Global Terminal Tractor Market

Terminal Tractor Market Size, Share, Growth Analysis, By Type(Manual and Automated), By Drive Type(4x2, 4x4, and 6x4), By Tonnage(<50, 50-100, and>100 Tons), By Application(Airport, Marine Port, Oil and Gas, Warehouse), By Region - Industry Forecast 2025-2032


Report ID: SQMIG20G2049 | Region: Global | Published Date: March, 2024
Pages: 167 | Tables: 117 | Figures: 73

Terminal Tractor Market Dynamics

Drivers

  • Rapid Expansion of e-Commerce Industry

The e-commerce industry across the world is booming and this has created a high demand for different types of warehousing and logistics solutions. Growing demand for the aforementioned factors is set to play in the hands of terminal tractor providers and thereby drive market growth as well.

  • Focus on Safety in Logistics Industry

Terminal trucks can be used to do heavy lifting in logistics industry and help safeguard workers from getting injured. Increasing use of advanced machines in logistics to bolster safety is slated to boost sales of terminal tractors over the coming years.

Restraints

  • High Initial Costs

Procuring and using a terminal tractor is quite an expensive deal as these machines use complex systems and expensive raw materials. Moreover, terminal tractors with advanced features are priced much higher than regular models, which also makes it nearly impossible for companies with limited budgets to adopt them thereby slowing down market development.

  • Integration Issues

Integrating terminal tractors into existing systems could prove to be very challenging as they might not be compatible or require additional components to facilitate compatibility. Lack of standardization in this marketplace could lead to integration challenges and slow down terminal tractor sales outlook through 2031.

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FAQs

Terminal Tractor Market size was valued at USD 825.5 million in 2022 and is poised to grow from USD 862.70 million in 2023 to USD 1223.84 million by 2031, growing at a CAGR of 4.5% in the forecast period (2024-2031).

Terminal tractor manufacturers focus on product innovation and keep launching new products to stay competitive in the marketplace. Terminal tractor market players are also emphasizing on adding new features and functionalities to their products to improve their application scope. Collaborations, mergers, and acquisitions could help terminal tractor companies expand their market presence and stay competitive in the marketplace. Terminal tractor providers partner with logistics and trading companies to secure business and boost revenue generation potential in the long run. 'Kalmar Inc.', 'Hyster-Yale Material Handling', 'MAFI Transport-System GmbH', 'Toyota Material Handling', 'Jungheinrich', 'Hoist Material Handling Inc.', 'Terberg Special Vehicles', 'Doosan Infracore', 'Utilev', 'REV Group Inc.', 'Cargotec', 'TICO Tractors', 'Linde Material Handling', 'Terberg Group B.V.', 'Crown Equipment Corporation', 'Konecranes Oyj'

Rapid Expansion of e-Commerce Industry

Integration of Automation Technologies: Terminal tractor manufacturers should focus on making their products more autonomous as an increasing number of organizations are incorporating automation in their workflow. Automating terminal tractor operations could result in better productivity and reduced errors for users, which is also a key factor that will create new growth opportunities for companies going forward.

North America is anticipated to account for a majority stake in the terminal tractor marketplace owing to the presence of key logistics companies and high adoption of advanced material handling solutions. Frequent launches of new terminal tractors and quick adoption of automation in the logistics industry are other trends that allow this region to hold sway over the landscape. Efforts of the government of the United States to improve its economic growth and reduce reliance on other countries for products are also slated to create new opportunities for terminal tractor manufacturers and distributors in the North American region going forward.

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Global Terminal Tractor Market

Report ID: SQMIG20G2049

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