Rubber Tired Gantry Crane Market grow at a CAGR of 3.94%
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global rubber-tired gantry crane market size at USD 2.57 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global rubber-tired gantry crane market size to grow at a CAGR of 3.94% reaching a value of USD 3.24 billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global rubber-tired gantry crane market size at USD 2.57 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global rubber-tired gantry crane market size to grow at a CAGR of 3.94% reaching a value of USD 3.24 billion by 2029. Major growth drivers for the global rubber-tired gantry crane market include the rising expansion of seaborne trade. The crucial role played by seaborne trade in the global economic landscape continues to be a driving force behind the surging demand for rubber tire gantry cranes. This surge is further propelled by the upswing in industrialization and the economic liberalization efforts undertaken by major economies, China and India. These endeavors have stoked the demand for crucial commodities such as iron ore and coal, thereby magnifying the imperative for these cranes. The escalating exchange of goods and materials, the burgeoning e-commerce sector, and the rising popularity of advanced manufacturing techniques like three-dimensional printing are expected drive the growth of the global rubber tire gantry crane market. Also, governments' proclivity to invest in enhancing port infrastructure, including capacity expansions, has been instrumental. The Panama Canal expansion, in particular, has invigorated global container shipping, necessitating the deployment of high-capacity container handling machinery like rubber-tired gantry cranes. Another driving force is the burgeoning populations in emerging economies fuel the demand for goods and raw materials, leading to intensified trade volumes and amplified investments in infrastructure. The shift towards larger vessels, buoyed by the surge in trade, necessitates the employment of sophisticated container handling equipment, with rubber-tired gantry cranes standing at the forefront of this demand surge. However, the high initial investment costs is anticipated to restrain the overall market growth during the forecast period.
Global Rubber-tired Gantry Crane Market – Overview
The global rubber-tired gantry crane market refers to the worldwide industry segment focused on the manufacturing, distribution, and utilization of rubber-tired gantry cranes. These cranes are specialized lifting equipment commonly used in port terminals and industrial facilities for efficient container handling and material transportation. The market encompasses various aspects, including the production and sale of rubber-tired gantry cranes, associated technologies, and related services. Factors such as trade volume, industrialization, infrastructure development, and government initiatives significantly influence this market's dynamics, impacting its growth, trends, and competitive landscape on a global scale.
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Impact of COVID-19 on Global Rubber-tired Gantry Crane Market
COVID-19 pandemic had a mixed impact on the global rubber-tired gantry crane market. In the initial stages, the market experienced disruptions in manufacturing and supply chain operations due to lockdowns and restrictions. Many projects and investments were put on hold, causing delays in demand. However, as global trade gradually rebounded, the need for efficient container handling equipment like rubber-tired gantry cranes became evident. The pandemic highlighted the importance of resilient supply chains and efficient logistics, driving investments in port infrastructure and modernization. As a result, the market witnessed recovery and growth, with increased emphasis on automation and technology integration to address future challenges.
Global Rubber-tired Gantry Crane Market – By Power Supply
Based on power supply, the global rubber-tired gantry crane market is divided into Diesel, Electric, and Hybrid segments. The electric segment holds the highest share in the global rubber-tired gantry crane market during the forecast period by power supply. This dominance can be attributed to several factors. Electric-powered gantry cranes are known for their environmental sustainability and cost-efficiency, which align with the growing focus on eco-friendly practices and operational cost optimization. Additionally, electric gantry cranes offer consistent and reliable performance, making them a preferred choice for various industries. The ease of integration with automation and remote-control systems further enhances their appeal. As industries worldwide prioritize efficiency and sustainability, the electric segment remains at the forefront of market growth.
Competitive Landscape
Major players operating in the global rubber-tired gantry crane market include Anupam Industries Limited, ElectroMech Material Handling Systems (India) Pvt Ltd, Kalmar, Konecranes, Liebherr, Mi-Jack Products, Reva Industries Ltd, SANY GROUP, Shanghai Zhenhua Heavy Industries Co., Ltd, and TNT Crane & Rigging. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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