Rubber Tired Gantry Crane Market Growth or Demand Increase or Decrease for what contains:
The Global Rubber Tired Gantry Crane Market was valued at USD 2.57 billion in 2022 and is predicted to increase at a CAGR of 3.4% between 2023 and 2029, reaching over USD 3.05 billion by 2029. Rubber-tired gantry (RTG) cranes are commonly employed in ports and container yards to move and stack shipping containers.
The primary drivers of the RTG crane market include the expansion of the global shipping sector and the increasing demand for containerized transportation. The growth of global trade and the expansion of container terminals are expected to fuel market growth. Additionally, the adoption of advanced technologies such as automation and electrification is anticipated to revolutionize the market.
Rubber Tired Gantry Crane Market CAGR Estimation:
The market is expected to grow at a compound annual growth rate (CAGR) of 3.4% from 2023 to 2029.
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Rubber Tired Gantry Crane Market Segmentation:
By Vehicle Class:
- 8-wheeler
- 16-wheeler
By Application:
- Diesel
- Electric
- Hybrid
The bottom-up methodology and several data triangulation approaches were used to analyse market size and projections. The weights assigned to each section based on utilisation rate and average sale price will be used to calculate percentage splits, market shares, and segment breakdowns. The whole market and its sub-segments were studied by country in terms of the proportion of the specified market size that is adopted or used in each area or nation.
Rubber Tired Gantry Crane Market Overview:
The Global Rubber Tired Gantry Crane Market size was valued at USD 2.57 billion in 2022 and is expected to grow at a CAGR of 3.4% from 2023 to 2029, reaching approximately USD 3.05 billion by 2029. Rubber-tired gantry (RTG) cranes are essential mobile cranes used predominantly in ports and container yards for moving and stacking shipping containers. Unlike conventional gantry cranes attached to the ground or rails, RTG cranes are mobile on rubber tires, allowing swift movement between container stacks, reducing time and cost for container handling operations. They can be equipped with various lifting devices and automation systems to enhance efficiency and safety, and are typically powered by diesel engines or electric motors.
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Rubber Tired Gantry Crane Market: Which Regions are Experiencing Growth or Increased Demand?
- Asia-Pacific: Dominates the market due to the presence of numerous container terminals in countries like China, Singapore, and South Korea. The region's significant investments in port infrastructure further bolster market growth.
- North America and Europe: Substantial markets due to the growth of the shipping sector and the increasing interest in containerized transportation.
- Middle East, Africa, and South America: Emerging markets with rapid growth anticipated due to investments in port infrastructure and automation.
Rubber Tired Gantry Crane Market Scope and Methodology:
The research methodology involved primary and secondary data sources to gather information. The potential market influencing factors were assessed to produce results. Economic factors such as inflation, regulatory changes, and policy changes were considered, along with the market size for top-level markets and sub-segments. The bottom-up methodology and various data triangulation approaches were used to assess the market size and forecast. The total market and its sub-segments were analyzed by country based on the proportion of the market size adopted or used in each area or nation.
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Rubber Tired Gantry Crane Market Key Players:
• Cargotec Corporation
• Konecranes Plc
• Shanghai Zhenhua Heavy Industries Co., Ltd. (ZPMC)
• Liebherr International AG
• Terex Corporation
• Kalmar Inc.
• Anhui Heli Co. Ltd.
• Hoist Liftruck Mfg., LLC
• SANY Group Co. Ltd.
• Toyota Industries Corporation
• Hyster-Yale Materials Handling, Inc.
• Kress Corporation
• CVS Ferrari S.p.A.
• Doosan Industrial Vehicle America Corp.
• Manitou Group
• Taylor Machine Works, Inc.
• Clark Material Handling Company
• HUBTEX Maschinenbau GmbH & Co. KG
• Mitsubishi Heavy Industries, Ltd.
• XCMG Group
• Beijing Jingcheng Heavy Industry Machinery Co., Ltd.
• Hangcha Group Co. Ltd.
• Hyundai Heavy Industries Co. Ltd.
• JCB Inc.
• JLG Industries, Inc.
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Key questions answered in the Rubber Tired Gantry Crane Market are:
• What is Rubber Tired Gantry Crane?
• What is the growth rate of the Rubber Tired Gantry Crane Market?
• Which are the factors expected to drive the Rubber Tired Gantry Crane market growth?
• What are the different segments of the Rubber Tired Gantry Crane Market?
• What growth strategies are the players considering to increase their presence in Rubber Tired Gantry Crane?
• What are the upcoming industry applications and trends for the Rubber Tired Gantry Crane Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the Rubber Tired Gantry Crane Market?
• What major challenges could the Rubber Tired Gantry Crane Market face in the future?
• What segments are covered in the Rubber Tired Gantry Crane Market?
• Who are the leading companies and what are their portfolios in Rubber Tired Gantry Crane Market?
• What segments are covered in the Rubber Tired Gantry Crane Market?
• Who are the key players in the Rubber Tired Gantry Crane market?
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