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 2024-2031

Q: What is the global market size of Terminal Tractor Market?

Global 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).

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

Terminal Tractor Market News

In March 2023, Fernride and Terberg announced that they had partnered up to develop a new automated terminal tractor using expertise from both organizations. The solution was meant to be developed for commercial applications.

In September 2023, Orange EV, a renowned supplier for terminal trucks and tractors, announced the launch of its new series of terminal trucks at the IANA Intermodal Expo.

In November 2023, Terberg Tractors Malaysia Sdn Bhd, a leading name in the terminal tractor business, announced the launch of an electric terminal tractor in Malaysia. The launch was aimed at the shipping and logistics industry, which is trying to be sustainable.

Terminal Tractor Market Report Snapshots

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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'

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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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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 2024-2031

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