According to a new report published by Allied Market Research, titled, “Container Handling Equipment Market," The container handling equipment market was valued at $7.5 billion in 2022, and is estimated to reach $11.9 billion by 2032, growing at a CAGR of 4.9% from 2023 to 2032.
The container handling equipment market is estimated to continue to grow at a moderate growth rate due to expansion of global trade, and infrastructure developments of the ports and container freight stations. Advancements in technology, including automation of container handling equipment and introduction of self-propelled modular transporters (SPMTs), are likely to have an impact on the improvement and future of the industry to increase safety and efficiency. While the market offers significant opportunities, it faces challenges, including high capital requirement for the container handling equipment and equipment optimization challenges. The market's growth prospects are closely tied to industry-specific demands, economic stability, and technological advancements.
The container handling equipment market is segmented on the basis of equipment type, propulsion type, lifting capacity, end user, and region. Depending on the equipment type, the market is segregated into straddle carrier, crane, mobile carrier vehicle, and automated equipment. Based on propulsion type, it is classified into IC engine, electric, and hybrid. On the basis of lifting capacity, it is fragmented into less than 50 ton, 50 to 100 ton, and more than 100 ton. Based on end user, it is classified into ports, container freight stations, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA regions.
In addition, the market is highly competitive, with several key players dominating the industry. Prominent manufacturers focus on agreement, collaboration, product launch and acquisition to maintain their market positions. Market leaders include companies such as Cargotec Corporation., Liebherr Group, Sany Group Co., Ltd., Hyster-Yale Materials Handling, Inc., Toyota Industries Corporation, PALFINGER AG, China Communications Construction Company, Ltd., Tadano Ltd., CVS ferrari S.P.A., and Ambergate Invest Sverige AB.
The growth in global trade is boosting the demand for the container handling equipment globally. The trade between countries such as China and U.S. are contributing heavily to the global trade. For instance, in 2022 from January to December U.S. exported $154,012.1 million of goods to China and imported $ 536,307.1 million of goods from China. The global trade helps the countries to fulfill requirements associated with goods which, the nations are not able to produce or manufacture. For the transportation of goods, the containers are required thus creating the market for container handling equipment.
Furthermore, the growth of the ports and container freight stations can help nation to attract new contracts and vessels. The growth and upgrading of ports, terminals, and logistical networks have a direct impact on container operations' efficiency and capacity. Countries can attract larger boats, accommodate higher trade volumes, and improve overall supply chain capabilities by investing in infrastructure. For example, the development of deep-water ports enables the entrance of larger container ships capable of carrying a greater number of containers. With the increase in vessel size, new container handling equipment, such as gantry cranes, straddle carriers, and reach stackers capable of efficiently loading and unloading larger boats, is required. As a result, countries can boost their economies by increasing commercial activity and opening new markets for container handling equipment manufacturers.
On the basis of equipment type, the container handling equipment market is divided into carrier, cranes, mobile carrier vehicles, and automated equipment. Automated equipment segment will create lucrative growth opportunities due to enhance productivity, reduce labor costs, minimize errors, and improve safety in container handling operations. Automated equipment can navigate autonomously and helps to stack containers in high stacks, optimizing storage space and reducing the need for manual intervention. This increases the efficiency and speed of container handling operations at ports and terminals.
KEY FINDINGS OF THE STUDY
- By Equipment type, the automated equipment segment is anticipated to exhibit significant growth in the container handling equipment market in the near future.
- By Propulsion type, the electric segment is anticipated to exhibit significant growth in the market in the near future.
- By Lifting capacity, the more than 100 ton segment is anticipated to exhibit significant growth in the market in the near future.
- By End user, the ports segment is anticipated to exhibit significant growth in the market in the near future.
- By Region, North America is anticipated to register the highest CAGR during the forecast period.
Key players covered in the container handling equipment market report include Cargotec Corporation., Liebherr Group, Sany Group Co., Ltd., Hyster-Yale Materials Handling, Inc., Toyota Industries Corporation, PALFINGER AG, China Communications Construction Company, Ltd., Tadano Ltd., CVS ferrari S.P.A., Ambergate Invest Sverige AB.