Terminal Tractor Market (Type - Manual, and Automated; Propulsion Type - Diesel, Hybrid, and Electric; Application - Airport, Marine Port, Oil and Gas, and Logistics): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

A recent report published by Infinium Global Research on the terminal tractor market provides in-depth analysis of segments and sub-segments in the global as well as regional terminal tractor market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional terminal tractor market over the short term as well as the long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global terminal tractor market. According to the report, the global terminal tractor market is projected to grow at a CAGR of about 5% over the forecast period of 2022-2028.

Market Insight

The terminal tractor market was valued at about USD 750 million in 2022 and is expected to reach nearly USD 1000 million in 2028, with a CAGR of about 5% during the forecast period. The terminal tractor is a specialty truck manufactured for fast, safe, and well-organized movement of semi-trailers or cargo containers. These tractors give the operator the ability to spot and stage trailers up to 3/4 times faster than a traditional truck tractor. Terminal tractor helps to lower Worker’s Compensation Insurance exposure along with speed and efficiency. The operator can spot a trailer without leaving the cab platform area which results in less opportunity for the operator to sustain an injury related to moving trailers. Terminal Tractors are available in several different configurations, depending on the company’s individual needs. 

Increasing demand from e-commerce and logistics industries is the primary growth factor for the terminal tractor market. The growing number of container shipments results in the augmented demands on the seaport container terminals, container logistics, and management, as well as on technical equipment. Increased competition between seaports, particularly between geographically close ones, is a result of this development. Furthermore, the leading e-commerce companies are looking to stock large volumes of products in their warehouses and are working on increasing order accuracy, same-day or same-hour delivery, and free returns to compete in the market. Infrastructure development, adoption of trailer terminal tractors in warehouse management, and increasing use of trailer terminal tractors in the metal industry are some other driving factors for the terminal tractor market. However, the high capital cost in terminal tractor deployment hampers the terminal tractor market. Moreover, advancements in terminal tractors create lucrative growth opportunities for the market players.

The effects of COVID-19 have been quick and substantial on the global terminal tractor market. The pandemic is shifting the global dynamics and resulted in being a major disrupter. The application industries are majorly affected by the coronavirus. Manufacturing companies across the world are now focusing on developing plans to decrease the aftershocks of this pandemic. The lockdown and restrictions by governments have led to significant distress to supply bases, assembly plant closures, as well a further downshift to the declining consumer demand.

Geographically, North America dominated the global terminal tractor market in 2022 and is projected to remain dominant during the forecast period owing to the rise in spending on transportation & logistics. Asia-Pacific is expected to grow at the fastest rate in the global terminal tractor market over the forecasted period. Europe is expected to hold a significant market share during the forecast period owing to the presence of developed economies of European countries such as Germany, the United Kingdom, and Spain.

Segment Covered

The report on the global terminal tractor market covers segments such as type, propulsion type, and application. On the basis of type, the sub-markets include manual, and automated. On the basis of propulsion type, the sub-markets include diesel, hybrid, and electric. On the basis of application, the sub-markets include airport, marine port, oil and gas, and logistics.

Companies Profiled:

The report provides profiles of the companies in the market such as Kalmar Inc., REV Group Inc., Konecranes Oyj, MAFI Transport-System GmbH, Cargotec, SANY Group, Hyster-Yale Group, Inc., CVS Ferrari S.P.A., Linde Material Handling, and Terberg Group B.V.

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the terminal tractor market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.