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The rubber-tired gantry crane market has experienced steady growth in recent years, expanding from $1.21 billion in 2023 to $1.26 billion in 2024, with a compound annual growth rate (CAGR) of 4.7%. This growth in the historical period can be attributed to the increasing volume of containerized cargo, the expansion of container terminals, modernization and expansion efforts in ports, and the rising adoption of automation in port operations.
What Is The Estimated Market Size Of The Global Rubber Tired Gantry Crane Market And Its Annual Growth Rate?
The rubber-tired gantry crane market is projected to experience strong growth in the coming years, reaching $1.54 billion by 2028 with a compound annual growth rate (CAGR) of 5.1%. This growth can be attributed to increasing energy efficiency and environmental concerns, the expansion of e-commerce, rising investments in port infrastructure, global trade growth, the adoption of remote operation and connectivity technologies, as well as the integration of hybrid and alternative power sources in crane operations.
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Growth Driver Of The Rubber Tired Gantry Crane Market
The growth in seaborne trade is expected to drive the expansion of the rubber-tired gantry crane market in the coming years. Rubber-tired gantry cranes, commonly used in seaports, are essential for efficiently loading, unloading, and stacking containers, facilitating the smooth handling of cargo in seaborne trade. As seaborne trade increases, the demand for these cranes rises, enabling ports to manage the growing volume of heavy containers in global shipping operations more effectively.
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Who Are The Key Players Shaping The Rubber Tired Gantry Crane Market Trends?
Key players in the market include Anupam Industries Limited, KONE Corporation, Liebherr-International AG, Konecranes and Demag Private Limited, Reva Industries India Pvt. Ltd., Sany Heavy Industry India Private Limited, TNT Crane & Rigging Inc., Shanghai Zhenhua Heavy Industries Company Limited, ElectroMech Material Handling Systems (India) Pvt Ltd, Bedeschi SpA, Ascom SpA, Paul Vahle GmbH & Co. KG, Kalmar automation and integration solutions, Terex Corporation, Cargotec Corporation, Doosan Enerbility Co. Ltd, TCM Corporation Public Company Limited, ELME Spreader AB, Cavazza Diego & C. S. r. L., RAM Spreaders, Paceco Corp., Shanghai Port Machinery Co. Ltd., Xuzhou Construction Machinery Group Co. Ltd., Bromma Conquip AB, HD Hyundai Heavy Industries Co. Ltd., Mi-Jack Products Inc., Dalian Huarui Heavy Industry Group Co. Ltd., Linde Material Handling, Noell Crane Systems GmbH, Hyster-Yale Materials Handling Inc.
What Are The Dominant Trends In Rubber Tired Gantry Crane Market Growth?
Leading companies in the rubber-tired gantry crane market are developing innovative products, such as hydrogen-powered gantry cranes. These cranes use hydrogen fuel cells as their primary power source, offering a more sustainable and environmentally friendly alternative to traditional fuel-powered cranes. This innovation aligns with the industry's growing focus on reducing emissions and improving energy efficiency in port operations.
How Is The Global Rubber Tired Gantry Crane Market Segmented?
1) By Type: 8-Wheeler, 16-Wheeler
2) By Power Supply: Diesel, Electric, Hybrid, Other Power Supplies
3) By Application: Construction, Oil and Gas, Shipbuilding, Power and Utilities, Other Applications
Geographical Insights: Asia-Pacific Leading The Rubber Tired Gantry Crane Market
Asia-Pacific was the largest region in the rubber tired gantry crane market in 2023. Middle East is expected to be the fastest-growing region in the forecast period. The regions covered in the rubber tired gantry crane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Rubber Tired Gantry Crane Market Definition
A rubber-tired gantry crane is a mobile, wheeled gantry crane operated from the ground, designed for lifting and moving heavy containers at container yards and seaports. It is primarily used for loading, unloading, and stacking containers, providing efficient cargo handling in port operations.
Rubber Tired Gantry Crane Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global rubber tired gantry crane market report covering trends, opportunities, strategies, and more
The Rubber Tired Gantry Crane Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on rubber tired gantry crane market size, rubber tired gantry crane market drivers and trends, rubber tired gantry crane market major players and rubber tired gantry crane market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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