Global Terminal Tractor Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

The terminal tractor market consists of sales of fuel cell terminal tractors, hydrogen fuel cell-powered terminal tractors, and multi-modal terminal tractors. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Sizing and Forecast

The terminal tractor market size has grown strongly in recent years. It will grow from $0.90 billion in 2023 to $0.95 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to increased demand for efficient logistics and supply chain solutions, rapid growth in e-commerce, significant investments in port and intermodal infrastructure projects, growth in international trade activities, replacement of aging fleets with newer, more efficient models by logistics companies and port operators, shortages in manual labor drove the adoption of automated and semi-automated terminal tractors to maintain operational efficiency.

The terminal tractor market size is expected to see strong growth in the next few years. It will grow to $1.19 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to the ongoing development and deployment of autonomous terminal tractors, increasing focus on sustainability and reducing carbon footprints, efforts to optimize global supply chains for efficiency and cost-effectiveness, ongoing expansion and modernization of port facilities, government incentives and subsidies for adopting clean and efficient technologies, rising urbanization and industrialization in developing regions. Major trends in the forecast period include integration of technologies such as IoT, AI, and machine learning for predictive maintenance and fleet management, growing adoption of electric and hybrid terminal tractors, development of smart ports with advanced infrastructure, ongoing fleet modernization programs, wider adoption of telematics systems for enhanced vehicle tracking.

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Segmentation & Regional Insights

The terminal tractor market covered in this report is segmented –

1) By Type: Manual, Automated
2) By Propulsion: Diesel, Compressed Natural Gas (CNG), Hybrid, Electric
3) By Tonnage: Less Than 50 Ton, 50-100 Ton, Greater Than 100 Ton
4) By Axle: 4×2, 4×4, 6×4
5) By Application: Airport, Marine, Oil And Gas, Warehouse And Logistics, Food And Beverages, Rail Logistics

North America was the largest region in the terminal tractor market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the terminal tractor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The increase in e-commerce sales is expected to propel the growth of the terminal tractor market going forward. E-commerce refers to buying and selling goods and services over the internet, typically through websites and online platforms. The increase in e-commerce sales is driven by convenience, wider product selection, competitive pricing, and shifting consumer preferences towards online shopping. Terminal tractors are used in e-commerce for efficiently transporting trailers and containers within logistics hubs and distribution centers to facilitate fast and organized order fulfillment. For instance, in May 2024, according to the United States Census Bureau, a US-based government agency, U.S. retail e-commerce sales for the first quarter of 2024, after adjusting for seasonal variation, reached $289.2 billion, marking a 2.1 percent (±0.7%) increase compared to the fourth quarter of 2023. Therefore, the increase in e-commerce sales is driving the growth of the terminal tractor market.

Key Industry Players

Major companies operating in the terminal tractor market are BYD LLC, Volvo AB, Sany Heavy Industry Co. Ltd., Kalmar India Pvt Limited, Konecranes Plc, Hyster-Yale Inc., REV Group Inc., Autocar LLC, The Royal Terberg Group B.V., TICO Tractors, Orange E.V. LLV, Linde Material Handling GmbH, Lazer Spot Inc., Fernride GmbH, Capacity Trucks Inc., CVS Ferrari SPA, Mol Cy NV, Hoist Material Handling Inc., Saigon Newport Corporation (SNP), MAFI Transport-Systeme GmbH

The terminal tractor market report table of contents includes:

1. Executive Summary
2. Terminal Tractor Market Characteristics
3. Terminal Tractor Market Trends And Strategies
4. Terminal Tractor Market – Macro Economic Scenario
5. Global Terminal Tractor Market Size and Growth
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32. Global Terminal Tractor Market Competitive Benchmarking
33. Global Terminal Tractor Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Terminal Tractor Market
35. Terminal Tractor Market Future Outlook and Potential Analysis
36. Appendix

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