Port & Material Handling Equipment Vehicle Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Equipment Type (Forklift Trucks, Cranes, Conveyor Systems, AGVs, Straddle Carriers, Tugger Trains, Reach Stackers, Bulk Handling Equipment, Crane Trucks, and Others), By End-Use Industry (Ports & Terminals, Warehousing & Distribution, Manufacturing, Construction, Mining, Agriculture, Automotive, Food & Beverage, Retail & E-Commerce, and Others), By Application (Container Handling, Bulk Material Handling, Heavy Equipment Transportation, Order Picking & Sorting, Assembly Line Material Handling, Sorting & Packaging, Palletizing, Storage & Retrieval, and Others), By Ownership Type (Rental/Leasing, Purchase), and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The global port & material handling equipment vehicle market was valued at USD 21,045.3 Million in 2022 and is anticipated to reach a value of USD 31,518.6 Million by 2030 expanding at a CAGR of 5.3% between 2023 and 2030.

A vehicle used for the handling, moving, and transportation of products and materials inside port facilities, warehouses, and industrial settings is known as a port and material handling equipment vehicle. The global market for port & material handling equipment vehicle refers to the worldwide manufacturing and sales of these vehicles. These vehicles are designed for the swift and efficient movement of heavy goods, bulk materials and large containers. Some of the vehicles of this category are forklift truck, cranes, conveyor systems, straddle carriers and others. The forklift truck is usually deployed to manage the goods in ports and warehouses. Port cranes are essential for uplifting and loading big freight, such as containers, on and off the ships and trucks. Conveyor belts, on the other hand, is employed in factories, distribution centers and others continuous automated movement of items. Straddle carriers are used to stack and transport shipping containers on the port.

Port & Material Handling Equipment Vehicle Market Major Driving Forces

Worldwide Growth in Trade & Commerce: With the growth in international trade due to globalization, there is a huge demand to manage the goods at the ports. Thus, globalization is one of the most prominent driver for this market

Growth in E-Commerce: Due to growth in online shopping, there has been a rise in the requirement for distribution centers and warehouses which eventually generates the demand for port & material handling equipment vehicles.

Infrastructure Development: The global expansion of ports, terminals, and transportation infrastructure created a demand to handle material in order to improve the capacity and efficiency and thus it requires port & material handling equipment vehicle for the management.

Automation & Industry 4.0: With the development of automation, the latest technology can be used in streamlining the industrial process even more. In this, automated cranes and conveyor belts becomes more important.

Port & Material Handling Equipment Vehicle Market Key Opportunities

Green and Sustainable Solutions: There is a big chance for the development and uptake of environmentally friendly, electric, and alternative fuel-powered material handling equipment as environmental concerns continue to rise.

Growth of E-commerce and Warehousing: Large-scale distribution centers now require more effective material handling equipment due to the growth of e-commerce. Businesses offering robotics and automation solutions that can manage the large number of online orders have opportunities.

Global Trade Growth: Global trade growth at an unprecedented rate has pushed the businesses to invest in and adopt port & material handling equipment vehicle.

Port & Material Handling Equipment Vehicle Market Key Trends

·         Adoption of automation in these vehicles has led to improvement in efficiency and reduced labor cost.

·         Sensors and data analytics tools are installed in vehicles and equipment to track performance, plan maintenance, and streamline operations.

·         The need for effective material handling solutions is being driven by the ongoing expansion of e-commerce. To meet the demands of faster delivery times and an increasing volume of online orders, businesses are investing in sophisticated warehouse automation systems.

·         Companies are looking for methods to cut expenses and increase productivity. As a result, more effective and adaptable material handling equipment has   been created.

·         Port & material handling equipment vehicle can lead the way develop more resilient adaptable supply chain.

Region-wise Market Insights

Asia Pacific accounted for the largest market share at 31.9% in 2022 moreover, Asia Pacific is also expected to register the fastest growth, expanding at a CAGR of 5.7% between 2023 and 2030.

In Asia- Pacific region, the rapid industrialization, booming manufacturing sector and massive import and export activities particularly in countries such as China and India has created a big market for port & material handling equipment vehicles. Whereas, in North America, especially the United States and Canada has a robust port infrastructure and one of the world’s best logistics sector. Also, there is a very feasible environment for adoption of latest technologies in this region. Hence, port & material handling equipment vehicles are getting a lot of traction in the United States of America. Due to ever expanding globalization, the trade and commerce is only going to increase at an unprecedented rate in this area, thereby further pushing the need for port & material handling equipment vehicles. In Europe, major players in the international shipping and logistics sector include the United Kingdom, Germany, and the Netherlands, which generates a sizable market for port and material handling equipment.

Market Competition Landscape

Many well-known and up-and-coming companies that provide a variety of tools and solutions for material handling in ports, warehouses, and industrial settings define the competitive landscape within the global port and material handling equipment vehicle market. Technological developments, product innovation, operational effectiveness, and the capacity to satisfy the expanding demands of international trade and logistics are some of the key factors propelling competition in this market. Prominent players in the market include:

·         Caterpillar Inc.

·         Konecranes

·         Toyota Industries Corporation

·         Hyster-Yale Group

·         Kalmar

·         Liebherr Group

·         Jungheinrich

·         SSI SCHAEFER

·         Terex Corporation

·         Doosan Corporation

·         JCB

·         Hyster-Yale Group

·         Gaussin SA

·         TVH Group

·         TGW Group

Caterpillar Inc. is a global player that is known to manufacture construction and material handling equipment such as forklifts, containers handlers and others. Konecranes is a crane and lifting equipment manufacturer that services a range of industries, including ports, terminals, and manufacturing facilities. Toyota produces a broad variety of material handling machinery, such as tow tractors, automated guided vehicles (AGVs), and forklifts.