Terminal Tractor Global Market Trends

Terminal Tractor Global Market Trends

The global terminal tractor shipment witnessed a growth of 6.2% in 2023 as compared to the previous year, resulting in a market size of 14.48 thousand units. In the forthcoming years, emerging markets are poised to experience greater potential for volume growth, while developed markets will be at the forefront of technological innovations. These innovations include automation, AI-based analytics, electrification, and transformative business models such as comprehensive yard management solutions. It is anticipated that the global terminal tractor market will witness a CAGR of 7.7% (in sales value terms) during the forecast period, leading to a projected value of USD 1.14 billion by the year 2028.

The drive to attain sustainability and meet greenhouse gas (GHG) and other emission targets will propel the uptake of electric powertrains in developed markets, where Europe and the United States have already implemented stringent regulations. It is anticipated that by 2028, there will be a marked increase in the adoption of electric and other zero-emission technology-based terminal tractors. Furthermore, over the next decade, the autonomous terminal tractor market is expected to evolve and gain momentum due to the potential for cost savings from reduced driver expenses, enhanced efficiency, improved safety, decreased fuel consumption through consistent driving and minimized idling, and increased operational efficiency achieved by avoiding downtime between shifts.

This report provides a comprehensive analysis of the terminal tractor market from 2022 to 2028, segmented by region. The regions covered in this report include the USA, Europe, China, India, and the Rest of the World. India emerged as the top performer in 2023, recording a remarkable revenue growth of 19.4% from the previous year and attaining a revenue of USD 3.7 million. USA was the primary revenue contributor, accounting for 38.2% of the sales value share in 2023.

Significant innovations in electrification, automation, yard management solutions, and autonomous terminal tractors are anticipated in the terminal tractor segment. While advanced data analytics and intelligent yard management systems (YMSs) are already gaining momentum in developed markets, this trend has yet to gain traction in developing markets.

The key players operating in the global terminal tractor market include Autocar, LLC, Anhui Heli Co., Ltd., BYD Co., Ltd., Capacity Trucks, Inc., Cargotec Corporation (Kalmar), CVS Ferrari S.p.A., DINA S.A., Gaussin Group, Hoist Material Handling, Inc., Hyster-Yale Materials Handling, Inc., Konecranes Oyj, Linde Material Handling GmbH, MAFI Transport-Systeme GmbH, Mol Cy NV, Orange EV, SANY Group, The Royal Terberg Group B.V., TICO, XCMG Group, among others. Prominent industry players are expected to employ inorganic growth strategies, including forming strategic partnerships with start-ups, engaging in joint ventures, and executing mergers and acquisitions. This will facilitate the consolidation of market share and technological innovation within the industry. Additionally, start-ups will play a significant role in disrupting the sales ecosystem by introducing specialized products and solutions tailored to specific needs. This trend is projected to gradually gain momentum and steadily reshape the industry landscape.