Terminal Tractor Market Share, Size, Trends, Industry Analysis Report, By Propulsion Type (Diesel, Electric, Hybrid, and CNG); By Type; By Application; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 118
- Format: PDF
- Report ID: PM3087
- Base Year: 2023
- Historical Data: 2019-2022
The global terminal tractor market was valued at USD 835.67 million in 2023 and is expected to grow at a CAGR of 4.60% during the forecast period. The rising shipment of variety of materials, warehousing, and related logistic activities across several industries including food & beverage, pharmaceuticals, and automotive industries coupled with the growing migration form conventional material handling practices to new and more advanced ones, as a result of high infrastructure modernizations are key factors influencing the growth of the global market.
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In addition, standards for reducing emissions and stringent government norms are further creating potential room for the terminal tractor suppliers. Thus, numerous vendors are highly implementing on the upgradation of existing diesel engines to map the pollution grades and norms.
For instance, in June 2022, Orange EV, introduced its latest third-generation electric terminal tractor, that is mainly designed to easily integrate with autonomous controls and improved features sensing, optional IntelliBoom package, and remote diagnostic capabilities. The electric tractor comes with a top speed of up to 40 Km/h and a battery capacity of 100 kWh.
Furthermore, rapid shift in consumer focus towards the e-commerce platforms worldwide is offering lucrative opportunities for the manufacturers of terminal tractors for then applicability of their products in logistics and distribution handling. Various e-commerce businesses across the globe are seeking for cost-effective solutions to shorten delivery times and handle massive orders easily. For minimizing the turnaround time at the distribution centers, a rise in the online sales is likely to necessitate the use of terminal tractors for loading and unloading products.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the terminal tractor market. The rapid spread of deadly coronavirus around the world causing high disruptions in trading activities, logistics, production, and also in supply chains, that resulted in geopolitical uncertainties and limited the growth of the market. Moreover, lockdowns across many countries have further impacted the transportation, freight, and among others due to the shortage of labors and temporary border closures.
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The significantly growing business conditions and high investments in the manufacturing sector especially in emerging economies and continuous rise in the vehicle manufacturing in the Asian countries are key driving factors expected to drive the demand and growth of the market over the anticipated period. On the other hand, the growing awareness among industry users regarding the benefits of the terminal tractors such as low maintenance, increased productivity, and significant energy savings, is resulting in high demand for terminal tractors worldwide.
Furthermore, need to change the fluids and filters continuously or on a regular basis in diesel terminal tractors, is a major factor forcing users to shift towards the battery-powered electric terminal tractors, as this type of maintenance is far far less necessary in them, which in turn, boosting the demand for electric terminal tractors and creating ample growth opportunities for the market.
The market is primarily segmented based on propulsion type, type, application, and region.
By Propulsion Type
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Diesel segment accounted for the largest market share in 2022
The diesel segment accounted for highest market share in 2022, and is expected to grow at considerable growth rate over the coming years, owing to the high installation of diesel engines in majority of terminal tractors owing to its high-power efficiency and affordable cost. Moreover, growing focus on the enhancements of earlier model disadvantages like higher noise and maintenance costs, and introduction to more rugged and reliable diesel engine-based terminal tractors by key market companies is furling the growth of the segment market.
Furthermore, hybrid segment is expected to register a positive growth rate during the anticipated period, as these types of tractors are mainly equipped with diesel engine along with the regenerative storage system, which significantly increases it fuel efficiency by 40-50% and further reduces the greenhouse gases emissions. Additionally, high demand for electric equipment mainly in developed countries like US and Germany due to the presence of well-established and robust electricity grid, is likely to contribute significantly to the segment growth.
The automated segment is likely to witness significant market growth
Automated segment is mainly accelerated by increasing focus on the electrification and automation of existing terminal tractors with the use of highly innovated technology that helps to enhance productivity, lower the environmental impact, and further provides economical operations. This is programmed vehicle, same as the un-manned ground vehicles, also it can adjust its own position & can also take decision regarding speed and avoid hurdles on its own, which results in higher traction and penetration around the world.
The manual segment leads the market in 2021 with a holding of maximum market revenue share owing to its wide utilization in an array of operations and have gained significant popularity as they these tractors can work even if the machines are not perfectly performing or not in perfect condition.
Material handling segment held the significant market share in 2022
The material handling segment held the largest market share with a holding of significant share in 2022 owing to its numerous advantages like high efficiency for picking and transportation operations of variety of goods including stacked, unstacked, and roller caged goods. In addition, many companies across the world are looking for the upgradation and modernizing their production process, that significantly requires the efficient material handling equipment along with the high demand for flexible and transparent supply chain and warehouse related operation, that is likely to have positive impact on the segment growth over the next coming years.
RoRo terminals segment is projected to grow at considerable growth rate throughout the anticipated period due to its ability to work on very slippery surfaces and deliver loads effectively through a ramp into the ferries or any other form of transport. Moreover, wide adoption of RoRo tractors among large port facilities globally as it exceeds the strictest requirements in terms of comfort, productivity, and easy handling is positively impacting the growth of the segment.
The North America region dominated the global market in 2022
North America region led the terminal tractors market in 2022 with a holding of significant market share due to the availability of vast industrial base including automobile production, aerospace & military, and industry verticals along with the growing traffic volume at several terminals in countries like Unites States and Canada. In addition, several industry users in the region have stated recognizing the long-term benefits related to the terminal tractors, as they ensure substantial energy savings and low maintenance requirement, which is anticipated to increase the demand across the region.
Furthermore, Asia Pacific is registered the highest growth in global market over the study period, which is mainly driven by high adoption rate of innovated automation technologies and equipment with the increased productivity levels. In APAC, growing trade activities and access to recreation opportunities coupled with the rapid shift towards e-commerce platforms is also propelling the growth and demand in the near future.
Key players in the global terminal tractor market include Terberg Special Vehicles, Capacity Trucks, TICO Tractors, AB Volvo, Kalmar, Terminal Investment Corporation, Autocar LLC, Hyster-Yale Group, MAFI Transport, REV Group, Konecranes, CVS Ferrari, SANY Group, Kalmar, and Hoist Liftruck.
- In January 2022, Kalmar, entered into a strategic partnership with the Coast Autonomous Inc., with an aim to speed up the development and launch of advanced robotic solutions. With the joint agreement, Kalmar product portfolio will be expanded with intelligent, flexible, and autonomous solutions designed for safety, higher productivity, and eco-efficiency of cargo and material handling across terminals and ports.
- In December 2021, Cummins, unveiled its new EV powertrain for the terminal tractors named PowerDrive 8000 system. The new powertrain is mainly designed for this tractor to meet the required duty cycle & specific power requirements. It can also easily handle the variety of vehicle configurations that supports vehicle weighs ranging from 80,000 lbs. to 195,000 lbs.
Terminal Tractor Market Report Scope
Market size value in 2024
USD 871.52 million
Revenue forecast in 2032
USD 1,245.08 million
4.60% from 2024 – 2032
2019 – 2022
2024 – 2032
Revenue in USD million and CAGR from 2024 to 2032
By Propulsion Type, By Type, By Application, By Region
North America, Europe, Asia Pacific, Latin America; Middle East & Africa
Terberg Special Vehicles, Capacity Trucks, MAFI Transport-Systeme GmbH, TICO Tractors, AB Volvo, Kalmar, Terminal Investment Corporation, Autocar LLC, Hyster-Yale Group Inc., REV Group Inc., Konecranes Oyj, CVS Ferrari S.p.A., SANY Group, Kalmar, and Hoist Liftruck.
The global terminal tractor market size is expected to reach USD 1,245.08 Million by 2032.
Key players in the terminal tractor market are Terberg Special Vehicles, Capacity Trucks, TICO Tractors, AB Volvo, Kalmar, Terminal Investment Corporation, Autocar LLC, Hyster-Yale Group, MAFI Transport, REV Group.
North America contribute notably towards the global terminal tractor market.
The global terminal tractor market expected to grow at a CAGR of 4.5% during the forecast period.
The terminal tractor market report covering key segments are propulsion type, type, application, and region.