Port and Material Handling Equipment Vehicle Market: Introduction
According to the report, the global port and material handling equipment vehicle market is projected to reach US$ 9.7 Bn by 2030, expanding at a CAGR of ~5% during the forecast period. Growing number of seaports and size of ships is affecting the port industry, in particular the container port segment. The participation of the private sector in container port operations in particular through public–private partnerships are fueling high competition among the port operators and rising performance levels. This is driving the need for new port handling infrastructure.
Expansion of Port and Material Handling Equipment Vehicle Market
Trade across the globe has grown significantly over the last two decades thereby transforming the global economy. Today, about one-fourth of total global goods produced are exported. eCommerce is a major reason for growing cross-border trade and therefore, contributes to the expansion of the international trade. The value of eCommerce and contactless payments has been accentuated by the current COVID-19 crisis, provoking necessary favourable actions by governments. Furthermore, much of this digital innovation is taking place in developing economies of Asia and Africa. Therefore, these factors are fuelling trade and subsequently, the demand for required material handling or container handling equipment at sea ports.
In terms of equipment type, the upgrade of ports in Asia Pacific and installation of new cranes are estimated to fuel the demand for cranes, electrified rubber-tired gantry cranes, and automated stacking cranes. Based on application, container handling was the dominant segment of the global port and material equipment market. Consistent rise in global trade volumes in 2019 increased the total container throughput of the 50 major cargo ports in the world by 3.5% year-over-year to more than half a billion twenty-foot equivalent units. The container handling segment is estimated to expand at a CAGR of 5.84% during the forecast period.
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The growing competition in the port industry is boosting the need for greater performance levels that extend beyond criteria such as the optimization of operations, cost reduction, time efficiency, and trade promotion. Hence, manufacturers of port handling equipment are using enhanced technologies to produce efficient equipment to stay ahead of the competitors.
Regional Analysis of Port and Material Handling Equipment Vehicle Market
In terms of region, the global port and material handling equipment vehicle market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia is by far the largest seaborne trading region. In 2019, seaports across Asia handled 4.5 billion tons of goods loaded, and 6.9 billion tons of goods unloaded. The other continents recorded much smaller volumes.
In India, for all the 12 major ports, master plans have been finalized. From the port master plans, 92 port capacity expansion projects have been identified for implementation over next 20 years and are expected to add 712 MTPA to the capacities at major ports. Two new major ports are planned to fill the demand gap, which would significantly expand capacity. Furthermore, other countries such as China and those in Southeast Asia are developing plans of expanding current facilities and building new facilities.
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