Global cargo handling equipment market was valued at $28.5 billion in 2021, and is projected to reach $48.3 billion by 2031, growing at a CAGR of 5.3%
PORTLAND, UNITED STATES, UNITED STATES, July 7, 2023/EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Cargo Handling Equipment Market,” The cargo handling equipment market was valued at $28.5 billion in 2021, and is estimated to reach $48.3 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031. Cargo handling equipment is a motorized vehicle which is used for handling cargo or for performing routine maintenance activities at intermodal rail yards and ports.
𝙂𝙚𝙩 𝙞𝙣𝙨𝙞𝙙𝙚 𝙎𝙘𝙤𝙤𝙥 𝙤𝙛 𝙩𝙝𝙚 𝙧𝙚𝙥𝙤𝙧𝙩, 𝙧𝙚𝙦𝙪𝙚𝙨𝙩 𝙛𝙤𝙧 𝙨𝙖𝙢𝙥𝙡𝙚: https://www.alliedmarketresearch.com/request-sample/32197
Increase in public investment in port infrastructure to ensure safe and efficient economic activities is expected to drive the growth of the global cargo handling equipment market. In addition, surge in demand for transportation of liquefied natural gas export by sea is expected to contribute toward the market growth. In addition, many industries depend on ocean shipping to import or export goods globally. Transportation through air freight is expensive compared to water way transport, which is expected to boost the cargo handling equipment market growth during the forecast period.
𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝗶𝘇𝗲 𝗮𝗻𝗱 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁
The global cargo handling equipment market is set to experience remarkable growth over the forecast period, driven by the ever-increasing demand for efficient transportation of goods. This is further boosted by the growing investments in the transportation infrastructure and the rising number of air freight and maritime activities. Cargo handling equipment such as cranes, forklifts, conveyor belts, and other equipment are used to transport goods from one place to another, as well as to store goods in warehouses.
According to the report, the global cargo handling equipment industry is estimated to generate $28.5 billion in 2021 and $48.3 billion by 2031, witnessing a CAGR of 5.3% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
The increasing demand for air freight services is expected to be the major driver of the cargo handling equipment market over the forecast period. This is due to the fact that air freight services provide faster delivery services than other modes of transportation, such as sea and land. Furthermore, the development of new airports, particularly in developing countries, is expected to further boost the demand for cargo handling equipment.
𝙈𝙖𝙠𝙚 𝙖 𝙋𝙪𝙧𝙘𝙝𝙖𝙨𝙚 𝙄𝙣𝙦𝙪𝙞𝙧𝙮: https://www.alliedmarketresearch.com/purchase-enquiry/32197
The growing demand for containerized cargo is also expected to contribute significantly to the growth of the cargo handling equipment market. This is because containerization reduces the overall cost of transportation of goods, as well as improves the efficiency of the process. Additionally, the increasing number of ports and terminals across the globe is also driving the growth of the market, as these ports and terminals require efficient cargo handling equipment in order to function properly.
In addition, the rising use of robotic technology in cargo handling is expected to provide a major boost to the market. This is because robots are capable of performing complex tasks, such as loading and unloading, with greater precision and speed than humans. Furthermore, the development of smart warehouses is expected to create a positive outlook for the cargo handling equipment market, as these warehouses require advanced equipment in order to function efficiently.
𝙏𝙤 𝙋𝙪𝙧𝙘𝙝𝙖𝙨𝙚 𝙩𝙝𝙞𝙨 𝙋𝙧𝙚𝙢𝙞𝙪𝙢 𝙍𝙚𝙥𝙤𝙧𝙩: – https://www.alliedmarketresearch.com/checkout-final/5886f40d5adc2a6cf9b99a71ecddcc7b
𝗔𝗻𝗮𝗹𝘆𝘀𝘁 𝗥𝗲𝘃𝗶𝗲𝘄 –
Overall, the global cargo handling equipment market is expected to experience robust growth over the forecast period, driven by the rising demand for efficient transportation and storage of goods. Furthermore, the increasing investments in transportation infrastructure and the rising use of robotic technology are expected to further accelerate the growth of the market.
Allied Analytics LLP
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