reduces human error.

Growth in Renewable Energy Sector

• The renewable energy sector’s growth demands specialized material handling solutions.
• Green ports are investing in sustainable material handling technologies.

Smart Ports and Digital Transformation

• Digital transformation is revolutionizing port operations.
• Smart ports integrate IoT and connectivity for better management.

Customization for Specific Cargo Types

• Customized material handling solutions cater to different cargo requirements.
• Specialized equipment improves handling efficiency for diverse cargo types.

Development of Green Ports

• Green ports focus on reducing carbon footprints and increasing sustainability.
• Investment in eco-friendly material handling equipment is rising.

E-commerce Boom Fuels Demand

Impact of E-commerce

• The rapid growth of e-commerce is driving demand for material handling vehicles.
• Increased online shopping requires efficient logistics and material handling.

Statistics

• In 2021, e-commerce sales in the US reached $870 billion, a 14.2% increase from 2020.
• E-commerce represented 13.2% of all retail sales in the US in 2021.

Major Companies in the Market

Key Players

• Leading companies include Asea Brown Boveri Ltd., American Crane & Equipment Corporation, Anhui Heli Co Ltd., and Cavotec SA.
• Other notable players are CVS Ferrari SPA, Hyster-Yale Materials Handling Inc., Cargotec Corporation, and Konecranes Oyj.

Technological Innovations

Advanced Technologies

• Companies are introducing innovative solutions with advanced technologies.
• Technologies like IoT, AI, and telematics are enhancing vehicle efficiency and management.

Case Study: Camblift

• In May 2022, Camblift launched its first reach stacker, available in both electric and diesel versions.
• The reach stacker offers a safe and ergonomic workplace with higher production efficiency.

Strategic Acquisitions

Federal Signal and Ground Force

• In October 2021, Federal Signal acquired Ground Force to strengthen its portfolio.
• The acquisition enhances Federal Signal’s capabilities in maintenance and infrastructure markets.

Market Segmentation

By Equipment Type

1. Tug Boats
2. Cranes
3. Shiploaders
4. Reach Stackers
5. Mooring Systems
6. Automated Guided Vehicles (AGVs)
7. Forklift Trucks
8. Container Lift Trucks
9. Terminal Tractors
10. Other Equipment

By Propulsion

1. Diesel
2. Gasoline
3. Electric/Battery
4. Other Propulsion

By Demand

1. New Demand
2. MRO (Maintenance, Repair, and Overhaul or Services)

By Application

1. Container Handling
2. Ship Handling
3. Services
4. Storage Handling
5. Automated Storage Handling
6. Bulk Material Handling
7. Other Applications

Regional Insights

Asia-Pacific

• Asia-Pacific was the most lucrative region in the port and material handling equipment vehicle market in 2023.
• The region’s rapid industrialization and trade activities contribute to its market dominance.

Conclusion

The port & material handling equipment vehicle market is poised for strong growth, driven by global trade expansion, increasing containerization, and the booming e-commerce sector. Technological advancements, strategic acquisitions, and a focus on sustainability are shaping the future of this market. With significant investments in infrastructure and digital transformation, the market is set to achieve new heights in the coming years.

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The Port & Material Handling Equipment Vehicle Global Market Report 2024  provides a comprehensive outlook of the port & material handling equipment vehicle market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The port & material handling equipment vehicle market forecast offers a thorough analysis on port & material handling equipment vehicle market size, port & material handling equipment vehicle market share, prominent players and their strategies.

The Table Of Content For The Port & Material Handling Equipment Vehicle Market Include:
1. Port & Material Handling Equipment Vehicle Market Executive Summary
2. Port & Material Handling Equipment Vehicle Market Segments
3. Port & Material Handling Equipment Vehicle Market Size And Port & Material Handling Equipment Vehicle Market Growth Rate
4. Key Port & Material Handling Equipment Vehicle Market Trends
5. Major Port & Material Handling Equipment Vehicle Market Drivers
……
25. Key Mergers And Acquisitions In The Port & Material Handling Equipment Vehicle Market
26. Top Port & Material Handling Equipment Vehicle Companies
27. Port & Material Handling Equipment Vehicle Market Opportunities And Strategies
28. Port & Material Handling Equipment Vehicle Market, Conclusions And Recommendations
29. Appendix

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