Global Terminal Tractor Market

Global Terminal Tractor Market Size, Share, Growth Analysis, By Type(Manual and Automated), By Drive Type(4x2, 4x4), By Tonnage(<50, 50-100), By Application(Airport, Marine Port) - Industry Forecast 2024-2031

Report ID: SQMIG20G2049 | Region: Global | Published Date: March, 2024
Pages: 167 | Tables: 117 | Figures: 73

Global Terminal Tractor Market Insights

Global Terminal Tractor Market size was valued at USD 825.5 million in 2022 and is poised to grow from USD 862.70 million in 2023 to USD 1223.84 million by 2031, growing at a CAGR of 4.5% in the forecast period (2024-2031).

Terminal tractors are vehicles designed to carry or move semi-trucks and trailers across different locations. Rapidly expanding logistics and transportation industries are projected to bolster the demand for terminal tractors over the coming years. Increasing e-commerce activity and rising workload at dockyards and warehouses are also projected to bolster the terminal tractor market growth going forward. Electrification of terminal tractors is a key trend that is anticipated to create attractive new opportunities for terminal tractor market players across the forecast period and beyond. High focus on safety and stringent emission norms are also augmenting the demand outlook for terminal tractors. Growing demand for efficient cargo handling and warehousing solutions around the world are also slated to uplift the sales of terminal tractors in the long run.

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Global Terminal Tractor Market size was valued at USD 825.5 million in 2022 and is poised to grow from USD 862.70 million in 2023 to USD 1223.84 million by 2031, growing at a CAGR of 4.5% in the forecast period (2024-2031).

Terminal tractor manufacturers focus on product innovation and keep launching new products to stay competitive in the global marketplace. Terminal tractor market players are also emphasizing on adding new features and functionalities to their products to improve their application scope. Collaborations, mergers, and acquisitions could help terminal tractor companies expand their global market presence and stay competitive in the marketplace. Terminal tractor providers partner with logistics and trading companies to secure business and boost revenue generation potential in the long run. 'Kalmar Inc.', 'Hyster-Yale Material Handling', 'MAFI Transport-System GmbH', 'Toyota Material Handling', 'Jungheinrich', 'Hoist Material Handling Inc.', 'Terberg Special Vehicles', 'Doosan Infracore', 'Utilev', 'REV Group Inc.', 'Cargotec', 'TICO Tractors', 'Linde Material Handling', 'Terberg Group B.V.', 'Crown Equipment Corporation', 'Konecranes Oyj'

Rapid Expansion of e-Commerce Industry

Integration of Automation Technologies: Terminal tractor manufacturers should focus on making their products more autonomous as an increasing number of organizations are incorporating automation in their workflow. Automating terminal tractor operations could result in better productivity and reduced errors for users, which is also a key factor that will create new growth opportunities for companies going forward.

North America is anticipated to account for a majority stake in the global terminal tractor marketplace owing to the presence of key logistics companies and high adoption of advanced material handling solutions. Frequent launches of new terminal tractors and quick adoption of automation in the logistics industry are other trends that allow this region to hold sway over the global landscape. Efforts of the government of the United States to improve its economic growth and reduce reliance on other countries for products are also slated to create new opportunities for terminal tractor manufacturers and distributors in the North American region going forward.

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Global Terminal Tractor Market

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