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Port Material Handling Equipment Vehicle Market to Surpass US$ 12.17 Billion by 2033

The post Port Material Handling Equipment Vehicle Market to Surpass US$ 12.17 Billion by 2033 appeared first on Newstrail.com authored by Fact.MR

The global port material Handling Equipment Vehicles market, according to Fact.MR, grew to a value of US$ 6.97 billion in 2022, with a CAGR of 5.4% between 2018 and 2022. By the end of 2033, the industry is anticipated to grow at a CAGR of 5.2% and reach US$12.17 billion.

The increased availability of domestic and foreign Material Handling equipment vehicles is a sign of the logistics and transportation sector’s significant growth. The effective management of several essential services, such as distribution and warehousing, is facilitating the rise in demand for port material handling equipment trucks.

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Furthermore, future infrastructure expansion projects are expected to provide significant market momentum. For example, at the March 2021 Maritime India Summit, the Indian government allocated US$ 82 billion for the ongoing Sagarmala Project, which will see improved port infrastructure development, generating demand. Similarly, several planned port infrastructure projects as part of China’s Belt and Road Initiative (BRI) are expected to boost demand for port and material handling equipment vehicles in the coming years.

Market Players

  • American Crane & Equipment Corporation
  • Shanghai Zhenhua Heavy Industries (ZPMC)
  • ABB Group
  • CVS Ferrari S.p.A.
  • Anhui Heli
  • FAMUR FAMAK S.A.
  • Cavotec
  • Hyster Forklift Company
  • Liebherr
  • Kalmar Global
  • Konecranes
  • McNally Bharat Engineering Limited
  • Loking Holdings Limited
  • SANY Group
  • TIL Limited
  • TTS
  • Timars Svets & Smide AB

New developments, strengthening the supply chain management system, maintaining product standards, etc., are some noteworthy initiatives taken by market players.

Market players are investing in footprint expansion, mergers & collaborations, etc., to gain a competitive edge.

For instance :

  • ABB Group announced its investment of CHF 40 million (US$ 45 million) in December 2020 for the expansion of its R&D activities and an office area for the motion and industrial automation business in Aragu, Switzerland.

Vital indicators shaping the future of the industry

  • Automated Stacking Cranes (ASCs) to remain most preferred equipment due to their significant capital cost reduction.
  • By application, container handling emerged as the dominant segment, expected to retain its position through 2031.
  • Demand for electric- / battery-propelled vehicles to aggrandize over coming years.
  • New demand is likely to attract significant investments towards port and material handling equipment vehicles.
  • China and India to present heavy investment opportunities amid extensive port and maritime infrastructure spending.
  • Robust presence of regional manufacturers heightening growth prospects in the U.S.

Prominent end users are seeking autonomous and smart equipment handling solutions with a view to streamline management operations. This is prompting key port and material handling equipment vehicle manufacturers to introduce digitized management solutions,” remarks the Fact.MR analyst.

Market Structure

Equipment

  • Cranes
    • Rubber-tired Gantry (RTG) Cranes
    • Electrified Rubber-tired Gantry (E-RTG) Cranes
    • Ship-to-share Cranes
    • Yard Cranes
    • Rail-mounted Gantry (RMG) Cranes
    • Automated Stacking Cranes
  • Ship Loaders
  • Reach Stackers
  • Mooring Systems
  • Automated Guided Vehicles
  • Forklift Trucks
  • Container Lift Trucks
  • Terminal Tractors
    • Straddle Carriers
    • Others

Application

  • Container Handling
  • Ship Handling
  • Services
  • Storage Handling
  • Automated Storage Handling
  • Bulk Material Handling
  • Others

Propulsion

  • Diesel Port and Material Handling Equipment Vehicles
  • Gasoline Port and Material Handling Equipment Vehicles
  • Electric- / Battery-powered Port and Material Handling Equipment Vehicles
  • Hybrid Port and Material Handling Equipment Vehicles
  • Others

Demand

  • Port and Material Handling Equipment Vehicles for New Demand
  • Port and Material Handling Equipment Vehicles for MRO & Services

Region

  • North America (US and Canada)
  • Europe (Germany, UK, France, Italy, Spain and Rest of Europe)
  • Asia Pacific (China, India, Japan, ASEAN and Rest of Asia-Pacific)
  • Middle East & Africa (GCC, South Africa and Rest of MEA)
  • Latin America (Brazil, Mexico and Rest of Latin America)

Companies are adopting electric equipment instead of diesel equipment to achieve carbon neutrality, though electric-based vehicles are comparatively costly. However, increasing concerns about carbon emissions are predicted to stimulate the adoption of electric-based port material handling equipment vehicles.

Predominant Questions Answered in This Report Are:

  1. Which segments will perform well in the products and services market over the forecasted years?
  2. In which markets companies should authorize their presence.
  3. What are the forecasted growth rates for the products and services market?
  4. What are the long-lasting defects of the industry?
  5. How share market changes their values by different manufacturing brands?
  6. What are the qualities and shortcomings of the key players?
  7. What are the major end results and effects of the five strengths study of industry?

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This post first appeared on Newstrail.com, please read the originial post: here

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Port Material Handling Equipment Vehicle Market to Surpass US$ 12.17 Billion by 2033

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