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The terminal tractor market was valued at USD 662 million in 2022, and it is expected to reach USD 861 million by 2031, registering a CAGR of above 4% during the forecast period
The COVID-19 pandemic has affected almost every other industry in the market, and the impact on the terminal tractor market has been inevitable as supply chain disruptions and shutdown of manufacturing units delayed the production of necessary critical components. However, the market is expected to witness steady growth during the forecast period.
This market growth can be attributed to port terminal automation and the rising demand for electric and hybrid equipment for lower emissions and fuel consumption. Other positive factors responsible for the adoption of terminal tractors are increasing trade activities in Asian and Middle Eastern countries. In addition, the increasing demand for container handling is also largely influencing the growth of the terminal tractor market.
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Geographically, Asia-Pacific holds the largest market share as the region consists of a large number of container ports where the demand for terminal tractors is high. Europe is anticipated to witness the fastest growth during the forecast period due to increased maritime activities and the adoption of automated terminal tractors.
Key Market Trends
Growing Demand for Automated Terminal Tractors
The rise in fuel prices contributes to the demand for electric terminal tractors. Traits like zero emissions and relatively less energy consumption have made them a viable choice among various end users. Also, electric terminal tractors are far smoother, flatter, and slicker than traditional diesel-operated terminal tractors.
The 8700S SerieS tractors by AGCO are suitable for multiple farming operations. When the 5″x 9″ touchscreen provides the operator with the facility to elevate the overall tractor functions, the highly integrated technology within ensures the much-needed control of the tractor and its gears. The Datatronic 5's video mode exhibits relevant images and depictions from an onboard camera through the console shade, helping operators to rear the tractors in a much safer way.
Ottawa, on the other hand, is one of the most standard terminal tractors in the market. Apart from providing the required clout and control, this model also keeps up a variety of eco-friendly upgrades that can help diminish the adverse impact a business has on the environment.
Europe is Expected to Witness Significant Growth
Europe is expected to be the largest market during the forecast period due to the presence of robust economies of European countries such as Germany, the United Kingdom, and Spain, along with the presence of leading manufacturers of terminal tractors. Konecranes, Kalmar, MAFI, CVS Ferrari, and MOL CY are key manufacturers catering to the global market through dealer and distribution networks.
Also, this region has a high adoption rate of automation technologies. Equipment with high automation levels increase productivity. This region is home to automated terminals such as the ECT Delta Port terminal (Netherlands) and the HHLA CTA terminal (Germany). The number of automated terminals is expected to increase in this region, further driving the growth of terminal tractors.
In Europe, marine and trade activities have long been drivers of economic growth, providing natural resources and access to trade and transport and opportunities for recreation. In addition, the consumer shift toward e-commerce platforms is offering a significant opportunity to terminal tractor manufacturers for their applicability in logistics and distribution handling.
At the same time, manufacturers are optimistic that the resumption of production plants across several countries will enable them to move toward a recovery phase, which is foreseen to stabilize the progress of the terminal tractor market in Europe.
The terminal tractor market is moderately consolidated, with several players accounting for a smaller portion of the market share. Some of the prominent companies in the market are Kalmar, Konecranes, Sany, Hyster, and others. These players are investing heavily in the R&D of terminal tractors to provide green and clean fuel-driven tractors to protect the environment and generate high power. For instance-
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In February 2019, Kalmar announced its partnerships with NFI Industries to supply 25 Kalmar Ottawa Electric T2E Terminal Tractors to be used in the distribution centers in California.
In June 2019, Volvo introduced its electrified terminal tractor featuring a Volvo Penta electric driveline, with the aim of expanding its terminal tractor product portfolio.
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness – Porter's Five Forces Analysis
4.3.1 Bargaining Power of Buyers/Consumers
4.3.2 Bargaining Power of Suppliers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Propulsion Type
5.2.1 Inland Waterways and Marine
5.2.3 Other Applications
5.3.1 North America
188.8.131.52 United States
184.108.40.206 Rest of North America
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.4 Rest of the World
188.8.131.52 South America
184.108.40.206 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Konecranes Oyj
6.2.2 Kalmar Global
6.2.3 CVS Ferrari SPA
6.2.4 Sany Heavy Industry Co. Ltd
6.2.6 Linde PLC
6.2.7 Volvo AB
6.2.8 Mol CY
6.2.9 Liebherr Group
6.2.10 Terberg Group BV
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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