Global Port & Material Handling Equipment Vehicle Market to Reach $30.38 Billion by 2029, Growing at 5.6% CAGR

What Is the Expected Size and Growth Rate of the Port & Material Handling Equipment Vehicle Market?
The market size of port & material handling equipment vehicles has seen significant growth recently. It is predicted to increase from $22.99 billion in 2024 to $24.41 billion in 2025, showing a compound annual growth rate (CAGR) of 6.2%. The growth during the historic period is a result of expanding global trade, increased containerization, rising e-commerce and logistics, port infrastructure development, emphasis on safety and ergonomics, and environmental regulations.

The market for port and material handling equipment vehicles is expected to witness significant expansion in the coming years, with a projection to reach a value of $30.38 billion in 2029, reflecting a compound annual growth rate (CAGR) of 5.6%. The anticipated advancement during this forecast period is linked with the adoption of autonomous vehicles, expansion in the renewable energy sector, emergence of smart ports and digital transformation, customization for specific cargo types, and the development of green ports. Key trends expected to shape the forecast period are advances in containerization technology, incorporation of IoT and connectivity, automation of material handling, telematics and fleet management, technological advancements in crane operations, and the embrace of Artificial Intelligence (AI).

What Factors Are Fueling Growth in the Port & Material Handling Equipment Vehicle Market?
The expected expansion of the e-commerce sector will likely propel the growth of the port and material handling equipment vehicle market. Online retailing, or e-commerce, encompasses transactions of products and services over a digital network, predominantly the internet, also includes the transmission of money and information. Port and material handling equipment vehicles are typically employed for the relocation of goods within facilities such as ports, warehouses, or distribution centers. The increasing usage of these vehicles in e-commerce operations in the past few years is attributed to the surge in online shopping. For example, as per data from the US Census Bureau, a department of the US-based Department of Commerce, in the third quarter of 2023, the retail e-commerce sales in the U.S. approximated at $271.7 billion, showing a rise of 0.9% (±0.4%) from the previous quarter. E-commerce sales reflected a growth of 7.8% (±1.2%) compared to the same quarter in 2022, whereas the overall retail sales showed an increment of 2.0% (±0.4%) in the same duration. In the third quarter of 2023, e-commerce sales made up 14.9% of the overall sales. Therefore, the burgeoning e-commerce sector underpins the growth of the port and material handling equipment vehicle market.

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Which Leading Companies Are Shaping the Growth of the Port & Material Handling Equipment Vehicle Market?
Major companies operating in the port & material handling equipment vehicle market include 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

What Are the Major Trends Shaping the Port & Material Handling Equipment Vehicle Market?
Key technological advancements are becoming a prevalent trend in the port and material handling equipment vehicle industry. Major players in this market are concentrating on the creation of technologically advanced vehicles to enhance their market standing. For instance, in May 2022, Camblift, a material handling equipment manufacturer based in Sweden, launched its first reach stacker, a type of port and material handling equipment vehicle. This vehicle provides a secure and ergonomic work environment with increased productivity and is sold worldwide in both electric and diesel versions, featuring green fuel technology. Moreover, it can be operated using clean energy.

What Are the Key Segments of the Port & Material Handling Equipment Vehicle Market?
The port & material handling equipment vehicle market covered in this report is segmented -

1) By Equipment Type: Tug Boats, Cranes, Shiploaders, Reach Stackers, Mooring Systems, Automated Guided Vehicles (AGVs), Forklift Trucks, Container Lift Trucks, Terminal Tractors, Other Equipment By Propulsion: Diesel, Gasoline, Electric/Battery, Other Propulsion
2) By Demand: New Demand, MRO(Maintenance, Repair, And Overhaul Or Services)
3) By Application: Container Handling, Ship Handling, Services, Storage Handling, Automated Storage Handling, Bulk Material Handling, Other Application

Subsegments:
1) By Tug Boats: Harbor Tug Boats, Ocean-going Tug Boats, escort* Tug Boats
2) By Cranes: Mobile Cranes, Gantry Cranes, Ship-to-shore (STS) Cranes, Floating Cranes
3) By Shiploaders: Rail-mounted Shiploaders, Wheel-mounted Shiploaders
4) By Reach Stackers: Container Reach Stackers, Industrial Reach Stackers
5) By Mooring Systems: Conventional Buoy Mooring (CBM) Systems, Single Point Mooring (SPM) Systems
6) By Automated Guided Vehicles (AGVs): Container AGVs, Bulk Cargo AGVs, Hybrid AGVs

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Which Region Dominates the Port & Material Handling Equipment Vehicle Market?
The countries covered in the port & material handling equipment vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

What Is Covered In The Port & Material Handling Equipment Vehicle Global Market Report?

- Market Size Analysis: Analyze the Port & Material Handling Equipment Vehicle Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Port & Material Handling Equipment Vehicle Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Port & Material Handling Equipment Vehicle Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Port & Material Handling Equipment Vehicle Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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