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Terminal Tractor Market Exceed to $832 million by 2027


(USGovernment-News.Com, March 16, 2021 ) The Terminal Tractor Market is projected to grow at a CAGR of 4.1%, during the forecast period, to reach a market size of USD 832 million by 2027.

Increased seaborne trade, cargo transportation, growing use of automation technologies at port terminals, stringent emission levels resulting in the increased demand for electric and hybrid equipment, and the rising demand in Asia Oceania and the Middle East are the key factors driving the growth of the terminal tractor market.


1. Rising Automation Level of Terminal Tractors has Created Opportunities for Technology Suppliers

Some of the prominent players in the terminal tractor market are Kalmar (Finland), Konecranes (Finland), Hyster (US), Sany (China), CVS Ferrari (Italy), and Hoist Liftruck (US).

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The diesel-based terminal tractor is expected to hold the largest market share in 2019 due to the efficient power delivery, low fuel costs, and inadequate/insufficient electric infrastructure at small and medium terminals. According to primary research, in Europe and North America, almost 90% of the terminal tractor are based on a diesel engine. In Asian Countries, diesel-based terminal tractor has more than 90% share. Also, the stringent emission regulations for NOx, PM, and CO2 by the US EPA and European Union have prompted equipment manufacturers to offer fuel-efficient equipment with lower emissions. Hence, equipment manufacturers are focusing on the development and sale of the more fuel-efficient terminal tractor.

The electric propulsion market is expected to grow at the fastest rate during the forecast period due to the increasing stringency in emission regulations. The industrial equipment emission norms have constantly been upgraded across different regions. According to the EU norms, NOx and PM levels have reduced by nearly 95.7% and 97.2%, respectively, from Stage I to Stage V. Also, as per the US EPA norms, NOx, and PM levels have declined by 95.6% and 96.2%, respectively, from Tier 1 to Tier 4. Countries such as China, Japan, South Korea, and India are also following similar norms in line with these standards. Konecranes, Kalmar, and Hyster, among other companies, have not only extended their electric offerings for terminal tractors but also initiated R&D efforts for the same. Due to these stringent emission norms and the need for increased operational efficiency, the electric propulsion type market is expected to grow at the highest CAGR during the forecast period.

The market for the automated terminal tractor is expected to grow at the fastest rate from 2017 to 2027. The growing demand for automation at port terminals across the globe is one of the key reasons for the growth of this market segment. These tractors are capable of picking up, placing, and stacking containers automatically leading to increased productivity and container throughput. Few port terminals such as Thamesport (UK), PSA (Singapore), and Container Terminal Altenwerder (Germany) have increased their automation levels using these automated terminal tractors and other port equipment. Thus, the growing demand for greenfield port terminals with high reliability and efficiency would drive the market for the automated terminal tractor in the coming years.

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The market in Europe is expected to lead the terminal tractor market, in terms of value, during the forecast period. Countries such as Germany, France, UK, and Spain are the key markets for the terminal tractor. As per the port equipment manufacturing association (PEMA), in 2017 deliveries of the terminal tractor in Europe was the highest compare to another region. In Europe marine activities have long been drivers of economic growth, providing natural resources and access to trade and transport, opportunities for recreation, etc. Maritime activities today remain essential to the economy and to society in general, with high expectations for future growth and it is expected to be the driving force behind Europe’s terminal tractor market.

Key Questions Addressed by the Report:

1. What could be the trend for the automated terminal tractor market in the future?
2. How are the industry players addressing the challenge of maintaining a balance between performance and cost electric terminal tractors?
3. Which axle type will lead the market for the terminal tractor in near future?
4. The report will help the market leaders and new entrants in this market by providing them with the closest approximations of the revenue numbers for the overall global market and the sub-segments.
5. This report will help stakeholders to better understand the competitor landscape and gain more insights to better position their businesses and make suitable go-to-market strategies.
6. The report also helps the stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.


Mr. Aashish Mehra


Source: EmailWire.Com


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