Container Handling Equipment Market

Container Handling Equipment Market – Overview

The global container handling equipment market is anticipated to witness massive growth from 2021 to 2031 (forecast period). With increased globalization and industrialization activities throughout the world, trade volume is likely to rise over the forecast period, necessitating more equipment to manage the containers, thereby boosting the container handling equipment market growth. Worldwide economic growth in past decades has been defined by substantial growth of international trade and an ever-increasing demand for freight transportation. Asia Pacific countries, such as India and China, are anticipated to experience remarkable growth rates as a result of industrialization and globalization, owing to massive manufacturing plants involved in large-scale imports and exports.

Container Handling Equipment Market – Competitive Landscape

Key players operating in the global container handling equipment market are SANY, Cargotec Corp, Liebherr, Konecranes, Hyster-Yale Materials Handling, Inc., and others.

Investment in research & development efforts is a key strategy for market players active in the global container handling equipment market to bolster their position as technology leaders. Moreover, market players ensure that their products are available in various locations throughout the world in order to increase their global footprint. Furthermore, these players are focusing on creating new and advanced products. For instance, Konecranes unveiled a new line of energy-efficient mobile harbor cranes in June 2021. Konecranes Gottwald's mobile harbor crane portfolio has been completely revamped for the first time in 15 years with Generation 6.

Container Handling Equipment Market – Trends and Opportunities

The increased focus on safety for workers on the production floor, the growing requirement for automation in various industries, and the burgeoning e-commerce industry are primary aspects expected to boost the container handling equipment market. Moreover, increased trade activity between countries throughout geographical regions is estimated to increase the transport of commodity goods, thereby fueling demand for container handling equipment.

Container handling equipment is high-powered with a power range of 140 to 550 kW. This equipment is utilized in tough working environments and has an ideal economic life of 10,000 to 20,000 hours or five years; it also requires continual monitoring to reach the desired output. With the implementation of new technologies, there has been a significant shift in the assessment of equipment performance. Issues relating to security and safety have been overcome by raising the level of automation in this equipment, bringing added benefits such as real-time information on engine performance, tire pressure, fuel economy, HVAC, and maintenance and services. This aids in achieving peak performance and is also beneficial in fleet management.

Moreover, despite the fact that the COVID-19 pandemic hindered the production of container handling equipment, numerous firms are still focused on innovations in various new advanced handling systems. Furthermore, the global container handling equipment market is projected to witness growth given the industry's normalcy, government efforts, and numerous collaborations/supply contracts. For example, the Indian shipping ministry announced that it would encourage domestic enterprises to develop container-handling cranes in order to replace yearly imports of such equipment worth INR 1,000 crore from outside the nation.

Container Handling Equipment Market – Regional Landscape

The container handling equipment market in Asia Pacific is projected to expand during the forecast period. The surge in demand for capable and powerful container handling equipment, growing export and import, and the fast growth of the e-commerce sector in the region are the major factors likely to drive the regional market. Moreover, China is a major exporter in the region, with the most ports globally, including Shanghai, the world's largest port. Due to China's low material and labor costs, many foreign corporations manufacture their products in China and then export them to other countries. Such factors are expected to boost the container handling equipment market in Asia Pacific.

The North America container handling equipment market is likely to experience considerable growth due to the region's increased industrialization. Moreover, factors such as rising infrastructure investment by regional governments to upgrade port terminals, increased import and export activity for comfort and leisure items, and a rise in per capita income are projected to promote market expansion.