Terminal Tractor Market to Expand 1.4X by 2030, Decline in Sales Predicted during COVID-19 Pandemic, Projects Fact.MR
Published : 17 Aug 2020 Industry: Industrial Goods
Technological advancements such as electrification of terminal tractors and integration of Internet of things (IoT), coupled with rising demand for automation at port terminals, warehouses, and distribution centers, are expected to fuel the adoption of terminal tractors. Further, rising international trade activities are encouraging users to opt for terminal tractors to boost work efficiency and reduce human error. This, in turn, will pave the way for significant opportunities for terminal tractor manufactures, globally.
The global terminal tractor market is expected to create an absolute dollar opportunity of US$ 235 Mn by the end of the forecast period (2020-2030), and surpass a market value of US$ 875 Mn by 2030.
Key Takeaways from Terminal Tractor Market Study
- By fuel, conventional fuel terminal tractors are set to hold a share-wide market dominance with over 90% of the total market value by the end of forecast period.
- By end use, port terminals are projected to expand at a value CAGR of 3% and be valued 2.8X more than intermodal facilities by the end of 2020.
- By ownership, the industrial and commercial segment is anticipated to expand 1.4X by gaining 90 BPS over the course of the forecast duration.
- The terminal tractor market in East Asia is expected to grow the fastest by experiencing a value CAGR of over 4%, whereas, North America is projected to be valued 2.3X than East Asia and account for a major chunk of the demand pie by the end of the forecast period.
“Suspension of manufacturing and logistics activities amidst the COVID-19 pandemic will lead to short-term implications on the demand for terminal tractors.However, the market is set to regain traction over the coming years, owing to revolution in the retail sector, emergence of e-Commerce platforms, and increase in seaborne trade activities, which will create high demand for terminal tractors across the world,”says a Fact.MR analyst.
Strategic Agreements to Remain Key Strategy in Terminal Tractor Market
Key players in the terminal tractor market are Kalmar Inc., REV Group Inc. Terberg Group B.V., Konecranes Oyj, MAFI Transport-System GmbH, CVS Ferrari, Volvo AB, Hoist Material Handling, Inc., Mol CY nv., TICO Terminal Services, and AUTOCAR LLC., among others. Prominent players are continuously focusing on maintaining agreements with several clients to expand their global footprints. Through such agreements, companies are focusing on broadening their customer base and gaining a competitive edge over other players. For instance,
- In 2020, Kalmar Inc., entered into an agreement with Australian company Nyrstar for the supply of heavy terminal tractors. Through this agreement, the company will supply 3 terminal tractors - TR618i, which are designed for moving heavy loads in any condition and also comply with EU Stage V emission norms.
- In 2020, Terberg Group entered into an agreement with the Port of Helsingborg, a Swedish container specialist, for the supply of YT203-EV electric terminal tractors. These electric terminal tractors will have a battery pack capacity of 222 kWh, which will enable the port to save on maintenance and diesel.
Find More Valuable Insights on Terminal Tractor Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global terminal tractor market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges compelling insights on the terminal tractor market based on fuel (conventional fuel [below 200 HP and above 200 HP], alternative fuel [below 200 HP and above 200 HP], and electric), end use (port terminals, intermodal facilities, and others), product (conventional and automated), and ownership (rental and industrial & commercial), across seven regions.
About the Industrial Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed indusrial goods industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.