Terminal Tractor Market to 2027 - Global Analysis and Forecasts by Type (Automated, Manual); Propulsion Type (Diesel, Electric, Hybrid, CNG); Application (Material Handling, Logistics and Distribution, RoRo Terminals, Container Terminals)
The global terminal tractor market is estimated to account to US$ 623.8 Mn in 2018 and is expected to grow at a CAGR of 4.5% during the forecast period 2019 – 2027, to account to US$ 908.1 Mn by 2027. the growth of the global terminal tractor market is also led by escalating spending by sectors, such as logistics and distribution. The global terminal tractor market is segmented in five major regions such as North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). Fast turnaround time, low operating cost, and easily accessible service points are increasing the adoption of terminal tractors considerably. Further, demand for terminal tractors is expanding at an impressive pace due to the increasing demand for the vehicle in the effective management of containers and goods across warehousing facilities. Asia Pacific is expected to hold the largest share of the global terminal tractor market by 2019, followed by Europe and North America.
Globalization has led to increasing domestic and international trade relations between nations. Further, as many international companies lean towards globalization and market expansions, logistical challenges have become more complex than ever. Supply chain systems have gained wider and vital importance in the last few years, as a result of high competition in the product based market. Thus, many industry verticals are ensuring a strong supply chain for reaching out to their customers. Terminal tractors support the operational flow of the supply chain at the initial stage. This factor is projected to gain traction in the coming times having a significant impact on the terminal tractor market.
The global terminal tractor market has been witnessing robust growth due to factors such as the ability to pick up, placing, and stacking containers automatically, which leads to increased productivity of the business. Contributions of different regions and swift globalization of businesses have been driving the growth of the global terminal tractor market. Urbanization and emerging digital technologies are driving a wave of disruptive innovation, which is anticipated to raise the demand for the terminal tractors. In addition, the rise in automotive and transportation spending by governments across all the regions is expected to create profitable opportunities for the terminal tractor market players in the future. The terminal tractor market is segmented on the basis of type into automated and manual. The market based on propulsion type is segmented into diesel, electric, hybrid and CNG. The market is further segmented by application into material handling, logistics and distribution, Container Terminal and RoRo Terminal.
The overall terminal tractor market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the terminal tractor market. Also, multiple primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the terminal tractor market.
Crane Carrier Company, CVS Ferrari, Hoist Liftruck, Liebherr Corporation, Linde, Mafi, Orange Ev, Rev Group, SANY, and Tts are few other players from value chain in the terminal tractor market which are not profiled in
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