Global Terminal Tractor Market Size To Exceed USD 1,289 Million By 2032 | CAGR of 5.6%
The Global Terminal Tractor Market Size was valued at USD 746 Million in 2022 and the Worldwide Terminal Tractor Market Size is expected to reach USD 1,289 Million by 2032, according to a research report published by Spherical Insights & Consulting. Companies Covered:Konecranes, Capacity Trucks, Terberg Special Vehicles, Kalmar, TICO Tractors, Hyster-Yale Group, Hoist Liftruck, Sany Group, CVS Ferrari, Toyota Material Handling, Jungheinrich, Crown, Equipment Corporation, Orange EV and other key venders.
New York, United States, Nov. 10, 2023 (GLOBE NEWSWIRE) — The Global Terminal Tractor Market Size is to grow from USD 746 Million in 2022 to USD 1,289 Million by 2032, at a Compound Annual Growth Rate (CAGR) of 5.6% during the projected period.
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A terminal tractor is a special-purpose vehicle used to haul semi-trailers across the grounds of a manufacturing plant, warehouse, receiving facility, or container station. Terminal tractors play a vital role in a number of sectors. They look like massive freight lorries seen on the road. Terminal tractors, on the other hand, are only meant to be used in close proximity to a cargo plot or hayloft. These tractors provide great mobility, quick turnaround times, unrivaled dependability, and the ability to efficiently carry huge objects. Because of their higher mobility, terminal tractors are three to ten times more productive than truck transportation when moving trailers and/or containers, especially in tight spaces. The growing demand for efficient cargo transportation at ports, terminals, and logistics facilities has bolstered the global terminal tractor market. Terminal tractors are crucial in optimizing procedures, decreasing delays, and maximizing the transfer of products due to the increasing volume of freight transportation globally. The growing demand for efficient cargo transportation at ports, terminals, and logistics facilities has bolstered the global terminal tractor market. Terminal tractors are crucial in optimizing procedures, decreasing delays, and maximizing the transfer of products due to the increasing volume of freight transportation globally. Furthermore, significant end-user groups and terminal tractor manufacturers place a high premium on the research and development of low-emission, higher-efficiency terminal tractors, as well as their adoption.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on “Global Terminal Tractor Market Size, Share, and COVID-19 Impact Analysis, By Type (Manual, Automated), By Propulsion (Diesel, Electric, Hybrid, CNG), By Tonnage (Less than 50 Ton, 50-100 Ton, and More than 50 Ton), By Application (Airport, Marine Port, Oil & Gas, Warehouse & Logistics, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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The manual segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global terminal tractor market is segmented into the manual and automated. Among these, the manual segment is dominating the market with the largest revenue share of 83.6% over the forecast period. Human operators work through the shortcomings of each piece of equipment or control irregularities in operational procedures, allowing manual terminal tractors to operate even when machines cannot perform optimally.
The hybrid segment is witnessing significant CAGR growth over the forecast period.
On the basis of propulsion, the global terminal tractor market is segmented into diesel, electric, hybrid, and CNG. Among these, the hybrid is witnessing significant CAGR growth over the forecast period. These terminal tractors are powered by a diesel engine and use renewable energy storage technology to reduce fuel consumption and pollution. The use of hybrid technology is projected to improve vehicle fuel efficiency. Several companies are developing or have already constructed hybrid terminal trucks.
The more than 50 Ton segment is expected to hold the largest share of the Global Terminal Tractor Market during the forecast period.
Based on the tonnage, the global terminal tractor market is classified into less than 50 Tons, 50-100 Tons, and more than 50 Tons. Among these, the more than 50 Ton segment is expected to hold the largest share of the terminal tractor market during the forecast period. A number of businesses offer terminal tractors with differing tonnages. Empty containers are organized at port terminals and in logistics business operations with terminal tractors with payload capacities of 50 tonnes.
The warehouse & logistics segment accounted for the largest revenue share of more than 41.7% over the forecast period.
On the basis of application, the global terminal tractor market is segmented into airports, marine ports, oil & gas, warehouse & logistics, and others. Among these, the warehouse & logistics segment is dominating the market with the largest revenue share of 41.7% over the forecast period. Terminal tractors are specially designed vehicles for hauling and transferring large trailers and containers in business environments such as airports, seaports, warehouses, and logistics facilities. To assist the user, these gadgets incorporate cutting-edge technologies and inventive designs.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 38.7% market share over the forecast period. E-commerce is the fastest growing business and a primary driver of North America’s massive demand for these vehicles. Furthermore, the terminal tractor market in the United States is predicted to grow because of the introduction of sophisticated technology and automation, as well as increased labor productivity and fewer human error. On the contrary, Asia Pacific is predicted to grow the fastest during the forecast period. The market’s expansion can be attributable to increased demand for terminal tractors in the storage and transportation industries.
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Terminal Tractor Market include Konecranes, Capacity Trucks, Terberg Special Vehicles, Kalmar, TICO Tractors, Hyster-Yale Group, Hoist Liftruck, Sany Group, CVS Ferrari, Toyota Material Handling, Jungheinrich, Crown, Equipment Corporation, Orange EV, and sevral others.
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- On June 2023, Aidrivers, a global leader in AI-enabled autonomous solutions for industrial mobility, has partnered with Ashok Leyland to develop an electric terminal truck for port operations. This will be India’s first autonomous electric terminal truck for port operations, contributing to the port industry’s need for economical, sustainable autonomous mobility.
- In December 2022, FERNRIDE, a pioneer in autonomous transportation, and TERBERG, the industry leader in terminal tractors, have announced a collaboration to develop a CE-certified automated terminal tractor for commercial production. This solution has both teleoperated and autonomous driving capabilities, allowing for a seamless and gradual transition to full autonomy with human-in-the-loop.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Terminal Tractor Market based on the below-mentioned segments:
Terminal Tractor Market, Type Analysis
Terminal Tractor Market, Propulsion Analysis
Terminal Tractor Market, Tonnage Analysis
- Less than 50 Ton
- 50-100 Ton
- More than 50 Ton
Terminal Tractor Market, Application Analysis
- Marine Port
- Oil & Gas
- Warehouse & Logistics
Terminal Tractor Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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