Terminal Tractor Market Analysis and Forecast to 2031: By Propulsion (Diesel, Electric, and Others), Drive (4*2, 4*4, 6*4), Tonnage (Less than 50 Tons, 50-100 Tons, More than 100 Tons), Application (Material Handling, Logistics & Distribution, Others), En

Terminal Tractor Market Analysis and Forecast to 2031: By Propulsion (Diesel, Electric, and Others), Drive (4*2, 4*4, 6*4), Tonnage (Less than 50 Tons, 50-100 Tons, More than 100 Tons), Application (Material Handling, Logistics & Distribution, Others), End-user (Marine, Airports, Retail, Others), Type (Manual, Automated), and Region

The terminal tractors market size was USD 1,621.8 million in 2021 and is anticipated to reach USD 2,389.2 million in 2031, growing at a rate of 3.8% from 2022 to 2031.

A terminal tractor is a vehicle used to move trailers around a terminal, yard, or warehouse. Terminal tractors are designed to move trailers with ease and are equipped with various features to make the job easier, such as a fifth wheel to connect to trailers, a lifting deck to load and unload trailers, and a variety of other features. Terminal tractors are an essential part of any operation that needs to move trailers around, and they can be found in a variety of sizes and configurations to suit any need.

Global Terminal Tractors Market Scope and Report StructureMarket Trends

The key trends in Terminal Tractor technology are more automation and integration with other systems. This includes features such as automatic loading and unloading, GPS tracking, and automated routing.

There is also a trend towards electric vehicles, which offer a number of advantages over traditional diesel-powered models.

Market Drivers

The key drivers of the Terminal Tractor market are expected to be the increasing demand for efficient and cost-effective transportation solutions, the need for better connectivity and coordination between different modes of transportation, and the need for improved safety and security.

In addition, the introduction of a range of exclusive features in terminal tractors will augment terminal tractors market growth. Low fuel expenses and adequate power supply have made terminal; tractors a preferred choice among a number of different sectors.  Moreover, port automation has enhanced the importance of these tractors even more. The fact that these tractors can automatically gather, store, and load containers has resulted in better and enhanced productivity.

Besides, rising demand from e-commerce and logistics industries will augment the terminal tractors market growth during the forecast period. To compete in the market, prominent e-commerce companies are looking to store big numbers of products in their warehouses and are working on improving order accuracy, same-day or same-hour delivery, and free returns. Additionally, e-commerce businesses are continually looking for low-cost strategies to speed up deliveries and manage large volumes. Hence, increased e-commerce sales will necessitate the use of more terminal tractors for loading and unloading goods in order to reduce turnaround time at distribution sites. This would, consequently, drive the demand for terminal tractors market during the forecast period.

Market Restraints & Challenges

The key restraints and challenges in the Terminal Tractor market include the need for skilled operators, the high cost of ownership, and the lack of standardization.

The need for skilled operators is a major challenge for the Terminal Tractor market. Terminal Tractors are complex machines that require a high level of training and experience to operate. The lack of skilled operators is a major bottleneck for the growth of the Terminal Tractor market.

The high cost of ownership is another major challenge for the Terminal Tractor market. Terminal Tractors are expensive machines, and the cost of ownership can be prohibitive for many businesses.

The lack of standardization is another challenge for the Terminal Tractor market. There is no standardization among manufacturers, and this lack of standardization makes it difficult for customers to compare products and choose the best Terminal Tractor for their needs.

Terminal Tractors Market Segmental Overview

The Terminal Tractors market has been segmented into propulsion, application, tonnage, drive, type, end-user, and region.

Terminal Tractors Market by Propulsion

Based on propulsion it is segmented into diesel, electric, and others. The electric terminal tractors segment is anticipated to exhibit the fastest growth during the forecast period. This is attributed to its characteristics such as energy efficiency, easy maintenance, lesser moving parts, and less pollution.

Terminal Tractors Market by Tonnage

Based on tonnage, the market is segmented into less than 50 tons, 50-100 tons, and more than 100 tons. By volume, the less than 50 tons generated the largest share of the market. Terminal tractors that fall below 50 tons (also known as light-duty terminal tractors) are mainly used in applications such as distribution & logistics centers, ports, and industrial sites. These types of tractors are fuel-efficient and can handle a variety of cargo weights.

Terminal Tractors Market by Application

On the basis of application it is segmented into material handling, logistics and distribution, and others. In 2021, the logistics and distribution segment garnered the majority of the share of the market.

Terminal Tractors Market by Drive

On the basis of drive, the market is segmented into 4*2, 4*4, and 6*4. The 4*2 segment accounted for the largest market share in 2021, and it is expected to be the fastest-growing segment during the forecast period. 4x2 terminal tractor is suitable for warehousing & distribution centers, industrial, container, and intermodal handling. The benefits of 4*2 drive mode are better weight balance allows for better handling of the truck, higher towing capacity due to lighter weight, better fuel economy, and lower insurance costs.

Terminal Tractors Market by Type

Based on type, the market is bifurcated into automated and manual. The manual segment accounted for the largest market share in 2021, and automated segment is expected to be the fastest-growing segment during the forecast period. The fully automated terminal tractor performs autonomous operations alongside other trucks, vehicles, and pedestrians in a mixed-traffic container terminal environment.

Terminal Tractors Market by End-User

On the basis of end-user, the market is segmented into marine, railways, retail, and others. The retail segment accounted for the largest market share in 2021 by volume, and others segment is expected to be the fastest-growing segment during the forecast period.

Terminal Tractors Market by Region

Region-wise, the market is analyzed across North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW). Amongst these, North America was the dominant market in 2021. Besides, Asia-Pacific is expected to be the fastest-growing region during the study period. North America along with Europe is anticipated to grow at a moderate pace. In contrast, emerging regions such as Latin America and the Asia-Pacific are projected to exhibit at a faster rate and will contribute significant revenues to the global terminal tactors market in the near future. The high manufacturing capacity of terminal tactors in the North America and Europe, is driving the growth of the market. Throughout the study period, prominent players are anticipated to witness remunerative opportunities in several nations of the Asia. This is attributed to the growing demand from marine and retail distribution sectors in these regions.

COVID-19 Analysis

The novel coronavirus caused a massive impact on the lives of people and the overall community in 2020. It originated as a crisis to human health and posed a substantial threat to worldwide trade, economy, and finance. In addition, manufacturing, mining, and construction supply chains are striving on a worldwide scale to keep pace with the quick transmission of the virus. Further, the COVID-19 pandemic has halted the production of terminal tractors, due to prolonged lockdown in countries such as the U.S., China, India, Japan, and Germany among others. This has hindered the development of the terminal tactors market significantly over the past two years. Further, the demand for terminal tactors market plummeted during COVID owing to the decline in the retail sector and manufacturing sector globally.

Major Players in the Terminal Tractors Market

The Terminal Tractor Market includes players such as Autocar LLC, BYD Motors Inc., Cargotec (Kalmar), Konecranes Oyj, Hyster-Yale Group, Inc., MAFI Transport System GmbH, MOL Transport Solutions (MOL CY NV), Orange EV, REV Group Inc. (Capacity Trucks), SANY, SHACMAN, SINOTRUK, Terberg Special Vehicles, and TICO Tractors.

Recent Developments

• In June 2022, Orange EV, announced the launch of the e-TRIEVER brand for its Model Year 2022 all-electric terminal trucks. The e-TRIEVER builds on the outstanding foundation of the T-Series while maintaining Orange EV's dedication to innovation and producing vehicles that satisfy the demanding demands of heavy-duty, commodities-moving operations. In 2015, Orange EV commercialized their first all-electric yard truck. Orange EV is acknowledged as the premier manufacturer of Class 8 electric vehicle solutions after five million miles, 1.5 million hours, and 400 trucks.
• In June 2022, DP World received the first all-electric terminal tractor at a British port in a significant step forward in greening the UK logistics sector.
• In December 2021, Cummins releases new electric powertrain such as PowerDrive 8000 system for terminal tractors. Also, Cummins and Kalmar will together offer battery-electric terminal tractors globally.
• In May 2021, TICO Manufacturing, one of the world's fastest-growing terminal tractor manufacturers, unveiled a newly revamped cab for its 2018 terminal tractor models during the company's annual North American Dealer Meeting in Savannah, Georgia.

Terminal Tractors Market Report Coverage

• The report offers a comprehensive quantitative as well as qualitative analysis of the current global terminal tractors market outlook and estimations from 2021 to 2031, which helps to recognize the prevalent opportunities.
• A thorough analysis of market trends and restraints is provided.
• Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
• The forecasts in this report are made by examining the recent trends along with future terminal tractors market potential from 2021 to 2031 in terms of revenue ($Million) and volume (Units).
• Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, Ecosystem analysis, Pricing analysis, and PESTLE analysis of the terminal tractors market are also analyzed.
• Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global terminal tractors industry. In addition, the report covers production data (units) of the major players operating in the market.

Frequently Asked QuestionsQ. How big is the terminal tractors market?Ans. The terminal tractors market size was USD 1,621.8 million in 2021 and is anticipated to reach USD 2,389.2 million in 2031, growing at a rate of 3.8% from 2022 to 2031.Q. What is the terminal tractors market growth rate?Ans. The growth rate of the terminal tractors market is 3.8% from 2022 to 2031 by revenue.Q. Which region holds a major market share for the terminal tractors market?Ans. North America holds a major market share of the terminal tractors market in 2021.Q. Which segment accounted for the largest terminal tractors market share?Ans. By propulsion, the diesel segment accounted for the largest terminal tractors market share.Q. Who are the key players in the terminal tractors market?Ans. The key players profiled in the report are Autocar LLC, BYD Motors Inc., Cargotec (Kalmar), Konecranes Oyj, Hyster-Yale Group, Inc., MAFI Transport System GmbH, MOL Transport Solutions (MOL CY NV), Orange EV, REV Group Inc. (Capacity Trucks), SANY, SHACMAN, SINOTRUK, Terberg Special Vehicles, and TICO Tractors.Q. What are the factors driving the terminal tractors market growth?Ans. The major factors driving the growth of the market are the rise in demand for electric terminal tractors and automation at ports and distribution centers globally.Q. What are the key growth strategies of terminal tractors market players?Ans. The key growth strategies of terminal tractors market players are product launch and acquisition.Q. Which region will provide more business opportunities for the terminal tractors market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the terminal tractors market during the forecast period.

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