Cargo Handling Equipment Market Size, Share, Growth Analysis, By Type(Forklift trucks, portable harbor cranes, stacking cranes and transport frameworks), By Mode of Propulsion(Diesel and Electric), By Application(Air Load, Rail Cargo, Marine Cargo and Land Cargo.), By Region - Industry Forecast 2024-2031

Q: What is the global market size of Cargo Handling Equipment Market?

Global Cargo Handling Equipment Market size was valued at USD 10.6 Billion in 2022 and is poised to grow from USD 28.5 Billion in 2023 to USD 48.3 Billion by 2031, at a CAGR of 5.3% during the forecast period (2024-2031).

Report ID: SQMIG20W2012 | Region: Global | Published Date: March, 2024
Pages: 168 | Tables: 88 | Figures: 69

Cargo Handling Equipment Market News

In July 2020, PayCargo and IBS Software, two of the major participants in the cargo industry, made the decision to launch a combined organization in cooperation. This allowed for the merging of APIs and offered an improved computerized installment stage for cargo handling equipment, which produced substantial profits for both businesses.

In February 2020, the most well-known company, California Air Resource Board (CARB), planned to deploy zero outflow cargo gear in a variety of applications, including rail yards, transportation hubs, air terminals, and others. This endeavor required a significant investment of $44 million.

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Cargo Handling Equipment Market size was valued at USD 10.6 Billion in 2022 and is poised to grow from USD 28.5 Billion in 2023 to USD 48.3 Billion by 2031, at a CAGR of 5.3% during the forecast period (2024-2031).

The market for cargo handling equipment is characterized by fierce rivalry, with major competitors vying for market share by expanding their product lines, innovating, and improving their innovativeness. Businesses that dominate the industry include Liebherr Group, Cargotec Corporation, Toyota Industries Corporation, and Konecranes. These companies use their strong R&D capabilities and wide distribution networks to stay ahead of the competition. These leaders in the sector concentrate on strategic alliances, mergers, and acquisitions in order to bolster their market position and meet a variety of client needs. Additionally, as businesses strive to provide more effective, economical, and sustainable cargo handling solutions, technical breakthroughs like automation, electrification, and digitalization are crucial in forming competitive strategies. 'Anhui Heli (China)', 'Mitsubishi Corporation (Japan)', 'Konecranes (Finland)', 'Toyota Industries (Japan)', 'JBT Corporation (U.S.)', 'Liebherr (Switzerland)', 'Kion Group (Germany)', 'Sany (China)', 'Terex Corporation (U.S.)', 'Mitsubishi (Japan)', 'Macgregor (Finland)', 'Hyster (U.S.)', 'Kalmar (Finland)'

Advanced shipping management systems are becoming more and more popular as a result of businesses concentrating more on streamlining their delivery chains in order to save costs, shorten transit times, and increase customer satisfaction.

Fast Emerging Cargo Trends in the Market: There are notable developments in the cargo handling equipment market that are changing the industry's environment and driving growth. The growing need for cargo handling equipment in a variety of industries, such as logistics, transportation, maritime, and aviation, is one noteworthy development. In order to simplify the transportation of goods and commodities, there is an increasing need for dependable and effective cargo handling systems due to the expansion of trade, e-commerce, and supply chain networks.

Regional analyses of the cargo gadget industry show that different trends and dynamics exist in different geographic areas. With the largest market share, Asia Pacific stands out as a crucial region because to its rapid industrialization, urbanization, and expansion of its logistics network. Due in large part to the expanding alternative sports and rising manufacturing sector, countries such as China, India, and Japan are witnessing a sharp rise in demand for cargo managing devices. The government's efforts to improve port hubs and logistical networks are also contributing to the local economy's expansion. Furthermore, Asia Pacific is adopting better cargo handling technology due to the growth of e-commerce platforms and the desire for environmentally friendly delivery chain management.

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