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Rubber-Tired Gantry Crane Market Size
- Report ID: GMI7953
- Published Date: Jan 2024
- Report Format: PDF
Rubber-Tired Gantry Crane Market Size
Rubber-Tired Gantry Crane Market size was valued at USD 1.1 billion in 2023 and is estimated to register a CAGR of 4.5% between 2024 and 2032. Increasing investments in the procurement of rubber-tired gantry cranes are driving growth in the market.
Rising expenditures indicate a growing demand for these mobile gantry cranes, particularly in applications such as container handling at ports and intermodal facilities. For instance, in March 2023, The Georgia Ports Authority invested USD 170 million in the acquisition of around 55 hybrid engine RTGs to equip the Ocean Terminal at the Port of the Savannah. As industries seek more efficient and flexible material handling solutions, the demand for rubber-tired gantry cranes is experiencing an upward trajectory, contributing to the overall market expansion.
The efficiency and flexibility of rubber-tired gantry cranes stem from their ability to swiftly navigate container yards, efficiently transferring cargo between vessels and storage areas. With a high degree of mobility on rubber tires, these cranes can easily access different locations within port terminals. This agility accelerates container handling operations, reducing turnaround times for ships and optimizing overall logistical processes. The adaptability of rubber-tired gantry cranes makes them indispensable in meeting the dynamic demands of modern containerized cargo handling.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Rubber-Tired Gantry Crane Market Size in 2023: | USD 1.1 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 4.5% |
| 2032 Value Projection: | USD 1.7 Billion |
| Historical Data for: | 2018 - 2023 |
| No. of Pages: | 220 |
| Tables, Charts & Figures: | 280 |
| Segments covered: | Wheels, Power supply |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The high initial costs associated with acquiring and installing rubber-tired gantry cranes pose a notable challenge to market expansion. The substantial capital investment required may deter smaller ports or companies with limited financial resources from adopting these cranes. This financial barrier can impede the widespread adoption of rubber-tired gantry cranes, limiting their market penetration and potentially favoring alternative, low-cost solutions in locations where budget constraints are a significant consideration.
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Rubber-Tired Gantry Crane Market Scope
