Cargo Handling Equipment Market: Analyzing the Profitable Opportunities in the Industry during 2021-2031

Allied Market Research recently published a report on the global cargo handling equipment market which states that the industry is expected to gather a revenue of $48.3 billion by 2031. The sector accounted for $28.5 billion in 2021 and is projected to surge ahead at a CAGR of 5.3% from 2022 to 2031.

The leading growth drivers, market restraints, and investment opportunities in the landscape are comprehensively covered, helping companies develop an understanding of the evolution of the sector. Furthermore, the report classifies the industry into various segments based on equipment type, propulsion type, and application.

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A Brief Overview of the Market Dynamics and Industry Evolution

Cargo handling is an overarching term involving a wide range of warehouse activities such as loading and unloading cargo, transporting, storing, picking, sorting, etc. In the past few years, the rise of the e-commerce sector has led to a massive increase in the global trade volume, thus positively impacting the cargo handling equipment market. Additionally, the growing integration of advanced technological solutions in warehousing and logistics machines is expected to create new opportunities in the industry.

However, the high cost of cargo handling equipment and poor logistics infrastructure is anticipated to restrict the industry growth in the forecast period. Nonetheless, the increasing investments by market leaders to automate ports using IoT and AI technologies are estimated to open new avenues of growth in the industry.

Along with the coverage of growth drivers and investment opportunities, the study also emphasizes the performance of the sector in different regions of the world including North America, Asia-Pacific, Europe, and LAMEA. The Asia-Pacific industry is anticipated to have the fastest growth owing to the growing import-export business in the various developing countries of this province.

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Upcoming Trends in the Industry

A major development in the cargo handling equipment industry is the shift toward zero-emissions machinery. For instance, leading ports in the U.S. such as Los Angeles and Long Beach, which handle around 40% of the country's container traffic, have started adopting technologies and equipment that have a minimal negative impact on the environment. At present, battery electric powertrains and hydrogen fuel cell solutions have become the most preferred types for powering cargo handling equipment.

The use of IoT-powered equipment in cargo handling and warehousing equipment has also been one of the leading trends in the landscape. IoT and AI-based solutions help in tracking the cargo's location and monitoring its temperature, relative humidity, and other such parameters in real-time. Furthermore, using predictive analysis techniques, these technologies also aid in identifying the issues that might create hurdles in the smooth functioning of the machinery.

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Key Players Profiled in the Market Report

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).

To conclude, the AMR report on the cargo handling equipment market analyzes the key industry trends and forecasts and throws light on the competitive scenario of the industry using analytical tools such as Porter's five forces. Moreover, it provides actionable data and market intelligence on the strategies adopted by multinational giants to help new entrants in the industry formulate their future plans.

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