According to the latest research report titled "Rubber Tired Gantry Crane Market to 2027 - COVID-19 Impact and Forecast and Global Analysis," published by The Insight Partners, the market was valued at USD 907.79 million in 2019 and is projected to reach USD 1,168.17 million by 2027; it is expected to grow at a CAGR of 3.67% from 2020 to 2027.
APAC rubber tired gantry crane market to account highest CAGR during forecast period
Developing economies, such as the APAC (APAC) belt, have been the major contributors for the growth of seaborne trade globally. According to a report by the United Nations Conference on Trade and Development (UNCTAD), the share of emerging economies in seaborne trade imports and exports had climbed rapidly over the past decade, touching almost 63% in 2017. The rise in sea trade activities across APAC is expected to boost the rubber tire gantry crane market growth. Moreover, ASEAN countries have been showcasing tremendous growth in the port infrastructure development and rise in seaborne trading. Further, rise in industrialization and liberalization of economies such as China and India have raised the demand for iron and coal, which are exported by industries through seaborne trading. The increase in import/export of goods and commodities has also uplifted the seaborne trading. Thus, the rise in seaborne trading is expected to boost the rubber tire gantry crane market in APAC during 2020-2027.
APAC has a robust manufacturing market due to the availability of cheap labor. This interprets into manufacturing huge amounts of textiles, electronics, automotive products, heavy equipment, consumer durable goods, and more. China, Japan, and South Korea are major exporters of automobiles, industrial equipment and heavy machinery. Singapore, China, Japan, South Korea, Taiwan, and Malaysia are major exporters of semiconductors and electronic products. China and Indonesia are leaders in oil and textile exports. APAC also imports oil and raw materials from the Middle East and Latin America. Additionally, luxury items, cars, and electronics are imported from Europe and the US. Major import commodities include food, energy products, defense equipment, aviation equipment, heavy vehicles and raw materials. The rise in import and export of goods and commodities directly or indirectly drive the growth of the rubber tire gantry crane market.
Key findings of the study:
A port becomes a wheel of the economy if it runs capably. Nowadays, the purpose of a port is not only limited but has extended to a logistical platform. The productivity of a port is important in international trade as a seaport is the nerve of foreign trade of a country. Several government policies are undertaken, which will drive the global rubber tire gantry crane market during the forecast period. The Ministry of Shipping-the nodal agency for ports-encompasses the shipping and port sectors, counting shipbuilding and ship repair, major ports and inland water transport. Also, several government initiatives are undertaken in regions such as North America, Europe, and APAC that are likely to boost the rubber tire gantry crane market growth. For instance, the Georgia Ports Authority (GPA) plans to bring the Port of Savannah's annual capacity to 11m teus, up from the current capacity of 5.5m teus per year. This will be achieved by expanding beyond the 1,200-acre Garden City Terminal to establish a new container port on Hutchinson Island, across the Savannah River channel. The 200-acre Georgia site sits directly across the Ocean Terminal in Savannah. It will have an annual capacity of 2.5m teus. In 2020, Garden City Terminal will receive six additional ship-to-shore cranes, bringing its fleet to 36, more than any other terminal in North America. Speaking at the Savannah State of the Port, GPA executive director Griff Lynch said GPA plans continual upgrades to its crane fleet, which will include 12 new cranes with a lift height of 170 feet by 2027.
