iCrowdNewswire Dec 4, 2020 9:00 AM ET
The Global Cargo Handling Equipment Market is estimated to reach $30.4 billion by 2025, growing at a CAGR of 3.2% from 2020 to 2025. Cargo handling equipment are used in container ships for transportations of goods and services. Furthermore, the cargo handling equipment are used for loading/discharging operations for instance cargo cranes, side loading system, cargo pumping systems, conveyors, belt conveyors, elevators, side loading systems and others. The demand for cargo handling equipment is rising very rapidly as the adoption of the cargo handling equipment is rising in the end use industries.
The increasing demand for strong cargo handling equipments along with rising demand of cargo shipping for transportation of goods and services efficiently in less time and low cost is driving the growth of the market.
By Mode of Propulsion- Segment Analysis
By mode of Propulsion Cargo Handling Equipment Market is segmented Diesel and Electric. The diesel mode of propulsion is witnessing a significant growth in the market owing to the less cost of diesel yard tractors. In the ports many truck hauling containers and other cargo marine terminals are all powered by diesel engines. The durability and longevity offered by diesel engines are mostly preferred in applications for instance locomotives and marine workboats. Furthermore, apart from the diesel engine durability, the replacement of older engines with the newer ones results in reduction of substantial emissions along with fuel saving benefits. Due to factors such as improved reliability, efficiency, power and performance the diesel engines are preferred as a convenient option owing to which it is widely used in cargo handling equipment.
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By Application – Segment Analysis
By Application the market is segmented into Air cargo, Marine Cargo and Land Cargo. The Marine cargo is dominating the market owing to its wide use in the container ships. According to CEIC, reportedly Chinas Container Port Throughput had an increase from 216,684,000 TEU to 225,828,900 TEU in December 2018 as compared to December 2017. According to Diesel technology Forum, the U.S economy is increasingly depending upon the international trade owing to which 39 of 360 commercial ports are located in this region for international trade. The increasing use of e-commerce is effecting the trade through the sea borne routes in the recent years. So, as the usage of cargo ships has increased the usage of marine cargo has an upsurge boosting the growth of the market.
Geography – Segment Analysis
Global Cargo Handling Market is dominated by APAC region with a market share 36.4% in 2019. The rising technological advancements and growth in import and exports along with growth in e-commerce have driven the cargo handling opportunities in APAC. The rise in globalization has resulted in the growth of import and exports of goods and materials between different countries in APAC. This growth in globalization has resulted in trade businesses between different countries and import and exports thereby increasing the cargo handling equipment opportunities.
Drivers – Cargo Handling Equipment Market
Rising demand for marine business
The rise in business through seaborne routes is one of the major factor driving the growth of the market. Owing to the efficient delivery of delicate manufacturing materials and other materials along with lower cost have led to the development of advanced cargo handling equipment thereby driving the market growth. The seaborne routes are chosen for import and export purposes by many countries at a global level as the cargo ships can carry huge materials through just at one single voyage saving the cost of transportation. Furthermore, the small companies are extensively using cargo shipping for trade purposes as they generally opt for tramp shipping as they do not have enough fleet to run linear voyages and also to save the transportation costs that require several transportations. These factors are driving the growth of the market.
Rise in transportation due to rise in technological advancement:
The growth of technological advancements has driven the rise in transportation, import and export businesses globally owing to the introduction of efficient cargo handling equipment. The transportation of goods and services through air, land and marine routes are possible due to the growth of technological advancements. The development of cargo handling equipment are possible that are more ecofriendly as they consume less power and result in less emissions by propulsion mode are used owing to the technological advancements. These factors are boosting the growth of the market.
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Challenges – Cargo Handling Equipment’s Market
Cost Related Challenge:
Although there are many advantages of cargo handling equipment, owing to the price related problems many organizations are unable to use the costly cargo handling equipments. The conveyors and other equipments of cargo handling are costly owing to which small enterprises dealing with cargo shipping are unable to use these equipments.
Cargo Handling Equipment Market is dominated by major companies such as KION Group, JBT, TLD, HYSTER, Textron Ground Support Equipment Incorporated, Mitsubishi Motors, Terex Corporation, Hyundai Heavy Industries, Hangcha, Siemens among others.
June 8, 2020- PayCargo and IBS Software announced a joint partnership. The partnership allows API based integration and provides enhanced digital payment platform for cargo handling equipment for both the organizations.
February 4, 2020- CARB, California Air Resource Board launched a project with zero emission freight equipment in rail yards, air ports, distribution centers and others. An investment of $44M was raised for this project.
Rise in adoption of cargo handling equipments in the containers through air, land and marine routes for trade purposes owing to the efficiency of these equipments have driven the market growth.
The Diesel mode of propulsion is dominating the market owing to its low cost as compared to the others along with the wide adoption of diesel mode of propulsion. Owing to the cost factor diesel yard tractors are adopted and used by most of the end use industries thereby driving the growth of the market.
APAC is expected to dominate the global Cargo Handling Equipment Market in the forecast period 2020-2025 owing the rising demand of strong and efficient equipment for container handling and increase in considerable import and export along with e-commerce in this region.
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