One of the primary reasons driving the growth of the terminal tractor market is the rising need for efficient and safe cargo transportation. The introduction of advanced technologies such as automated guided vehicles (AGV) has improved operational productivity and enabled faster movement of goods, thus boosting the demand for terminal tractors. Additionally, governments across various countries are also promoting the adoption of terminal tractors for efficient goods transportation, which is further contributing to the growth of the market.
The increased container traffic in ports and other related logistics activities have propelled the demand for terminal tractors globally. Additionally, the evolution of technology has led to the development of advanced terminal tractors that are more efficient and cost-effective than their traditional counterparts. Furthermore, government initiatives such as tax incentives and subsidies are also driving the growth of this market.
The terminal tractor market offers various advantages over traditional tractors. For instance, they are more efficient and provide better maneuverability along with higher payloads when compared to traditional tractors Furthermore, terminal tractors have lower operating expenses than their competitors since they require less maintenance and consume less gasoline. Furthermore, these vehicles can be customized according to the specific needs of the customers, which makes them suitable for a wide range of applications.
A terminal tractor is a specialized two-axle truck designed for the purpose of transferring semi-trailers from one location to another. They are usually a mix of a tractor and a trailer, with the former providing power to the latter. Terminal tractors are usually used in ports, distribution centers, and other places where the transfer of semi-trailers is needed.
In addition to manufacturing and selling terminal tractors, companies in the market also offer services such as repair and maintenance, fleet management, and driver training. These services assist clients in lowering running expenses and ensuring that vehicles are properly maintained for peak performance.
The global terminal tractor market is expected to be worth USD 5 billion by 2031, expanding at a 4.5% CAGR during the forecast period.
This market's expansion may be ascribed to the rising demand for efficient transportation solutions as well as government incentives in emerging nations.
Although terminal tractors offer several benefits, there are certain challenges that affect their market growth. Many consumers are concerned about the high expense of installation and upkeep for these vehicles. Additionally, the lack of skilled personnel to operate advanced terminal tractors also restricts the growth of this market. Government initiatives such as tax incentives and subsidies are encouraging the growth of this market.
Additionally, advanced terminal tractors with improved efficiency and cost-effectiveness than traditional tractors are further propelling the demand for these vehicles.
The key players in the terminal tractor market are Doosan Bobcat, Hubei Hanglong Technology Co. Ltd., CNH Industrial N.V., Kalmar, STRICK Corporation, Konecranes, and Oshkosh Corporation. These companies have developed advanced vehicles that conform to environmental regulations while providing efficient transportation solutions. They also offer services such as repair and maintenance, fleet management, and driver training to maximize the performance of their vehicles.
The 6*4 terminal tractor segment Type Emerges as the Most Lucrative Segment
Due to its higher efficiency and cost-effectiveness when compared to other varieties, the 6*4 terminal tractor category is predicted to develop the most throughout the projection period. This type of vehicle is best suited for applications such as ports, distribution centers, and other places where the transfer of semi-trailers is a requirement.
The Most Popular Application Segment is the ports
The ports category is predicted to develop the most throughout the projection period, owing to increased freight and container traffic. Terminal tractors are used for loading and unloading of containers in ports, thus driving the demand for these vehicles. Additionally, government initiatives such as subsidies and tax incentives have further propelled the growth of this segment.
The Asia Pacific (APAC) region to render Adequate Financing Avenues
The Asia Pacific area is predicted to develop the most throughout the projection period, owing to increased container traffic and government measures such as subsidies and tax breaks. Furthermore, the presence of significant players in this area is fueling market expansion.
COVID-19 Impact and Market Status
The COVID-19 pandemic has had an adverse effect on the terminal tractor market, due to decreased container traffic and international trade. Moreover, the stringent lockdowns imposed by governments have also hampered the growth of this market. Despite these challenges, companies are offering online services and contactless deliveries to gain customer confidence, which is expected to drive the market’s growth in the near future. due to online services and contactless deliveries offered by companies. Government initiatives such as subsidies and tax incentives are further propelling the demand for these vehicles.
Recent Developments in the “Terminal Tractor” Market
• In 2019, Doosan Bobcat launched the DX190W-5 wheeled terminal tractor that offers superior performance, durability, and operator comfort. The company also upgraded its fleet of vehicles with the addition of advanced features such as telematics system and auto-idle systems.
• In 2020, CNH Industrial N.V. launched the New Holland T3F terminal tractor series that provides high efficiency, low operating costs, and improved safety features. In 2021, JOST International GmbH launched its new range of terminal tractors that offer superior performance, durability, and flexibility for customization.
Terminal Tractor Market Scope
|Revenue forecast in 2031
|USD 5 billion
|CAGR of 4.5% during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Doosan Bobcat, Hubei Hanglong Technology Co. Ltd., CNH Industrial N.V., Kalmar, STRICK Corporation, Konecranes, and Oshkosh Corporation.
Key Segment of Global Terminal Tractor Market
By Type Overview 2021-2031, (USD Billion)
By Application Overview 2021-2031, (USD Billion)
• Distribution Centres
By Region Overview 2021-2031, (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa