- Overhead vehicle is a lifting machine or crane that is equipped with chains, ropes, or wires to lift and transport materials. Overhead vehicles are designed to lift heavy weights, and the undercarriage is mounted on a set of rubber tires or crawler track for mobility. The overhead vehicle runs parallel to a set to tracks or the side deck of the ship.
Key Drivers of Overhead Vehicles Market
- Expansion of rail transportation is major driver for the adoption of overhead vehicles. Rail freight transport is a major mode of inland transportation and overhead vehicles are exclusively employed in freight stations built along rail lines.
- Growth in global import-export and increase in maritime freight transport has spurred the usage of overhead vehicles on docks and shipping warehouse facilities. Numerous dockyards over the world are undergoing expansion to support the increased freight volumes. Expansion and infrastructure development of dockyards are projected to boost the overhead vehicles market.
- Expansion and entry of foreign manufacturers and industries in developing regions, such as Middle East & Africa and Latin America, is estimated to fuel the overhead vehicles market in these regions.
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Challenges of Overhead Vehicles Market
- Overhead vehicles are expensive and have high maintenance and repairing cost; hence, end-users prefer to hire the vehicle, which hampers sales of the overhead vehicle.
Asia Pacific held dominant share of global overhead vehicles market
- Asia Pacific held a dominant share of the global overhead vehicles market in 2019. Presence of a large number of industries and shipping docks across ASEAN countries has boosted the demand for overhead vehicles in the region.
- North America and Europe, cumulatively, held a considerable share of the overhead vehicles market during 2019, with U.S., Germany, U.K. and France contributing to the high demand for overhead vehicles in these regions
- The market in Latin America is estimated to expand significantly during the forecast period due to expansion of economies in the region
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Key Players Operating in Overhead Vehicles Market
The global overhead vehicles market is expanding consistently, as a large number of players operate in the market. A few of the key players operating in the global overhead vehicles market are:
- Liebherr Group
- XCMG Group
- Maintowoc Group, Inc.
- Tadano Ltd.
- Sany Group
- Kato-Works Co., Ltd.
- Palfinger AG
- Terex Corporation
