Global Sales of Electric Cargo Handling Equipment Are Expected to Account for 60% of Total Equipment Sales by 2030
Electrification enables lower fuel costs, reduced maintenance costs, and reduced equipment downtime to significantly decrease operating expenses
A new report from Guidehouse Insights examines the electrification opportunities and barriers for seaport cargo handling equipment, airport ground support equipment, and forklifts, providing global market forecasts through 2030.
As the world relies more on shipping and air transit for commerce, emissions from cargo handling equipment are expected to increase. Electrification and low emissions fuels are likely to be crucial in reducing the environmental impacts of this equipment, and are supported by favorable cost economics and supportive decarbonization mandates. Click to tweet: According to a new report from @WeAreGHInsights, by 2030, sales of global electric cargo handling equipment are expected to exceed 1.5 million pieces and account for 60% of total equipment sales.
“Compared with non-electric cargo handling equipment, the price of electric powertrains can be more costly upfront, but lower fuel costs of electricity, reduced maintenance costs, and reduced equipment downtime can significantly decrease operating expenses for fleets,” says Raquel Soat, research analyst with Guidehouse Insights. “Additionally, some cargo handling equipment fleets might be able to participate in grid services such as vehicle-to-grid (V2G), and many will likely use managed charging, which can greatly decrease electrification costs.”
Despite favorable market conditions and an uptick in electric cargo handling equipment volumes, market barriers still exist. According to the report, the availability of electric equipment for niche and heavy duty use cases is limited and technology issues are a consideration. Finally, use cases that do not allow for much downtime, such as busy seaports, might not have the optimal utilization factors for electrification at this point.
The report, Market Data: Cargo Handling Equipment Electrification, provides an outlook on the cargo handling equipment (CHE) population and sales for airport ground support equipment (GSE), seaport CHE, and Classes 1-5 forklifts. Forecasts are provided for the following global regions: North America, Europe, Organisation for Economic Co‑operation and Development Asia Pacific, China, the Rest of Asia Pacific, Latin America, India, and the Middle East & Africa. The report provides insights through 2030 and forecasts on a baseline scenario that accounts for all current market conditions, availability, incentives, and emissions/decarbonization standards. An executive summary of the report is available for free download on the Guidehouse Insights website.
*The information contained in this press release concerning the report, Market Data: Cargo Handling Equipment Electrification, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.