Rubber Tired Gantry Crane Market (By Type: 8 Wheel, 16 Wheel; By Power Supply: Diesel, Electric, Hybrid)- Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

The global rubber tired gantry crane market was estimated at USD 1.39 billion in 2023 and it is expected to surpass around USD 2.38 billion by 2033, poised to grow at a CAGR of 5.52% from 2024 to 2033. Many benefits, including reduced operating costs and technological developments, are anticipated to encourage the use of rubber-tired gantry cranes. Automation and wireless communication are examples of technologies that help the market achieve operational efficiencies. 

Key Pointers

• Asia Pacific region dominated the market with the largest market share of 41% in 2023.
• Europe is expected to expand at the highest CAGR from 2024 to 2033.
• By Type, the 16-wheeler RTG segment held the largest revenue share of 63% in 2023.
• By Type, the 8-wheeler RTC segment is anticipated to grow at the CAGR during forecast period.
• By Power Supply, the diesel-powered RTG segment had the largest market share of 56% in 2023.
• By Power, the supply Electric RTG is anticipated to grow at the noteworthy CAGR of 7.83% between 2024 to 2033.

Rubber Tired Gantry Crane Market Growth 

The growth of the rubber tired gantry crane (RTG crane) market is propelled by several key factors. Firstly, the expanding global trade and increasing container traffic have heightened the demand for efficient and flexible container handling solutions, positioning RTG cranes as vital contributors to this evolving landscape. Secondly, the ongoing advancements in technology, including automation and smart integration, are driving innovation within the RTG crane sector. As industries increasingly focus on optimizing operational efficiency, the adoption of these technological trends has become instrumental in meeting the evolving needs of modern logistics. Furthermore, the growing emphasis on environmental sustainability has led to the development of eco-friendly solutions in the RTG crane market, attracting environmentally conscious industries. These growth factors collectively contribute to the expansion of the RTG crane market, offering stakeholders lucrative opportunities in a dynamic and evolving industry.

Report Scope of the Rubber Tired Gantry Crane Market

Rubber Tired Gantry Crane Market Dynamics 

Drivers

• Global Trade Expansion: The surge in international trade activities has significantly increased container traffic, creating a heightened demand for efficient container handling solutions such as Rubber Tired Gantry Cranes (RTG cranes).
• Rising Container Traffic: The steady increase in containerized cargo worldwide has become a prominent driver for the RTG crane market, as these cranes offer a versatile and adaptable solution for managing the growing volumes of containers in ports and logistics hubs.

Restraints

• High Initial Investment Costs: One significant restraint in the rubber tired gantry crane (RTG crane) market is the substantial upfront investment required for the acquisition and installation of these sophisticated handling systems. The considerable capital expenditure can pose a barrier for smaller operators and port facilities.
• Maintenance Complexities: The complex nature of RTG cranes, involving intricate mechanical and electronic components, can lead to higher maintenance costs. Regular maintenance is crucial for ensuring optimal performance and longevity, and the complexity of these machines may result in increased downtime during maintenance activities.

Opportunities

• Integration of IoT and Data Analytics: The integration of Internet of Things (IoT) technologies and data analytics presents opportunities for real-time monitoring, predictive maintenance, and performance optimization of RTG cranes. Harnessing data-driven insights can lead to more informed decision-making and improved overall equipment effectiveness.
• Green Technology Adoption: The growing emphasis on environmental sustainability opens avenues for the development and adoption of eco-friendly RTG crane solutions. Integrating green technologies, such as electric power systems and energy-efficient components, can align with industry trends and environmental regulations.

Type Insights

The 16-wheeler RTG segment dominated the market with a revenue share of 63% in 2023. The low maintenance costs incurred due to the low cost of spare parts are a significant factor in the growth of these cranes. Moreover, many wheels lead to convenient maneuverability and increased driver safety.

The 8-wheeler RTC segment is expected to expand significantly from 2024 to 2033. The growth is attributed to its design and features, making it suitable for various applications and industries, including container terminals, intermodal yards, and industrial facilities. The crane's ability to efficiently handle heavy loads and maneuver in tight spaces contributes to its increased demand. Additionally, the flexibility and mobility provided by the rubber tires allow for easy movement and positioning of the crane, making it a versatile choice for different working environments.

Power Supply Insights

Diesel-powered RTG led the global market with a revenue share of 56% in 2023. This growth is attributed to the high power and torque, long operating range, established infrastructure & support system, and lower initial investment costs. These factors have made them reliable and preferred for applications requiring heavy lifting and continuous operation. However, with an increasing focus on environmental sustainability, the market is likely to see a shift toward alternative power sources, such as electric or hybrid RTGs, in the future.

Electric RTG is anticipated to be the fastest-growing segment registering a CAGR of 7.83% over the forecast period. Electric RTGs reduce the need for engine component maintenance. They can save up to 600 liters of engine oil per year. They have lower maintenance costs and reduced downtime. Regions like Europe, where the government has imposed strict air pollution and emission control regulations, have witnessed increased adoption of electric RTGs. They help reduce company expenses by eliminating hydraulic and engine oil usage.

Regional Insights

Asia Pacific is the leading region with a market share of 41% in 2023. Regions such as the Asia Pacific have witnessed a surge in inter-regional trade due to increased exports, mainly from China and India. It has enabled the regional government to invest in developing port infrastructure to manage incoming and outgoing container traffic. Furthermore, governments in various regions are inclined toward port expansion.

Europe is expected to witness significant growth in this market from 2024 to 2033. Ports in Europe have adopted electric RTGs to reduce pollution and greenhouse gas emissions. Government regulations, such as verifying carbon emissions in maritime transportation, have enabled electric container handling equipment adoption. Furthermore, financial transparency regarding port investments has enabled port authorities to invest in port infrastructure strategically.

Rubber Tired Gantry Crane Market Key Companies

• 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

Recent Developments

In January 2023, Kuenz, an Austrian crane manufacturer, won a major contract to deliver 20 sideloaded stacking automated cranes for Baltic Hub's new T3 terminal, which is now under construction, in partnership with systems integrator ABB. A strategically significant terminal in the Baltic Sea, Baltic Hub is home to the well-known worldwide port organization PSA. It is expanding quickly. The long-standing cooperation between Kuenz and PSA was strengthened and extended by the deal, which was finalized in September 2022.

A contract for the acquisition of five PACECO-MITSUI RTG Transtainer Cranes and five recently built 65 Long Ton capacity PACECO-MITSUI Ship to Shore Portainer Cranes was given to PACECO CORP by ITS in January 2022. It was intended for these cranes to be installed at the Long Beach, California, terminal as part of an extensive refurbishment and capacity expansion project. Enhancing the terminal's ability to accommodate larger vessels—which can hold up to 24,000 TEUs and 25 containers wide—is the goal.

Rubber Tired Gantry Crane Market Report Segmentations:

By Type

• 8 Wheel
• 16 Wheel

By Power Supply

• Diesel
• Electric
• Hybrid

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East And Africa