According to Goldstein Research, “Growing e-commerce business is lifting up cargo handling equipment market. Cargo traffic at airports and marine ports driven by the rising e-commerce business driving the growth of cargo handling equipments market”
More than 90% of goods transported are containerized; to deal with the huge container traffic advanced cargo handling equipments are needed such as RTG cranes, forklifts and tractors. Marine ports and airports authorities are using rental equipments to ensure greater profitability and implementation of advanced cargo handling equipments.
Global cargo handling equipment market is segmented into end-users such as marine ports, airports and rail yards. Among these segments, marine port is an important segment based on the container traffic and number of cargo handling equipments used at marine ports is large in number as compared to any other end–use industry. Global container port volume reached 700 million TEU, in 2015 which is expected to significantly uplift with rising e-commerce business. The global cargo handling equipment market accounted for USD 62.5 billion in 2015 owing to growing e-commerce business across the world. In 2015 global e-commerce business accounted for USD 1.3 trillion. Global cargo handling equipment market is projected to reach USD 89.4 billion by 2024, further; the market is expected to expand at a CAGR of 4.4% over the forecast period i.e. 2016-2024.
Geographically, Asia-Pacific dominates the global cargo handling equipments market with more than 36% share in cargo handling equipment market and expected to maintain its dominance over the forecast period i.e. 2016-2024.
Growing E-Commerce Industry: Major Breakthrough
World trade continued to expand between continents and countries with 2.7% annual growth rate. Global cargo traffic constitutes more than 65% of e-commerce shipments which is driving the growth of global cargo handling equipments market. New marine projects such as "Green Port Panama Atlantic" a mega-port project spread over 127 hectares on Largo Remo Island and such other projects will provide huge growth opportunities to cargo handling equipment market.
“Global Cargo Handling Equipment Market Outlook 2024” contains detailed overview of the global cargo handling equipment market in terms of market segmentation by product, by application.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
This market report also includes provides competitive outlook of some of the major players of the global cargo handling equipment market which includes profiling of companies such as ABB Group, Liebherr Group, Kalmar Global, Toyota Industries Corporation, Hyundai Heavy Industries, Seehafen Wismar GmbH, Terex Corporation, JBT Corporation etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global cargo handling equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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