Container Handling Equipment Market Size, Industry Share, Rising Trends, Growth Strategy, Business Opportunities and Competitive Analysis 2032: SPER Market Research
The equipment used to move cargo from one location to another is referred to as freight handling equipment or cargo handling equipment. These pieces of equipment offer security, safety, reduced time and expense, increased handling velocity, and versatility. Diesel, electricity, or a mix of the two can power this gadget. Ships were the only means of goods transportation in the past. Later on, it expanded to include train, trucks, and other logistical means of transportation. They come in a variety of shapes and sizes, including pallet jacks, aviation dollies, loaders, conveyor systems, cranes, automated guided vehicles, reach stackers, straddle carriers, automated guided vehicles, cranes, and forklift trucks. In container ships, cargo handling equipment is utilized to move cargo and passengers.
According to SPER market research, ‘Cargo Handling Equipment Market Size- By Product, By Equipment Type, By Propulsion, Cargo Type, By Application, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state that the Global Cargo Handling Equipment Market is predicted to reach 33.19 billion by 2032 with a CAGR of 3.27%.
The market is expanding due to reasons like the expanding e-commerce sector and the increase in trade-related agreements. Furthermore, the industry for cargo handling equipment is predicted to increase as a result of the emergence of tech-driven cargo handling solutions and the expanding use of loT-enabled connected cargo handling equipment. Moreover, growing international trade in goods and services as well as a robust logistics sector are driving forces behind the cargo handling equipment market. The two most popular kinds of trailers are forklifts and tractors. Since diesel powers much of the equipment, worries regarding fuel reliance and pollution are raised. Diesel is a common form of transportation despite its carbon monoxide emissions. The elements driving the market’s demand are the rise in air freight, industrial production, and seaborne trade.
The cargo handling equipment market is expected to increase, but there are some obstacles in the way. The large initial outlay and ongoing maintenance costs involved in purchasing and using cargo-handling equipment are one of the key obstacles. This can be a major obstacle for start-ups or small enterprises with tight budgets. Furthermore, the market must adhere to strict laws and rules, especially those pertaining to environmental and safety norms. For market players, meeting these regulations may present difficulties and raise expenses. Additionally, the growth and stability of the market may be impacted by potential disruptions in global supply chains, such as natural catastrophes or geopolitical issues.
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The COVID-19 pandemic had the greatest effects on the manufacturing, tourism, lodging, and construction sectors. Either all production was discontinued, or it was drastically reduced. As a result, the market’s need for different types of cargo handling equipment goods declined, which in turn constrained the market’s growth. However, industries are gradually getting back to producing and providing services as usual. By the end of 2021, cargo handling equipment companies should be able to resume operations at full capacity as a result of this, contributing to the market’s recovery.
Cargo Handling Equipment Market Key Players:
Geographically, North America leads the market for cargo handling equipment due to the region’s significant import and export growth as well as the rising need for robust and skilled equipment for handling containers. Significant participants in the market also include ABB (US), Anhui Heli (China), CARGOTEC CORPORATION (Finland), Gantrex (Belgium), Hangcha Forklift (China), Hoist Material Handling, and other well-known companies.
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Container Handling Equipment Market Outlook
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