Port & material handling equipment vehicles are utilized for material handling at maritime ports. These are the tractors, stackers and lift trucks used to carry material from the ship terminals to the warehouse, distributor center in the port.
Increased international freight transport has surged the demand of the port & material handling equipment vehicle. Globalization and rise in trade backed by recovery of economies are driving freight transport and in turn, the sales of port & material handling equipment vehicles. Ports across the globe are undergoing expansion to cater to the increased volume of container handling, which in turn is boosting the sales of port & material handling equipment vehicles. Autonomous & semi-autonomous technologies are being incorporated in tractor trailers to achieve better ergonomics. Caofeidian port in China is a fully autonomous harbor with the entire fleet of trucks and cranes being autonomous. Self-driving tractors and other port & material handling equipment vehicles are being used in Yanshan, Qingdao, and Rotterdam ports. China is leading the trend of employing autonomous vehicles as port & material handling equipment vehicles.
The global port & material handling equipment vehicle market can be segmented based on vehicle type, fuel type, technology type and region. Based on vehicle type, the global port & material handling equipment vehicle market can be classified into reach stackers, lift trucks for laden containers, lift trucks for empty containers, and terminal tractors. The terminal tractors segment held a major share of the global port & material handling equipment vehicle market.
Based on fuel type, the global port & material handling equipment vehicle market can be bifurcated into diesel and electric. The diesel segment accounted for a notable share of the port & material handling equipment vehicle market. The electric segment is estimated to expand at a higher growth rate during the forecast period, as fully electric and hybrid vehicles are being adopted in order to keep container terminals clean and green.
In terms of technology, the global port & material handling equipment vehicle market can be split into conventional, semi-autonomous, and fully-autonomous vehicle. The fully-autonomous vehicle segment is projected to expand significantly during the forecast period, as an increasing number of port terminals are adopting fully-autonomous operations. Autonomous vehicles effectively interact with other vehicles and hence, it is easier to maintain traffic at terminals.
In terms of region, the global port & material handling equipment vehicle market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe leads the global port & handling equipment vehicle market with more than 74% of the good transport to and from Europe is being handled by ports that extensively utilize port & material handling equipment vehicles. North America is a major trade gateway and witnesses major flow of international goods from Asia Pacific and Europe. Sales of port & material handling equipment vehicles have increased in North America. Demand for these vehicles is anticipated to rise at a steady pace during the forecast period.
Key players operating in the global port & material handling equipment vehicle market include Cargotec, Toyota Industries Corporation, Liebherr, Mitsubishi Heavy Industries, Ltd., Terex Corporation, Hyster, ABB, and Savy Group.
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