Terminal Tractor Market | 2031 Strategic Insights | Recent updates
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 Market Analysis
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.
Terminal Tractor Market Overview
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.
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Terminal Tractor Market: Strategic Insights
Market Size Value in US$ 623.8 Million in 2018 Market Size Value by US$ 908.1 Million by 2027 Growth rate CAGR of 4.5% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Terminal Tractor Market: Strategic Insights
![terminal-tractor-market](https://www.theinsightpartners.com/assets/rdimages/terminal-tractor-market-img1.png)
Market Size Value in | US$ 623.8 Million in 2018 |
Market Size Value by | US$ 908.1 Million by 2027 |
Growth rate | CAGR of 4.5% from 2019-2027 |
Forecast Period | 2019-2027 |
Base Year | 2019 |
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Terminal Tractor Market Drivers and Opportunities
Rapid Adoption of Online Shopping with a Surge in the E-commerce Industry Drives the Terminal Tractor Market Growth
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.
Rising Development of Automation and Surge in Strategic Partnerships by the Key Players is Expected to Create Ample Opportunity for Market Growth
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.
- In July 2022, Kalmar partnered with Helsingborg Ports Ltd. to offer the Kalmar Electric tractor terminal Reachstacker. The agreement includes training for the adoption of the tractor terminal, equipment operators, and maintenance requirements.
- In June 2022, Terberg launched fully automated electric tractors. It is an autonomous design designed for mixed traffic. It is efficient and secure autonomous transportation.
- In January 2022, Kalmar made a partnership with Coast Autonomous Inc. to launch advanced Kalmar’s Robotic Portfolio. The products consist of intelligent mobile equipment solutions intended to increase cargo transportation and material handling productivity.
Terminal Tractor Market Report Segmentation Analysis
Key segments that contributed to the derivation of the terminal tractor market analysis are type, platform, application, and end-user.
- Based on type, the market is divided into automated, semi-autonomous, and manual. Among these, the manual has the largest share in 2023, and this is owing to increased demand across the logistics and distribution sector at a rapid pace,
- Depending upon the propulsion type, the market is divided into diesel, electric, hybrid, and CNG. Among these, CNG is growing at a rapid pace owing to higher efficiency and increased demand for the logistics sector.
- Based on application, the terminal tractor market is divided into material handling, logistics and distribution, airports, container terminals, and others. Among these logistics and distribution sector has the largest share in 2023.
Terminal Tractor Market Share Analysis by Geography
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.
Terminal Tractor Market Report Scope
Terminal Tractor Market News and Recent Developments
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:
- In August 2022, Kalmar, which is part of Cargotec, got the supply deal for the three T2i terminal tractors at the Maldives Port Limited. The orders are scheduled to be delivered by Q1 of 2023. (Source: DJI, Press Release/Company Website/Newsletter)
- In June 2022, the Cote d'Ivoire terminal announced the delivery of 14 new APM 75T HE electric terminal tractors supplied by Gaussin for the usage of transportation services at the port of Abidjan. However, the order was made for 36 terminal tractor units, which were supplied in phases by the last quarter of 2022. (Source: DJI, Press Release/Company Website/Newsletter)
Terminal Tractor Market Report Coverage and Deliverables
The “Terminal Tractor Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
![Report Coverage](https://www.theinsightpartners.com/assets/rdimages/report_coverage.png)
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
![Segment Covered](https://www.theinsightpartners.com/assets/rdimages/segment_covered.png)
Segment Covered
Type ; Propulsion Type ; Application
![Regional Scope](https://www.theinsightpartners.com/assets/rdimages/regional_scope.png)
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
![Country Scope](https://www.theinsightpartners.com/assets/rdimages/country_scope.png)
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.