Global Port & Material Handling Equipment Vehicle Market Projected to Grow at 5.6% CAGR, Reaching $30.38 Billion by 2029

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What Will the Port & Material Handling Equipment Vehicle Industry Market Size Be by 2025?
The size of the port and material handling equipment vehicle market has seen a significant expansion recently. This market is projected to increase from $22.99 billion in 2024 to $24.41 billion in 2025, fuelled by a compound annual growth rate (CAGR) of 6.2%. Factors contributing to this growth during the historic period include the expansion of global trade, a rise in containerization, developments in e-commerce and logistics sector, enhanced port infrastructure, concentrated efforts on workplace safety and ergonomics, and adherence to environmental norms.

What's the Long-Term Growth Forecast for the Port & Material Handling Equipment Vehicle Market Size Through 2029?
Expectations are high for the port & material handling equipment vehicle market, which is projected to see substantial growth in the coming years. By 2029, it is anticipated to reach a value of $30.38 billion, with a compound annual growth rate (CAGR) of 5.6%. This anticipated growth is being attributed to factors such as the increased use of autonomous vehicles, the surge in the renewable energy sector, progression of smart ports and digital transformation, tailoring of equipment for particular cargo types, and the evolution of environmentally-friendly green ports. Key trends for this period are expected to include advancements in containerization technology, the incorporation of the Internet of Things and strong connectivity, automation in the process of material handling, telematics and adept fleet management, improvements in crane technology, and the uptake of artificial intelligence (AI).

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What Are the Key Growth Drivers Fueling the Port & Material Handling Equipment Vehicle Market Expansion?
The augmentation in e-commerce industry is anticipated to spur the development of the port and material handling equipment vehicle market. E-commerce, primarily conducted over the Internet, involves the sale and purchase of goods and services, as well as the transfer of funds and data. Ports and material handling equipment vehicles, which are employed to transport materials within ports, warehouses, or distribution centers, have seen a surge in usage within the field of e-commerce as online shopping has soared. For instance, the US Census Bureau reported in November 2023, that U.S. retail e-commerce sales for the third quarter of 2023, rose to an estimated worth of $271.7 billion, a jump of 0.9% (±0.4%) from the previous quarter. In comparison to the third quarter of 2022, e-commerce sales experienced a 7.8% (±1.2%) growth, while total retail sales saw an increment of 2.0% (±0.4%) during the same timeframe. E-commerce sales accounted for 14.9% of total sales in the third quarter of 2023. Consequently, the expansion of the e-commerce industry has invigorated the port and material handling equipment vehicle market.

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What Are the Key Trends Driving Port & Material Handling Equipment Vehicle Market Growth?
The rise in technological innovations are becoming a notable trend in the port and material handling equipment vehicle industry. Leading entities in the market are concentrating on producing vehicles equipped with cutting-edge technologies to bolster their market standing. For instance, in May 2022, a material handling equipment production company based in Sweden named Camblift introduced its first-ever reach stacker. This port and material handling equipment vehicle provides a secure and ergonomic working environment, boasting improved productivity. Available in both electric and diesel variants, it incorporates green fuel technology on a global scale and can be powered by environment-friendly energy.

How Is the Port & Material Handling Equipment Vehicle Market Segmented?
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, 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 Companies Are Leading the Charge in Port & Material Handling Equipment Vehicle Market Innovation?
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

Which Regions Are Leading the Global Port & Material Handling Equipment Vehicle Market in Revenue?
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.

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