Cargo Handling Equipment Market

Global Cargo Handling Equipment Market Size (2024 to 2029)

The global cargo handling equipment market was worth USD 29.22 billion in 2023. The global market it is anticipated to reach USD 39.83 billion by 2029 from USD 30.77 billion in 2024, growing at a CAGR of 5.3% from 2024 to 2029.

Due to globalization and industrialization, foreign trade in bulk commodities has increased considerably, with transport through containers by air, sea, and road. To load and unload containers at air cargo terminals, seaports, and other logistics stations, container handling equipment is considered a viable option. Besides, container handling equipment, such as trucks, cranes, forklifts, and others, has completed the process of moving goods from one location to another with less complexity. The aspect of container cargo handling on ships and planes becomes critical and requires containers to handle the equipment. With the evolution of technology, cargo handling equipment is also automated and recognized as a significant trend in the cargo handling market.

MARKET DRIVERS 

The growing maritime freight transport, increasing demand for air cargo transport, rising demand for land transportation of goods are propelling the growth of the cargo handling equipment market growth. The growing number of products being transported around the world on a regular basis increased rigor in emissions regulations, and rising automation of load-handling equipment to open doors for technology suppliers are boosting the growth of the global market.

MARKET RESTRAINTS

High investment costs for material handling equipment, accidents related to the use of cargo handling equipment and lack of synchronization between different port facilities are hampering the growth of the cargo handling equipment market.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Cargo Handling Equipment Market Analysis By Equipment

The RTG segment had the largest share of the global cargo handling equipment market in 2023. The market share of the RTG segment is outstanding because of its intensive use in seaports for intermodal transport. It is expected that the sector will grow at a significant growth rate and will likely remain predominant over the forecast period. RTGs are efficiently powered mobile vehicles that offer low operating costs and less noise.

Global Cargo Handling Equipment Market Analysis By Application

The marine applications sector occupied the leading share of the global market in 2023. This is due to the increased trade in goods and materials via the sea and the oceans, with maritime trade being ideal for the mass transport of goods. Besides, the large mass can be easily transported using a handling vehicle. This, in turn, is expected to boost the market for vehicles for cargo handling equipment during the forecast period.

REGIONAL ANALYSIS

The Asia-Pacific region was the largest segment in the global market and captured 41.7% of the global market share in 2023. The supremacy of the Asia-pacific is likely to continue in the global market during the forecast period. The demand for cargo handling equipment in emerging economies like China and India is growing exponentially owing to rapid industrialization and urbanization, which is one of the key factors contributing to the Asia-Pacific market growth. The growing investments and initiatives by the governments of Asia-Pacific countries to expand the manufacturing and logistic sectors is further boosting the growth rate of the regional market. China is currently playing a dominating role in the Asia-Pacific market, followed by Japan, India, and South Korea.

KEY PLAYERS IN THE CARGO HANDLING EQUIPMENT MARKET

Anhui Heli, Emerson Electric, Gantrex, Hangcha Group Co., Mallaghan Engineering, Mitsubishi, Sany, Shanghai Zhenhua, Heavy Industries, Siemens AG, Tec Containers, Teleflex Lionel-Dupont, Terex, Toyota Industries and Tug Technologies are some of the dominating players in the cargo handling equipment market.

DETAILED SEGMENTATION OF THE GLOBAL CARGO HANDLING EQUIPMENT MARKET INCLUDED IN THIS REPORT

This research report on the global cargo handling equipment market has been segmented and sub-segmented into the following categories. 

By Equipment

• Conveyors
• Forklift Truck
• Aviation Dolly
• Pallet Jack
• AVG
• Crane
• RTG
• Loader
• Stacker
• Straddle Carrier
• Terminal Tractor
• Propulsion

By Application

• Air
• Land
• Marine

By Region

• North America
• Europe
• Asia Pacific
• Latin America 
• Middle East and Africa