Terminal Tractor Market

Global Terminal Tractor Market Size (2024 to 2029)

The global terminal tractor market is expected to be valued at USD 922.06 million in 2024 and USD 1199.35 million by 2029, growing at a CAGR of 5.40% from 2024 to 2029.

Terminal tractors are workhorses that assist port terminals and distribution/warehouse regions. They must work back and forth in all directions and are deemed very versatile in the short-range surroundings in which they work. Their mission-specific function of keeping freight moving continuously over short distances is becoming more and more useful. Terminal tractors are also at the forefront of the all-electric transition of heavy-duty vehicles.

Huge revenue has been generated in the industry in the last few years. Several companies are investing their income into R&D. As a result, there is consistent competition in the global market, thrusting the demand for terminal tractors. Tremendous automation, especially the automation of ports, is the current trend in the industry. This opened up a huge window for Terminal Tractor Market to keep it rolling. The increase in the usage of terminal tractors in the Asia Pacific and Middle East regions will drive the market. 

The market is highly crowded with many market participants and it's hard for a new company to attract customers.

REPORT COVERAGE:

This research report on the global terminal tractor market has been segmented and sub-segmented into the following categories. 

Global Terminal Tractor Market - By Fuel Type:

• Diesel based
• Electric based

The diesel-based terminal tractor is anticipated to hold the largest market share in 2019 owing to the adequate power supply, low fuel expenses, and inadequate/insufficient electrical facilities at small and medium terminals. Studies show that almost 90% of terminal tractors in Europe and North America are based on diesel engines. In Asian countries, diesel-based terminal tractors have a share of more than 90%. Furthermore, the strict emission regulations for NOx, PM, and CO2 by the US EPA and the European Union have led equipment companies to offer low-emission fuel-efficient devices. So many companies are investing in the development of fuel-efficient terminal tractors.

Global Terminal Tractor Market - By Application: 

• Marine
• Airport
• Oil & Gas
• Warehouse organization & Distribution (Logistics)

Of these, Logistics holds the largest market share, owing to the automation of ports all across the world. These tractors are capable of collecting, putting, and stacking containers automatically, leading to enhanced productivity and throughput of containers. A few port terminals such as Thamesport (UK), PSA (Singapore), and Container Terminal Altenwerder (Germany) have improved their automation rates by using these automated terminal tractors and other port machinery. Thus, the increasing demand for high reliability and effective greenfield port terminals will drive the terminal tractor market in the coming years.

Global Terminal Tractor Market – By Industry:

• Food &Beverages
• Inland &Marine Services
• Rail Logistics

Global Terminal Tractor Market – By Region:

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

The European region is anticipated to lead the terminal tractors market in terms of value during the forecast period. Countries such as Germany, France, the United Kingdom, and Spain are important markets for terminal tractors. As for the Port Equipment Manufacturing Association (PEMA), deliveries of terminal tractors in Europe were the highest in 2017 compared to other regions. Marine operations in Europe have long been driving economic growth, offering natural resources and access to trade and transport, recreation possibilities, etc. Even today, maritime operations stay vital to the economy and society and are anticipated to continue as drivers of the terminal tractor market.

KEY MARKET PLAYERS:

Kalmar (Finland), Volvo, Konecranes (Finland), Hyster (US), Sany (China), CVS Ferrari (Italy), and Hoist Lift ruck (US) are some of the major key players dominating the global terminal tractor market.

RECENT HAPPENINGS IN THE MARKET:

• In 2019, Kalmar is expected to deliver a total of 16 terminal tractors to its long-term client, Container Terminal Saint-Petersburg CJSC (CTSP, part of UCL Holding). The order was booked at Cargotec during the 1st Quarter of 2019 order intake, with the delivery of the devices to be carried out during the 3rd Quarter of 2019.
• In 2019, Volvo introduced its electric terminal tractor to keep up with the market trends and requirements. From these recent developments, it's very evident that all these huge companies are walking on the path of innovation.