Cargo Handling Equipment Market Size, Share, Growth Analysis, By Type(Forklift trucks, portable harbor cranes), By Mode of Propulsion(Diesel and Electric), By Application(Air Load, Rail Cargo) - Industry Forecast 2024-2031

Global Cargo Handling Equipment Market size was valued at USD 10.6 Billion in 2022 and is poised to grow from USD 28.5 Billion in 2023 to USD 48.3 Billion by 2031, at a CAGR of 5.3% during the forecast period (2024-2031).

The market for cargo handling devices has experienced a massive expansion in recent years, driven by the growing need for effective handling of goods across many industries. An increasing number of countries are engaging in international trade, which has led to a need for sophisticated and dependable technology to facilitate logistics operations. Important players in the market are always coming up with new ideas to provide technologically advanced solutions that boost output and cut costs. A vast array of equipment types, including forklifts, cranes, conveyor systems, and automated guided vehicles (AGVs), define the industry. Due to their broad use in warehouses and distribution centres, as well as their versatility, forklifts continue to dominate the market.

To increase productivity and safety, companies are investing in automated crane systems and automated guided vehicles (AGVs), which could lead to a substantial change in cargo handling towards automation and robotics. Due to rapid industrialization and infrastructure development in countries like China and India, the Asia Pacific region is becoming increasingly important in the shipment handling equipment market. Great market stocks are also maintained in North America and Europe, thanks to the existence of established production and logistics sectors.