Rubber Tired Gantry Crane Market Outlook and Strategic Insights by 2027

The rubber tired gantry crane market was valued at USD 907.79 million in 2019 and is projected to reach USD 1168.17 million by 2027; it is expected to grow at a CAGR of 3.67% from 2020 to 2027.

In the past, developing countries were providers of raw materials; however, the layout of trade has given a new role to the developing countries across the globe, owing to which the rubber tired gantry crane market is predicted to witness a significant growth rate during the forecast period. The market growth is majorly attributed to the rise in the demand for seaborne trading, as developing countries, including China, are now emerging as important importers and exporters of goods by sea, with Asia being the biggest trading region.

Additionally, the rubber tired gantry crane market is driven by favorable government initiatives for the development of ports. 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, in turn, drive the global rubber tire gantry crane market during the forecast period.

Europe led the rubber tired gantry crane market in 2019 and is expected to continue its dominance during the forecast period. Europe's ports have adopted electric RTGs for reducing pollution and greenhouse gas emissions. Government regulations in this region have enabled the adoption of electrical container handling equipment, such as carbon emission verification in maritime transportation. Europe accounts for a large volume of trade in products and assets, such as machinery, vehicles, aircraft, fuels, nonferrous metals, textiles, chemicals, clothing, and crude oils. Europe ranks first in trading owing to which the region leads the global market for rubber tired gantry cranes.

Rubber Tired Gantry Crane Market: Strategic Insights

Impact of COVID-19 Pandemic on Rubber Tired Gantry Crane Market

The COVID-19 crisis is affecting the industries worldwide and the global economy is anticipated to take a worst hit in 2020 as well as in 2021. The outbreak has created significant disruptions in primary industries such as consumer electronics, semiconductor, automotive, and IT infrastructure. All these industries are crucial for the growth of the global rubber tired gantry crane market as they are the major demand generation industries for rubber tired gantry cranes. The factory shutdowns, travel bans, trade bans, and border lockdowns have impacted both manufacturing and sales of various consumer electronic products and components. The global electronics and semiconductor industry is one of the major industries that are facing serious disruptions due to supply chain issues and manufacturing shutdowns.

Market Insights

Rising Focus Toward Green Technology

Market participants focus on green technology due to strict government regulations pertaining to pollution and emission limits across various regions. Also, the use of RTGs equipped with electric drives can be optimized to consume less power. The use of the battery hybrid technology on the cranes will focus to substantially reduce fuel consumption and harmful fossil fuel emissions. Approximately 10% of the diesel fuel emissions from cargo handling equipment at ports are emitted by RTG cranes; the implementation of more efficient RTGs directly lessens the environmental impact of crane operations. This technology is an answer for busy port operators worldwide who need to increase efficiencies while reducing emissions and the environmental impact of their operations, as well as provide additional benefits of reduced operating costs with less greenhouse gas emissions and lower noise levels at the terminal. Flywheel energy storage technology for rubber Tire gantry cranes or RTG that can either be retrofit to existing RTG cranes or included as part of a new build. Flywheels offer fuel and emission reductions by capturing braking energy produced when a container is lowered.

Type-Based Market Insights

Based on type, the global market for rubber-tired gantry cranes can be divided into two segments: 8-wheeler and 16-wheeler. There are two types for each model the 8W and 8WA for the 8-wheeler, and the 16W and 16WA for the 16-wheeler. The main differences between the two models are the design of the anti-sway system and the number of gantry wheels. The 16-tired RTG cranes require a larger travel area. They cannot, therefore, be used in tiny spaces. 8-tired RTG cranes are preferred for smaller spaces.

Power Supply-Based Market Insights

Based on power supply, the global market for rubber tired gantry cranes can be classified into three categories: diesel, electric, and hybrid. Implementation of strict emission standards to minimize global emissions and the development of more efficient electrified vehicles, as well as higher fuel prices, are likely to boost the demand for electric and hybrid RTG cranes across the globe. Electrical RTG cranes offer better performance and can move substantial loads. Because of this, the preference for tired gantry cranes with electric and hybrid rubber is expected to increase shortly.

Product development is among the most commonly adopted strategies by companies to expand their product portfolio. Anupam industries limited, electromech material handling systems (India) Pvt. ltd, Konecranes, Liebherr, and Kalmar are among the key players implementing strategies to enlarge the customer base and gain significant share in the rubber tired gantry crane market, which, in turn, permits them to maintain their brand name in the global market.

The regional trends and factors influencing the Rubber Tired Gantry Crane Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Rubber Tired Gantry Crane Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Rubber Tired Gantry Crane Market Report Scope

Rubber Tired Gantry Crane Market Players Density: Understanding Its Impact on Business Dynamics

The Rubber Tired Gantry Crane Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Rubber Tired Gantry Crane Market Segmentation:

By Type

• 8-Wheeler
• 16-Wheeler

By Power Supply

• Diesel
• Electric
• Hybrid

Company Profiles

• Anupam Industries Limited
• ELECTROMECH MATERIAL HANDLING SYSTEMS (INDIA) PVT. LTD
• Kalmar
• Konecranes
• Liebherr
• Mi-Jack Products.
• REVA INDUSTRIES LTD
• Shanghai Zhenhua Heavy Industries CO., Ltd. (ZPMC)
• TNT Crane & Rigging
• Sany Group