The cargo handling equipment is mostly used for the loading and discharging operations of various cargo. This includes belt conveyors, elevators and cargo cranes, along with cargo pumping systems. Different types of cargo equipment depend upon the different applications they are used for. The Cargo Handling Equipment Market was estimated to stand at a global market rate of $22.6084 billion at the beginning of 2020. The market was estimated with a forecast period of 2021 to 2028. Various healthy and substantial developments are estimated for the market in its forecast period.
With a constant and healthy CAGR of 3.04% in its forecast period, the market is again predicted to stand at $27.4474 billion towards the end of its forecast period. There has been an enhanced increase in the demand for cargo equipment due to the increased seaborne trade. Industrial production is demanding more fuel efficiency and zero emission norms that do not affect the environment in any way. There have been many factors in the market dynamics that have driven the growth and development of the Cargo Handling Equipment Market. There has been a constant increase in export and import operations via the sea link in many countries. The depletion of the fuels and the carbon emissions linked with the usage of other transport sources has contributed vitally towards driving the market dynamics. There are many organizations that have been using fragile materials via productive conveyance, which has made it possible for tramp delivery. There has been a growing interest in the marine business, which accelerates the improvement of hardware and cutting-the-edge cargo activities.
Factors like such have boosted the growth and development of the industry. However, there also have been factors that have restricted the market growth. The equipment involved in the cargo handling process is pretty expensive. The supply chain of the market was badly hampered by the restrictions imposed by the government due to the global pandemic. The rate of the supplies increased as a result of which there was an expensive freight deal when it came to the manufacturers.
Despite all the restraining factors, the Cargo Handling Equipment Market was predicted to have healthy and substantial growth in its forecast period.
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The Cargo Handling Equipment Market is majorly segmented into its type, application and mode of propulsion.
By its type, the market is segmented into stacking cranes, forklift trucks and transport frameworks. By application, the divisions of the market are land cargo, rail cargo and marine cargo. The market is again divided into electric and diesel based on their mode of propulsion.
Asia-Pacific, North America and Australia are the major areas dominated by the Cargo Handling Equipment Market.
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Key Market Players:
Terex Corporation (U.S.), Hyster (U.S.), Konecranes (Finland), Liebherr (Switzerland), Mitsubishi (Japan), Toyota Industries (Japan), Sany (China), Kion Group (Germany), Anhui Heli (China), Macgregor (Finland), JBT Corporation (U.S.), Kalmar (Finland)
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