Market Overview:
The Global Terminal Tractor Market size is expected to grow from USD 654.59 billion in 2022 to USD 895.85 billion by 2030, at a CAGR of 4% during the forecast period (2023-2030).
A terminal tractor is a specialty truck that is developed for fast, safe, and coherent movement of semi-trailers or cargo containers. In addition, terminal tractors are used at terminals, distribution centers, ports, and various other industrial applications that boost the efficiency of the movement of goods. A Terminal Tractor provides the operator the ability to "spot" and "stage" trailers up to 3 or 4 times faster than a traditional truck tractor. In addition to speed and efficiency, it can also reduce the Worker's Compensation Insurance exposure. The operator can spot a trailer without leaving the cab platform area which means the least opportunity for the operator to sustain an injury related to moving trailers. Terminal Tractors or Yard Trucks as they are sometimes referred to are available in several different configurations, depending on your company's individual needs.
Top Key Players for Terminal Tractor Market:
Kalmar, Orange EV, TTS, Terberg Special Vehicles, Capacity Trucks, Volvo, Sany, Konecranes, MAFI Transport-Systeme GmbH, TICO Tractors, Blyyd, Crane Carrier Company, CVS Ferrari, Terberg, Hoist Liftruck, Hyster, Liebherr, Linde, MOL CY, REV Group, and other major players.
Market Dynamics and Factors for Terminal Tractor Market:
Drivers:
Rising Domestic And International Trade
Globalization has head to rising domestic and international trade relations between nations. Further, as many international companies lean towards globalization and market expansions, logistical challenges have become more composite than ever. Supply chain systems have reached wider and vital importance in the last few years, as a result of high competition in the product-based market. Therefore, many industry verticals are ensuring a strong supply chain for reaching out to their customers. Terminal tractors help the operational flow of the supply chain at the initial stage. This factor is expected to gain traction in the coming times having a significant impact on the terminal tractor market.
Opportunities:
Increasing Demand for Automated Terminal Tractors
The growth in fuel prices contributes to the demand for electric terminal tractors. Traits like zero emissions and relatively less energy utilization have made them a viable choice among various end-users. In addition, electric terminal tractors are flatter, far smoother, and slicker than traditional diesel-operated terminal tractors. The 8700S SerieS tractors by AGCO are suitable for multiple farming activities. When the 5″x 9″ touchscreen offers the operator the facility to elevate the overall tractor functions, the highly integrated technology within ensures the much-needed control of the tractor and its gears.
Segmentation Analysis of the Terminal Tractor Market:
- By Propulsion, the diesel segment is anticipated to register the maximum market share during the forecast period. High power and load stacking requirements and the cheap cost of diesel make diesel the first choice for equipment producers. Nevertheless, the latest emission norms for NOx, PM, and CO2 reductions and the growing trend of automation for port equipment would push producers to develop power-efficient equipment with reduced emission levels.
- By Ownership, the industrial & and commercial segment is expected to dominate the terminal tractor market during the forecast period. Boosting business conditions and rising investments in the manufacturing sector in emerging economies are anticipated to contribute significantly to the growth of the terminal tractor market.
Regional Analysis of the Terminal Tractor Market:
Europe is anticipated to be the largest market over the forecast period owing to the presence of robust economies of European countries such as the United Kingdom, Germany, and Spain, along with the presence of major key players of terminal tractors such as Kalmar, Konecranes, MAFI, CVS Ferrari, and MOL CY are serving to the global terminal tractor market through dealer and distribution networks.
Key Industry Development:
- In 2020, Kalmar Inc. signed an agreement with Australia-based company Nyrstar for the provider of heavy terminal tractors. By this agreement, the company will supply three-terminal tractors of TR618i, which are developed for moving heavy loads in any condition and comply with EU Stage V emission norms.
- In June 2021, after testing at two customer sites in the Netherlands, the Terberg concept hydrogen terminal tractor finished a test period at the Antwerp Euroterminal in Beveren, Belgium. During the test, a mobile hydrogen filling station was utilized. Terberg Special Vehicles will use the results of these and other tests to clarify the design and build the preproduction series in 2022. Commercial initiation of the hydrogen-powered tractor is planned for 2023.
