Press release
Cargo Handling Equipment Market from 2022 to 2031: Size, Analysis, Growth, Research Hits at a CAGR of 5.3%
Cargo Handling Equipment Market
Valued at $28.5 billion in 2021, the cargo handling equipment market is projected to escalate to $48.3 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 5.3% from 2022 to 2031.
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Market Dynamics:
The global cargo handling equipment market is anticipated to experience growth propelled by increased public investment in port infrastructure, ensuring secure and efficient economic operations. Furthermore, the upsurge in demand for liquefied natural gas exports via sea routes is expected to bolster market expansion.
Moreover, numerous industries rely on oceanic shipping for global import and export activities. Given the cost-effectiveness of waterway transport over air freight, market growth is expected to be further stimulated during the forecast period.
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Market Scope:
The integration of automation into port infrastructure has witnessed steady advancement over the years. Utilizing technologies like the Internet of Things (IoT) and artificial intelligence (AI) for cargo and transport management can streamline waterway transport delivery times, thus presenting new growth opportunities for the cargo handling equipment market.
Efficient trade activities significantly contribute to a country's economic progress, with sea ports assuming a pivotal role, particularly in coastal regions.
The annual increase in both passenger and commodity transportation via sea routes fosters the development of port infrastructure, consequently driving the adoption of cargo handling equipment.
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Top Players:
The major players profiled in the report having significant cargo handling equipment market share are Anhui Heli Co., Ltd. , Hyster-Yale Group, Inc., KION Group AG (KION), Konecranes, Liebherr International AG, Mitsubishi Corporation, Macgregor, Sany Heavy Industry Co Ltd (SHI), Toyota Industries Corp (TICO).
Key findings of the study:
The report provides an extensive analysis of the current and emerging global cargo handling equipment market trends and dynamics.
By equipment type, the port cranes segment was the largest revenue generator in 2021.
By propulsion type, the IC engine segment generated the highest revenue in 2021.
By application, the air segment generated the highest revenue in 2021.
Region wise, Asia-Pacific is anticipated to dominate the global cargo handling equipment market throughout the study period.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, DE. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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