The Global Cargo Handling Equipment Market is projected to grow at a CAGR of 3.61%, during the forecast period, to reach USD 28.02 billion by 2025 from USD 21.08 billion in 2017. The base year considered for the study is 2017 and the forecast period is 2018–2025. As per the United Nations Conference on Trade And Development (UNCTAD), the global seaborne trade volume touched 10.2 billion tons in 2016. Additinally, the IATA has estimated the growth in global aircargo movement at the CAGR of 4.5% till 2035. The constantly increasing seaborne trade, industrial production, and air cargo is driving the demand for cargo handling equipment globally. Equipment with higher fuel efficiency and lower or zero emissions are in demand to meet the stringent emission norms, which would drive the electric market during the forecast period.
The increase in cargo transportation and need for automation to handle increased cargo volumes is expected to drive the market for cargo handling equipment.
The cargo handling equipment market is projected to grow at a CAGR of 3.61%, during the forecast period, to reach a market size of USD 28.02 billion by 2025 from an estimated USD 21.85 billion in 2018. Increased seaborne trade and increase in trends such as E-commerce are the key drivers for this market. However, the high capital costs of cargo handling equipment and lack of synchronization among different equipment can hinder the growth of the market.
The important factors driving the growth of this market include the demand for passenger cars and commercial vehicles. However, a major restraint for the brake friction products market is the increasing life of brake friction products.
Ongoing new product developments by leading companies for advanced differential systems and components are likely to propel further growth of the automotive differential market during the forecast period.
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The diesel propelled cargo handling equipment segment is expected to hold the largest market share in 2018 due to the efficient power delivery, low fuel costs, and inadequate/insufficient electric infrastructure at small and medium terminals. Also, the stringent emission regulations for NOx, PM, and CO2 by the US EPA and European Union have prompted equipment manufacturers to offer fuel-efficient equipment with lower emissions. Hence, equipment manufacturers are focusing on the development and sale of electric and hybrid equipment.
Increasing seaborne trade and import/export have increased the demand for movement of cargo in the marine ports. Furthermore, the number of small and medium marine ports is increasing in countries such as India, Malaysia and Thailand, which has driven the demand and boosted the growth of marine cargo equipment handling market in Asia Pacific at the highest CAGR during forecast period.
Some of the key cargo handling equipment manufacturers and suppliers include Kalmar (Finland), Konecranes (Finland), Liebherr (Switzerland), JBT corporation (US), Mitsubishi (Japan), Toyota Industries (Japan), Hyster (US), Sany (China), Kion Group (Germany), Anhui Heli (China), Terex corporation (US), and Macgregor (Finland).
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