PUBLISHER: The Business Research Company | PRODUCT CODE: 1426243
PUBLISHER: The Business Research Company | PRODUCT CODE: 1426243
Ports serve as crucial maritime facilities situated along coastlines or shores, featuring harbors where ships can dock and transfer cargo or passengers to and from land. Material handling equipment, a category of machinery, facilitates the movement, storage, and control of materials within warehouses or facilities. Within ports, these vehicles aid in material movement and include container cranes, yard tractors, and terminal tractors.
The primary equipment within port and material handling vehicles encompasses tugboats, cranes, ship loaders, reach stackers, mooring systems, automated guided vehicles (AGVs), forklift trucks, container lift trucks, terminal tractors, among others. Tugboats, support vessels equipped with various propulsion systems like diesel, gasoline, electric, or battery-powered engines, assist in the mooring or berthing of ships by tugging or pushing vessels into ports. They find applications in container handling, ship handling, various services, storage management, automated storage handling, bulk material handling, and more, serving diverse roles within port operations.
The port and material handling equipment vehicle market research report is one of a series of new reports from The Business Research Company that provides port and material handling equipment vehicle market statistics, including port and material handling equipment vehicle industry global market size, regional shares, competitors with a port and material handling equipment vehicle market share, detailed port and material handling equipment vehicle market segments, market trends, and opportunities, and any further data you may need to thrive in the port and material handling equipment vehicle industry. This port and material handling equipment vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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%. Historical growth in the industry was driven by several key factors, including the expansion of global trade, the rising prevalence of containerization, the growth of e-commerce and logistics sectors, infrastructure development within ports, an increased focus on safety and ergonomic practices, and the imposition of stringent environmental regulations. These elements collectively contributed to the growth observed in the past period within the port and material handling equipment industry.
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%. Anticipated growth in the upcoming period is linked to several factors including the increased adoption of autonomous vehicles, the expansion of the renewable energy sector, the evolution of smart ports and digital transformations, customized solutions for specific cargo types, and the development of environmentally friendly or green ports.
The escalating growth of the e-commerce industry is projected to significantly bolster the expansion of the port and material handling equipment vehicle market. E-commerce, defined as the electronic buying and selling of goods and services, has witnessed a surge, fueling the demand for port and material handling equipment vehicles. These vehicles play a crucial role in handling materials within ports, warehouses, and distribution centers, and their increased utilization aligns with the rapid growth of online shopping. Notably, in 2021, US e-commerce sales surged to $870 billion, marking a 14.2% increase compared to 2020, as reported by the U.S. Census Bureau. With e-commerce sales accounting for 13.2% of all retail sales in the US, the burgeoning e-commerce sector serves as a driving force behind the port and material handling equipment vehicle market.
The anticipated expansion in global trade is set to propel substantial growth in the port and material handling equipment vehicle market. The continual growth in international trade integration is crucial for various industries and economies worldwide, driving the need for efficient material handling at maritime ports. Port and material handling equipment vehicles facilitate the seamless transportation of goods from ship terminals to warehouses and distribution hubs, playing a pivotal role in global trade. According to the United Nations Conference on Trade and Development (UNCTAD), the first three months of 2023 saw a 1.9% increase in global goods trade, amounting to an additional $100 billion, while global services trade surged by approximately $50 billion, a 2.8% rise compared to the previous quarter. This surge in trade activity signifies the driving force of global trade expansion on the port and material handling equipment vehicle market.
Technological advancements emerge as a prominent trend reshaping the port and material handling equipment vehicle market landscape. Leading companies in this sector are dedicated to developing vehicles equipped with advanced technologies to solidify their market presence. For instance, in May 2022, Camblift, a Swedish material handling equipment manufacturer, introduced its first reach stacker, designed for ports and material handling. This reach stacker not only provides a safe and ergonomic workplace but also boasts enhanced production efficiency, available in both electric and diesel versions, featuring globally compatible green fuel technology.
Major players in the port and material handling equipment vehicle market are prioritizing the introduction of cutting-edge solutions, such as highly efficient and large material handlers customized for port operations, to gain a competitive edge. For instance, Fuchs, a renowned German manufacturer of specialized material handling equipment, launched the F120 MH in October 2023. This machine, with a remarkable 500kW (670hp) output and a 150t (330,700lbs) service weight, represents the largest and heaviest Fuchs machine to date. Developed with a focus on energy efficiency, productivity, safety, and user-friendliness, the F120 MH boasts a height-adjustable cabin system providing a clear view of the working area. Its banana boom and impressive 28-meter reach greatly facilitate the unloading of bulk freighters and barges, showcasing an innovative leap in port handling efficiency.
In October 2021, Federal Signal, a prominent street sweeper vehicle manufacturer headquartered in the US, completed the acquisition of Ground Force, an undisclosed transaction. This strategic move bolsters Federal Signal's range of specialized vehicles catering to maintenance and infrastructure markets. Ground Force, a US-based entity specializing in port and material handling equipment vehicles, aligns seamlessly with Federal Signal's vision to diversify and enhance its portfolio within the sector. This acquisition signifies Federal Signal's commitment to leveraging Ground Force's expertise to further solidify its position and offerings in the specialized vehicles market, specifically in the realm of port and material handling equipment vehicles.
Major companies operating in the port & material handling equipment vehicle market report are 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 .
Asia-Pacific was the highly lucrative region in the port and material handling equipment vehicle market in 2023. The regions covered in the port & material handling equipment vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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.
The port and material handling equipment vehicles consist of sales of material handling equipment vehicles on the port such as industrial trucks and straddle carriers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Port & Material Handling Equipment Vehicle Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on port & material handling equipment vehicle market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for port & material handling equipment vehicle? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The port & material handling equipment vehicle market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.