- Expansion of old ports and construction of new ports are expected to present profitable prospects for market players
- Rising distribution centers and warehouses are estimated to drive the demand for terminal tractors in the global port equipment market
WILMINGTON, Del., November 22, 2022 /PRNewswire/ — In 2021, the value of Global Port equipment market stood at US$11.6 billion. The global market is expected to grow at a CAGR of 4.8% during the forecast period, 2022 to 2031. The global port equipment market is expected to flourish owing to the increase in the number of port infrastructure projects in different countries to promote import-export. Trade. Construction of manufacturing and warehousing facilities as well as after-sales services are the major focus areas of major companies in the global port equipment industry.
Port equipment market growth and trend analysis show that major port handling equipment manufacturers are focusing on advanced technologies including electric vehicle technology, automation and sensors to increase their revenue . They make significant investments in the research and development of heavy lifting vehicles and electric vehicles. In order to diversify their revenue sources, manufacturers should take advantage of the additional potential by creating highly advanced terminal tractors. It is estimated that the rising popularity of terminal tractors will drive the growth of the port equipment industry in the coming years.
Market players are focusing on manufacturing battery-operated products and to do so, they rely on technological breakthroughs. Leading industry players are using creative strategies to offer port equipment automation products. Due to their minimal maintenance requirements and higher return on investment (ROI) than diesel vehicles, consumers are more frequently choosing EVs and EVs, including terminal tractors, container carriers, and heavy-duty forklifts. This factor is expected to increase the port equipment market size in the coming years.
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Key Findings of the Market Report
- The increase in import and export trade between developing and developed countries is one of the major factors influencing the need for various types of port equipment. The latest model of port equipment, including container spreaders, terminal tractors, container handlers, stackers and heavy-duty forklifts, helps reduce costs, improve operations and protect Staff. Due to an increase in global maritime trade, the port equipment market share is growing.
- Although more expensive than diesel vehicles, several major seaports are investing heavily in electric machinery. Especially compared to a diesel tractor, an electric terminal tractor offers a quick return on investment with a typical payback period of two years.
- Participants in the global Port Equipment Market stand to benefit greatly from the growing number of new ports boosted by significant government funding.
Global Port Equipment Market: Growth Drivers
- The terminal tractor category accounted for a major share of the global market in 2021. The category is expected to dominate the global market during the forecast period. Terminal tractors are increasingly used in distribution facilities and warehouses around the world. The use of terminal tractors is boosted by an increase in warehouse construction. Both on-road and off-road activities require terminal tractors.
- Green energy provided by renewable fuel sources such as biofuels or hydrogen is a central concern for port and terminal operators. Due to the growing preference of large ports for electric port equipment, the use of terminal tractors, handlers and forklifts is increasing. The use of port equipment is expected to be boosted over the forecast years.
- Market players are focusing on the development of battery operated equipment using advanced technologies. Major industry players are implementing new techniques to offer port equipment automation services.
Global Port Equipment Market: Regional Landscape
- Asia Pacific is expected to account for a significant share of the global port equipment market. The port equipment market in the region is expected to grow owing to rising investment in port infrastructure development activities in India, Japan, Chinaand other countries of South East Asia.
Global port equipment market: main competitors
- BYD Motors Inc.
- Toyota Material Handling
- Greenfield Products, LLC.
- Terberg special vehicles
- Hyster-Yale Group, Inc.
- Cargotec Company
Global port equipment market: segmentation
- Heavy forklifts
- Reach Stackers
- Container handlers
- Terminal tractors
- Container spreaders
- Up to 10 Tons
- 10 to 30 tons
- 30 to 50 tons
- above 50 tons
- Shipping Ports
- Marshaling yards
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