Rubber Tired Gantry Crane Market By Type (8 Wheeler, 16 Weeler) , By Power Supply (Diesel, Electric, Hybrid) By Application (Construction, Oil and Gas, Shipbuilding, Power and Utilities, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
The rubber-tired gantry (RTG) cranes market was valued at $1.5 billion in 2022 and is estimated to reach $2.1 billion by 2032, exhibiting a CAGR of 3.75% from 2023 to 2032.
Rubber tired gantry crane is a specialized crane used for assembling containers in container storage yards. It is a commonly utilized crane in container handling operations at ports and container terminals. A traditional gantry crane is fixed to rails, whereas a rubber-tired gantry crane has rubber tires that allow them to move horizontally along predetermined paths within the container yard. This flexibility makes it easier to transfer containers between storage stacks and transportation vehicles such as trucks or rail cars.
The growth of the global rubber-tired gantry market is significantly driven by rise in container traffic and increase in sustainability initiatives, such as incorporation of cutting-edge technology and smart features, which plays a crucial role in minimizing the environmental impact of rubber-tired gantry cranes. One significant instance is implementation of automated gantry steering, which facilitates efficient troubleshooting, data analysis, and productivity improvement, boosting sustainability. Furthermore, technological progress has led to the conversion of the ocean terminal into an all-container facility. This facility accommodates two large vessels simultaneously, with the assistance of cutting-edge ship-to-shore cranes aiding the docking process. Thus, this technological initiative enhances the capacity of terminal and operational efficiency. However, high initial investment and limitations of space and infrastructure pose significant challenges for the market growth.
Contrarily, increase in need for eco-friendly port handling solutions is expected to offer lucrative opportunities for the market. This is attributed to rise in popularity of electric-powered rubber-tired gantry cranes. These rubber-tired gantry cranes make use of electric motors instead of traditional diesel engines, resulting in a significant decrease in emissions and environmental impact. By integrating renewable energy sources such as solar panels or battery storage systems, ports enhance the sustainability of their operations while gaining the advantages of cost savings and compliance with regulations. This shift toward environmentally friendly handling solutions aligns with environmental objectives and offers several opportunities to manufacturers and suppliers in the market.
Segmentation OverviewThe rubber-tired gantry cranes market is segmented into type, power supply, application, and region. By type, the market is divided into 8-wheeler and 16-wheeler. As per power supply, it is segregated into diesel, electric, and hybrid. According to application, it is classified into construction, oil & gas, shipbuilding, power utilities, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsBy type, the 16-wheeler segment acquired the largest market share in 2022.
Depending on power supply, the electric segment gained the highest market share in 2022.
According to the application, the shipbuilding segment was the major shareholder in 2022.
Region wise, Asia-Pacific dominated the market in 2022.
Competitive AnalysisThe major players operating in the rubber-tired gantry cranes market include Anupam Industries Limited, Electromech Material Handling Systems (India) Pvt. LTD., Cargotec, Konecranes, Liebherr-International Deutschland GmbH, Mi-Jack, Reva Industries Limited, SANY Group, Shanghai Zhenhua Heavy Industries Co., Ltd., and TNT Crane & Rigging. These players have adopted several tactics, including mergers & acquisitions, partnerships, new product development, and collaborations to strengthen their foothold in the competitive market.
Key Market SegmentsBy Type8 Wheeler
16 Weeler
By Power SupplyDiesel
Electric
Hybrid
By ApplicationConstruction
Oil and Gas
Shipbuilding
Power and Utilities
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
UK
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East and Africa
UAE
Saudi Arabia
South Africa
Rest of Middle East and Africa
Key Market Players
Anupam Industries Limited
Electromech Material Handling Systems (India) Pvt. Ltd.
Cargotec
Konecranes
Liebherr-International Deutschland GmbH
Mi-Jack
Reva Industries Limited
SANY Group
Shanghai Zhenhua Heavy Industries Co., Ltd.
TNT Crane & Rigging