The terminal tractor market size is projected to reach US$ 1124.24 million by 2031 from US$ 769.57 million in 2023. The market is expected to register a CAGR of 4.9% in 2023–2031. The market for terminal tractors is driven by the increasing e-commerce industry's rising demand for shipping goods. Also, the surge in the demand for cargo-handling solutions in the ships, terminals, ports, and local distribution centers is a major driving factor for the terminal tractor market growth. These tractors provide high reliability and higher shipping capacity and are capable of transporting bulky goods efficiently. According to the United Nations Conference on Trade and Development (UNCTAD), more than 849.5 million twenty-foot equivalent moved containers at ports worldwide in 2021.
Terminal Tractor manufacturers focus on developing new products and launching several products to stay competitive in the global terminal tractor market. Terminal tractor market manufacturers are emphasizing on adoption of advanced features and advanced functionalities to their products to improve its application scope. Increasing mergers, partnerships, collaborations, and acquisitions that help terminal tractor manufacturers expand their market presence around the globe are creating ample opportunity for market growth. Terminal tractor companies offer partnerships with logistics, warehouse operators, shipping companies, and trading companies to secure transportation facilities to boost revenue in the long run.
The logistics service providers across the globe widely use terminal tractors. The increasing logistics sector, with the advent of the e-commerce industry at a rapid pace, is a major driving factor for the terminal tractors market growth during the forecast period. Terminal tractors are Class 8 industrial vehicles used to transport semi-trailers, loaded and empty shipping containers for short distances efficiently and quickly. They are commonly operated in warehouses, shipping ports, cargo, truck terminals, and cross-dock facilities and are configured for both off-road and on-road applications. Different names, such as yard truck, yard jockey, spotter truck, yard hosteler, and shunt trucks, know them. Its features include a single cab offset with improved driver’s visibility, a short wheelbase for turning radius, and sliding doors for drivers.
The rising e-commerce industry at a rapid pace has created a massive demand for global terminal tractors to manage parcel deliveries and end-users. The increasing demand for online shopping, along with the rapid growth in internet penetration globally, is a major driving factor for the terminal tractor market growth. The e-commerce sector sales in the US, valued at US$ 1.12 trillion in 2023, increased by around 7.6% compared to US$ 1.03 trillion by 2022. Meanwhile, e-commerce sale around the globe was valued at US$ 5.08 trillion in 2023, increased by 3.8% compared to 2022. This rapid adoption of online shopping with the surge in the e-commerce sector across the globe drives the terminal tractors market growth during the forecast period.
With the rapid expansion of the e-commerce industry, the demand for terminal tractors for parcel and goods transportation also increased. The major sectors that drive the terminal tractor market growth include marine, pharmaceuticals, retail, food, and beverages. Moreover, terminal tractor market growth is driven by the surge in the fast-moving consumer goods drives the terminal tractor market growth during the forecast period.
The major players in the terminal tractor market involve strategic partnerships in order to meet the consumer’s demand. For instance, in August 2022, Kalmar, the business division of Cargotec, partnered with Maldives Ports Ltd. to offer T2i three terminal tractors. The purchase was made from Cargotec's intake and delivered in the first quarter of 2023.
Key segments that contributed to the derivation of the terminal tractor market analysis are type, platform, application, and end-user.
The geographic scope of the Terminal Tractor Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America is projected to have the largest share in 2023, and the US is growing at a rapid pace during the forecast period. This growth is owing to the presence of major manufacturers such as Kalmar, Inc., REV Group Inc., Terberg, and Mol. Further, increasing investments with the surge in the adoption of the latest technologies in the logistics and warehousing sector in this region are driving the terminal tractor market growth.
Asia Pacific is growing at the highest CAGR during the forecast period owing to the rising dominance of Chinese players to ship containers in China. Also, the rising E-commerce sector, the emergence of globalization, industry 4.0 evolution, and the adoption of smart factories across the developing nations in the Asia Pacific region drive the terminal tractor market growth during the forecast period.
Europe is also growing at a considerable rate during the forecast period owing to the presence of demand for terminal tractor products by the major countries such as Italy, France, Germany, and the UK.
The regional trends and factors influencing the Terminal Tractor Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Terminal Tractor Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 769.57 Million |
| Market Size by 2031 | US$ 1124.24 Million |
| Global CAGR (2023 - 2031) | 4.9% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Terminal Tractor Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Terminal Tractor Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Terminal Tractor Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Terminal Tractor Market and strategies:
The “Terminal Tractor Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: