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Cargo Handling Equipment Industry Overview and Share Forecast through 2033
Cargo Handling Equipment Global Market Report 2024
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According to The Business Research Company's, The cargo handling equipment market size has grown strongly in recent years. It will grow from $25.7 billion in 2023 to $27.33 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to increased industrialization, eco-friendly handling equipment, safety and environmental regulations, development of air freight handling equipment, and growth in global shipping routes and ports.
The cargo handling equipment market size is expected to see strong growth in the next few years. It will grow to $35.12 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to shift towards electric cargo handling vehicles, demand for green handling equipment, shifts in consumer preferences, need for enhanced cargo screening and handling security, and focus on reducing operational costs. Major trends in the forecast period include integration of RFID technology, adoption of 3D printing, advancements in hydraulic systems, integration of ai, and blockchain integration.
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Market Drivers and Trends:
The rising import and export activities are expected to propel the growth of the cargo-handling equipment market going forward. Import and export activities refer to the buying (importing) and selling (exporting) of goods and services across international borders. Import and export activities are rising due to global trade, which facilitates the exchange of goods and services between different countries or regions. Cargo handling equipment enhances import and export activities by improving efficiency, ensuring safety, accelerating handling speeds, maximizing capacity utilization, and accommodating diverse cargo types, thereby facilitating smoother international trade operations. For instance, in November 2023, according to the International Trade Administration, a US-based government agency, in 2022, the value of goods and services exported from the US to the UK rose by 21.5% from 2021, reaching $157.1 billion. Therefore, increasing import and export activities are driving the growth of the cargo-handling equipment market.
Major companies operating in the cargo handling equipment market are introducing advanced forklift models to improve efficiency, incorporate advanced automation features, and tackle sustainability issues with electric and hybrid technologies. A forklift refers to a small industrial vehicle with a power-operated pronged platform that can be raised and lowered for insertion under a load to lift or move it. For instance, in May 2023, Toyota Material Handling, a US-based machinery manufacturing company, launched three electric forklift models. Three new electric forklift models include the Side-Entry End Rider for efficient cross-warehouse operations, the versatile Center Rider Stacker that combines three functions in one, and the powerful Industrial Tow Tractor designed for towing heavy loads with ease and efficiency. All three models feature AC drive motors for smooth, quiet operation, adjustable controls for operator comfort, and optional features like cold storage conditioning and PIN code access for enhanced customization and security.
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Major Key Players of the Market:
Siemens AG, ABB Ltd., Komatsu Ltd., Toyota Industries Corporation, HD Hyundai Heavy Industries Co. Ltd., Liebherr-International Deutschland GmbH, KION Group AG, Sany Heavy Industry Co. Ltd., Doosan Industrial Vehicle BG, Jungheinrich AG, Mitsubishi Logisnext Co. Ltd., Wallenius Wilhelmsen Logistics ASA, Shanghai Zhenhua Heavy Industries Company Limited, Crown Equipment Corporation, Cargotec Oyj, Hyster-Yale Materials Handling Inc., Konecranes Oyj, Anhui Heli Co. Ltd., Hangcha Group Co, Manitowoc Company Inc., John Bean Technologies Corporation, Kalmar Corporation, The Taylor Group Inc, CVS ferrari S.P.A.
Cargo Handling Equipment Market 2024 Key Insights:
• The cargo handling equipment market size is expected to see strong growth in the next few years. It will grow to $35.12 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Impact of Rising Import and Export Activities on the Cargo Handling Equipment Market
• Recent Innovations in the Cargo Handling Equipment Market
• Asia-Pacific was the largest region in the cargo handling equipment market in 2023
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