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The global cargo handling equipment market was valued at $28.5 billion in 2021, and is projected to reach $48.3 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031. Cargo handling refers to the overall activities in warehouses and logistics centers, such as loading and unloading cargo, transporting cargo, warehousing, picking, and sorting. The equipment making the cargo handling process efficient and smooth is referred to as cargo handling equipment.
The factors, such as the growing e-commerce industry coupled with the rise in trade-related agreements, fuel the market growth. In addition, the rise of tech-driven cargo handling solutions and the growing adoption of loT-enabled connected cargo handling equipment in turn is expected to drive the growth of cargo handling equipment industry.
However, lack of control of manufacturers on logistics service, poor infrastructure, along with higher costs of purchasing cargo handling equipment hinder the cargo handling equipment market growth.
During the outbreak of the COVID-19 pandemic, the construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing activities were halted or restricted. This led to a decline in the manufacturing of various equipment used for cargo handling equipment as well as their demand in the market, thereby restraining the growth of the cargo handling equipment market. Conversely, industries are gradually resuming their regular manufacturing and services. This is expected to lead to the re-initiation of cargo handling equipment companies at their full-scale capacities, which helped the cargo handling equipment market to recover by end of 2021.
On the contrary, the emergence of last-mile deliveries, logistics automation, and cost-cutting & lead time reduction due to the adoption of cargo handling systems are some of the factors that are anticipated to foster market growth.
The cargo handling equipment market forecast is done on the basis of equipment type, propulsion type, application, and region. By equipment type, the cargo handling equipment market is fragmented into industrial trucks, tow tractors, conveying equipment, stacker, port cranes, and others. By propulsion type, the market is categorized into IC engine and electric. By application, the market is divided into air, road & rails, and marine. By region, the cargo handling equipment market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
In 2021, Asia-Pacific was the highest contributor to the global cargo handling equipment market share and is anticipated to secure a leading position with siginifact cargo handling equipment market size.
On the basis of equipment type, in 2021 the port cranes segment dominated the cargo handling equipment market, in terms of revenue, and the others segment is expected to witness growth at the highest CAGR during the forecast period. As per propulsion type, in 2021, the IC engine segment led the cargo handling equipment market, and the electric segment is expected to exhibit the highest CAGR in the near future. By application, the road & rail segment led the market in 2021, in terms of revenue, and the air segment is anticipated to register the highest CAGR during the forecast period. Region-wise, Asia-Pacific garnered the highest revenue in 2021; and is anticipated to register the highest CAGR during the forecast period.
The cargo handling equipment market outlook is done via major players profiled in the report such as Anhui Heli Co., Ltd., Hyster-Yale Group, Inc., KION Group AG (KION), Konecranes, Liebherr International AG, Mitsubishi Corporation, Macgregor, Sany Heavy Industry Co Ltd (SHI), Toyota Industries Corp (TICO) and Terex Corporation.
Major companies in the market have adopted product launches, partnerships, business expansion, and acquisition as their key developmental strategies to offer better products and services to customers in the cargo handling equipment market.
Key Market Segments
Key Market Players