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Cargo handling gear market said to hit US$89.4 billion in 2024: study
RAPIDLY growing e-commerce along with advancements in logistics is lifting the cargo handling equipment market worldwide, says New York's Goldstein Research.
"Geographically, Asia-Pacific dominates the global cargo handling equipment market with more than 36 per cent share in 2016," said the Goldstein report entitled "Global Cargo Handling Equipment Market Outlook 2024".
More than 90 per cent of goods transported are containerised. Thus, to deal with the huge container traffic advanced cargo handling equipment is needed such as RTG cranes, forklifts and tractors, said its report.
"Marine ports and airports authorities are using rental equipments to ensure greater profitability coupled with implementation of advance technology cargo handling equipments.
"The global cargo handling equipment market accounted for US$62.5 billion in 2015 owing to growing e-commerce business across the world.
"In 2015 global e-commerce business accounted for $1.3 trillion. Global cargo handling equipment market share is projected to reach $89.4 billion by 2024, further; the market is expected to expand at 4.4 per cent from 2016 to 2024," said the report.
Global container port volume reached 700 million TEU in 2015 which is expected to expand with rising e-commerce. Geographically, Asia-Pacific dominates the global cargo handling equipments market with more than 36 per cent share in 2016, it said.
This market report also includes provides competitive outlook ABB Group, Liebherr Group, Kalmar Global, Toyota Industries Corporation, Hyundai Heavy Industries, Seehafen Wismar GmbH, Terex Corporation, JBT Corporation etc.
"Geographically, Asia-Pacific dominates the global cargo handling equipment market with more than 36 per cent share in 2016," said the Goldstein report entitled "Global Cargo Handling Equipment Market Outlook 2024".
More than 90 per cent of goods transported are containerised. Thus, to deal with the huge container traffic advanced cargo handling equipment is needed such as RTG cranes, forklifts and tractors, said its report.
"Marine ports and airports authorities are using rental equipments to ensure greater profitability coupled with implementation of advance technology cargo handling equipments.
"The global cargo handling equipment market accounted for US$62.5 billion in 2015 owing to growing e-commerce business across the world.
"In 2015 global e-commerce business accounted for $1.3 trillion. Global cargo handling equipment market share is projected to reach $89.4 billion by 2024, further; the market is expected to expand at 4.4 per cent from 2016 to 2024," said the report.
Global container port volume reached 700 million TEU in 2015 which is expected to expand with rising e-commerce. Geographically, Asia-Pacific dominates the global cargo handling equipments market with more than 36 per cent share in 2016, it said.
This market report also includes provides competitive outlook ABB Group, Liebherr Group, Kalmar Global, Toyota Industries Corporation, Hyundai Heavy Industries, Seehafen Wismar GmbH, Terex Corporation, JBT Corporation etc.
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