Trailer Terminal Tractor Market 2023 is projected to surpass US$ 650 Mn by 2027

The trailer terminal tractor is designed specifically to be used at ports, container terminals, distribution and logistics centres, and industrial sites. Terminal tractors work effectively and efficiently, possess fast turnaround time, low operating cost, excellent maneuverability, high reliability, and offer unique comfort and easily accessible service points. Stringent environment legislation has prompted terminal tractor manufacturers to develop more refined diesel engines. Furthermore, development of the electric terminal tractor is a major factor that is likely to drive the trailer terminal tractor market during the forecast period. Infrastructure development, adoption of trailer terminal tractor in warehouse management, and increasing use of trailer terminal tractor in the metal industry are likely to offer significant opportunities to the trailer terminal tractor market during the forecast period.

trailer terminal tractor market

The top 20 major global seaports handled approximately 9.3 billion tons of cargo in 2017, as compared to 8.9 billion tons handled in 2016. Furthermore, according to the UNCTAD (United Nations Conference on Trade and Development), nearly 752.2 million TEUs (20-foot equivalent unit) moved at container ports across the world in 2017, which indicates an increase in sea port activities. Increased cargo handling coupled with economic growth across the globe, upcoming infrastructure development plans, and growth of the global economy are key factors that are anticipated to fuel sea port activities, which in turn is likely to drive the trailer terminal tractor market during the forecast period. Advancements in the trailer terminal tractor, such as liquefied natural gas (LNG) powered terminal tractors, electric terminal tractors, and autonomous terminal tractors that comply with carbon emission regulations, are projected to propel the trailer terminal tractor market during the forecast period.

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The global trailer terminal tractor market has been segmented based on by fuel, tonnage, trailer axle, end-use industry, technology, and region. Stringent emission norms have led to the development of electric trailer terminal tractor and the LNG powered engine. Governments across the globe are enacting stringent emission norms in order to reduce vehicle emission at ports and other places. Several manufacturers, such as Kalmar and Terberg, showcased their fully electric terminal tractors in 2018 and hence, the BEV segment is expected to expand exponentially during the forecast period.

Rising adoption of technology and automation in order to reduce human error and boost work efficiency is likely to prompt the adoption of autonomous tractors at a significant pace. However, the diesel powered trailer terminal tractor segment held a major share; however, the adoption of electric and LNG fuel based trailer terminal tractors is likely to increase during the forecast period, owing to stringent emission norms by sea port authorities along with emission regulatory bodies. Industries in North America extensively utilize terminal tractors owing to the presence of a prominent logistics industry in the region. However, port is the leading segment of the market in all regions across the globe. The above 100 tons segment is expanding at a sluggish pace owing to its very high load carrying capacity, which has limited applications. The between 50 to 100 tons segment is expanding a more rapid pace than the other segments, and is likely to hold a notable share of the market by end of the forecast period.

Prominent regions considered for the analysis include North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Regional level breakdown has been conceded out on the basis of vehicle production, adoption rate, GDP, presence of roof manufacturers and society demand. Application of a large number of the trailer terminal tractors in the logistics industry led North America to account for a major share of the market in 2018. Presence of all major manufacturers in the region make terminal tractors highly popular and hence, the adoption of terminal tractors in the region has been rising significantly in the last few years. It is expected to rise during the forecast period. Awareness among industrialists about terminal tractors is a key factor behind the rapid expansion of the trailer terminal tractor market in the region. The rate of adoption of the terminal tractors in North America is rising at a rapid pace, as compared to other regions of the globe. Industries in North America extensively utilize terminal tractors owing to the presence of a prominent logistics industry in the region.

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Key companies present in the global trailer terminal tractor market are anticipated to gain benefit from new product development with other global players involved in the development of trailer terminal tractor. Major players operating in the global trailer terminal tractor market include AB Volvo, AUTOCAR, LLC., BYD Company Limited, CAPACITY TRUCKS, CARGOTEC (Kalmar), CVS FERRARI S.P.A., Hoist Liftruck Mfg., LLC, Konecranes, MAFI Transport Systems GmbH, Mol CY nv, Orange EV, SINOTRUK (HONG KONG) LIMITED, TERBERG SPECIAL VEHICLES, and TICO TRACTORS.

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