The global port and material handling equipment vehicle market is expected to reach a valuation of nearly US$ 10 billion by 2031, registering a CAGR of approximately 5% throughout the forecast period, concluded an ESOMAR-certified and award winning consulting global market research firm in its recently published report. Growth is largely influenced by overall increase in global trade and transportation activities.
According to a latest market intelligence report, rapid port infrastructure development across key countries such as China, India, Singapore, and South Korea is enhancing uptake, especially across the container management segment. As per UNCTAD’s 2020 e-handbook of statistics, developing economies in Asia and Oceania handled 62% of world port container traffic. Also, world container port throughout rose by 2% from 2018 to 2019.
Furthermore, planned future infrastructure expansion projects will provide significant momentum to the market. For instance, the Indian government has earmarked US$ 82 billion for the ongoing Sagarmala Project at the March 2021 Maritime India Summit, which will see enhanced port infrastructure development, thus generating demand. Likewise, several planned port infrastructure projects under China’s Belt and Road Initiative (BRI) are also expected to stimulate demand for port and material handling equipment vehicles over the coming years.
Key Takeaways from Market Study
• 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 a Senior Research Analyst.
Prominent manufacturers are majorly emphasizing on introducing new products equipped with the latest technology and innovations. Moreover, capacity expansion, strategic mergers & acquisitions, and partnerships are also relied upon by key players.
• In 2019, CVS Ferrari S.p.A partnered with ITS Conglobal, North America’s largest integrated intermodal service provider, to supply its range of stackers as the backbone of the latter’s equipment fleet to execute their terminal operating contract at the Canadian National Railroad facility serving the Detroit metropolitan area.
• In May 2019, Konecranes launched the Agilon® materials management robot which brings about greater speed, flexibility and efficiency to warehouses due to its ability to move diagonally as well as horizontally and vertically. This means accelerated transfers of items at customer sites, a more comprehensive reach in terms of warehouse size and greater efficiency and insight for customers.https://www.factmr.com/report/port-and-material-handling-equipment-vehicle-market