The global COVID-19 pandemic has turned several industries upside down by causing disruptions in their daily operations and limiting the supply of raw materials, hampering production and growth.
This newly published and insightful report sheds light on Market Insights of Terminal Tractor, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Terminal Tractor Market.
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The terminal tractor market size is poised to expand 1.4X in terms of value, at a CAGR of 3.3% during the forecast period of 2020-2030. Terminal tractors are specifically designed to be used at terminals, ports, distribution centers, and several other industrial applications that enhance the efficiency of the movement of goods.
However, economic shutdown has led to supply shortages as the COVID-19 pandemic is taking a toll on the global movement of goods, from wholesale distribution to retail stores, and the manufacturing industry to the logistics industry. As a result, container movement in several countries across the world has decreased, resulting in declining sales of terminal tractors.
Technological advancements such as electrification of terminal tractors and integration of Internet of things (IoT), coupled with rising demand for automation at port terminals, warehouses, and distribution centers, are expected to fuel the adoption of terminal tractors. Further, rising international trade activities are encouraging users to opt for terminal tractors to boost work efficiency and reduce human error. This, in turn, will pave the way for significant opportunities for terminal tractor manufactures, globally.
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Key Segments of Terminal Tractor Market
Fact.MR’s study on the terminal tractor market offers information divided into five key segments – fuel, end use, product, ownership, and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories for the better understanding of readers.
- Conventional Fuel
- Below 200 HP
- Above 200 HP
- Alternative Fuel (CNG/LNG)
- Below 200 HP
- Above 200 HP
- Port Terminals
- Intermodal Facilities
- Other Applications
- Industrial & Commercial
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa (MEA)
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Terminal Tractor Market: Leading Manufacturers
The terminal tractor market is highly concentrated in nature, with leading players accounting for a major portion of the market share. Some of the prominent players are Kalmar Inc., REV Group Inc. Terberg Group B.V., Konecranes Oyj, and MAFI Transport-System GmbH, among others. These market players are focusing on entering into strategic agreements with their clients in order to maintain their market position and better serve the needs of customers.
An example of such agreements are: In 2020, Kalmar Inc., signed an agreement to supply Saigon Newport Corporation (SNP) with 25 units of the Kalmar Essential Terminal Tractor TL2. The company’s TL2 terminal tractors are built on a stable bolted chassis, which facilitates easier and efficient maintenance.
Key Takeaways from Terminal Tractor Market Study
- By fuel, conventional fuel terminal tractors are set to hold a share-wide market dominance with over 90% of the total market value by the end of forecast period.
- By end use, port terminals are projected to expand at a value CAGR of 3% and be valued 2.8X more than intermodal facilities by the end of 2020.
- By ownership, the industrial and commercial segment is anticipated to expand 1.4X by gaining 90 BPS over the course of the forecast duration.
- The terminal tractor market in East Asia is expected to grow the fastest by experiencing a value CAGR of over 4%, whereas, North America is projected to be valued 2.3X than East Asia and account for a major chunk of the demand pie by the end of the forecast period.
“Suspension of manufacturing and logistics activities amidst the COVID-19 pandemic will lead to short-term implications on the demand for terminal tractors.However, the market is set to regain traction over the coming years, owing to revolution in the retail sector, emergence of e-Commerce platforms, and increase in seaborne trade activities, which will create high demand for terminal tractors across the world,”says a Fact.MR analyst.
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More Valuable Insights on Terminal Tractor Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Terminal Tractor, Sales and Demand of Terminal Tractor, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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