Cargo handling Equipment Vehicle are mechanical Equipment Vehicle that are used for material handling at ports, in industries and production plants. They are used to transport goods and material from one location to another. Cargo handling Equipment Vehicle varies according to cargo type. Cargo handling Equipment Vehicle are employed widely in marines and railways for the transportation of heavy goods, containers, and components. Cargo handling Equipment Vehicle generally comprises cranes, container handlers, yard tractors, forklifts, and bulk handling Equipment Vehicle, which includes tractors, excavators, loaders, backhoes, and dozers.
Rapid transition and transformation of numerous industry and surging trade policies among countries have raised the demand for cargo handling Equipment Vehicle. Development and expansion of the auto industry and rising automation in order to fulfill the demand for freight service are major factors that are likely to boost the cargo handling Equipment Vehicle market during the forecast period. Increase in trade regulations by governments and considerable import and export and e-commerce among countries on a global scale are prime factors that are expected to drive the cargo handling Equipment Vehicle market during the forecast period. However, higher initial investments and maintenance cost of cargo handling Equipment Vehicle are projected to hamper the market during the forecast period.
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The global cargo handling Equipment Vehicle market can be segmented based on propulsion, type, application, and region. Based on propulsion, the cargo handling Equipment Vehicle market can be classified into diesel, electric, and hybrid. In terms of propulsion, the diesel segment accounts for a prominent share of the market. However, electric is a highly lucrative segment of the market owing to increase in emission norms and regulations.
In terms of type, the cargo handling Equipment Vehicle market can be bifurcated into RTG, forklift trucks, conveyor, automated guided vehicle, loader, crane, and others. The RTG segment holds a major share of the market owing to extensive usage on sea ports for intermodal operation. The segment is anticipated to expand at a significant growth rate and is likely to remain prominent during the forecast period. RTG are efficient mobile Equipment Vehicle that offer low operating cost and lower noise.
Based on application, the cargo handling Equipment Vehicle market can be segregated into automotive, marine, and others. The marine application segment leads the cargo handling Equipment Vehicle market. This is due to rising trade of goods and material via the sea and oceans, as sea trade is ideal for bulk transportation of goods. Furthermore, large mass can be easily transported by utilizing cargo handling Equipment Vehicle. This, in turn, is expected to boost the cargo handling Equipment Vehicle market during the forecast period.
In terms of geography, the cargo handling Equipment Vehicle market can be segmented into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Asia Pacific holds a prominent share of the global cargo handling Equipment Vehicle market. This is due to the surge in trade and e-commerce in the region. China is a leading exporter of component and goods. This, in turn, is projected to boost the cargo handling Equipment Vehicle market in the country. Furthermore, rising industrialization and development in the region is a key factor that is projected to propel the cargo handling Equipment Vehicle market during the forecast period.
Key players operating in the global cargo handling Equipment Vehicle market include Konecranes, KALMAR, Martin Bencher, Liebherr, TOYOTA INDUSTRIES CORPORATION., Mitsubishi Heavy Industries, Ltd., Wärtsilä, Kion Group AG, JBT, Shanghai Zhenhua Heavy Industries Co.,Ltd., Cargotec, Terex Corporation., ABB, HYSTER, and SANY GROUP.
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