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Port & Material Handling Equipment Vehicle Market Size, Share, Growth Analysis, Business Insights And Forecast To 2033
Port & Material Handling Equipment Vehicle Market Size
According to The Business Research Company's, The port & material handling equipment vehicle market size has grown strongly in recent years. It will grow from $21.62 billion in 2023 to $22.99 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to global trade expansion, increasing containerization, growth in e-commerce and logistics, infrastructure development in ports, focus on safety and ergonomics, environmental regulations..
The port & material handling equipment vehicle market size is expected to see strongly grown in the next few years. It will grow to $28.56 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to adoption of autonomous vehicles, growth in renewable energy sector, smart ports and digital transformation, customization for specific cargo types, development of green ports.. Major trends in the forecast period include innovations in containerization technology, integration of iot and connectivity, automation in material handling, telematics and fleet management, innovations in crane technology, adoption of artificial intelligence (ai)..
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Market Drivers and Trends:
The growth in the e-commerce industry is expected to boost the growth of the port and material handling equipment vehicle market going forward. Electronic commerce (e-commerce) is the buying and selling of goods and services over an electronic network, primarily the internet, or the transmission of funds and data. Port and material handling equipment vehicles are used to move materials within a port or other facility, such as a warehouse or distribution center. There has been an increased use of port and material handling equipment vehicles in e-commerce in recent years due to the rapid growth of online shopping. For instance, in February 2022, according to Quarterly Retail E-Commerce Sales 4th Quarter 2021 report by the U.S. Census Bureau, a US-based government agency, in 2021, e-commerce sales reached $870 billion in the US, which was a 14.2% increase compared to 2020. Furthermore, of all retail sales in the US, e-commerce represented 13.2% in 2021. Therefore, the growing e-commerce industry drives the port and material handling equipment vehicle market.
Technological advancements are a key trend in gaining popularity in the port and material handling equipment vehicle market. Major companies operating in the port and material handling equipment vehicle market are focused on developing vehicles with advanced technologies to strengthen their position in the market. For instance, in May 2022, Camblift, a Sweden-based material handling equipment manufacturer launched its first reach stacker, a port and material handling equipment vehicle. The reach stacker offered a safe and ergonomic workplace with higher efficiency in production and it is available in both electric and diesel versions, with green fuel technology globally. It has the ability to be driven by clean energy.
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Major Key Players of the Market:
Asea Brown Boveri Ltd; American Crane & Equipment Corporation; Anhui Heli Co Ltd.; Cavotec SA; CVS Ferrari SPA; Hyster-Yale Materials Handling Inc.; Cargotec Corporation; Konecranes Oyj; Liebherr Group; Shanghai Zhenhua Heavy Industries Co Ltd; SANY Group; TIL limited; Timars Svets & Smide Ab; FAMUR FAMAK SA; McNally Bharat Engineering Company Ltd.; Kalmar Global; Terberg Terberg Special Vehicles; Seacom; Forkliftcenter; Mantsinen; Toyota Industries Corporation; Hyundai Heavy Industries Co. Ltd.; Manitou Group; Komatsu Ltd.; J.C. Bamford Excavators Limited.; Doosan Corporation; Volvo Construction Equipment; Caterpillar Inc.; Hitachi Construction Machinery Co. Ltd.; TTS Group
Port & Material Handling Equipment Vehicle Market 2024 Key Insights:
• The port & material handling equipment vehicle market size will grow to $28.56 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
• E-Commerce Boom Fuels Demand For Port And Material Handling Equipment Vehicles In Market Expansion
• Companies Introducing Innovative Solutions With Advanced Technologies For Enhanced Efficiency In Port And Material Handling
• Asia-Pacific was the highly lucrative region in the port and material handling equipment vehicle market in 2023
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