The global terminal tractor market size has the potential to grow by USD 103.74 million during 2020-2024, and the market's growth momentum will accelerate throughout the forecast period because of the steady increase in year-over-year growth.
This report provides a detailed analysis of the market by axle type (4*2, and 4*4 and 6*4) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market's competitive landscape and offers information on several market vendors, including AB Volvo, Autocar LLC, Cargotec Corp., CVS Ferrari Srl, Hyster-Yale Materials Handling Inc., KION Group AG, Konecranes Plc, Mol CY NV, Royal Terberg Group BV, and SANY Group Co. Ltd.
The terminal tractor market is fragmented, and the degree of fragmentation will remain the same during the forecast period. The key players in the market are focusing on various growth strategies, including technological developments to increase sales and gain major market shares and revenue. SUEZ SA, Teledyne Technologies Inc., and Xylem Inc. are a few of the major market participants. Although the operational advantages of terminal tractors over conventional tractors will offer immense business opportunities, fluctuations in raw material prices will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market positions, this terminal tractor market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market's competitive landscape and offers information on the products offered by various companies. Moreover, this terminal tractor market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading terminal tractor companies, including:
APAC was the largest market for terminal tractor in 2019, and the region will continue to offer maximum growth opportunities to market vendors during the forecast period. The improving socio-economic conditions, increasing the employment rate, growing manufacturing/production sectors, and favorable government initiatives and policies are some of the factors that will significantly contribute to terminal tractor market growth in the region.
Over 59% of the market's growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for the terminal tractor market in APAC. Market growth in this region will be faster than the growth of the market in Europe, North America, and South America.
Terminal Tractor Market: Segmentation by Axle Type
The growing demand for two-wheel-drive tractors at ports and terminals is driving the growth of the 4*2 market segment. The high demand is attributed to the lower curb weight of two-wheel-drive tractors that do not use a differential and transfer box. As a result, these tractors have higher fuel efficiency compared with 4*4 terminal tractors. The lower curb weight further minimizes operational costs. Furthermore, 4*2 terminal tractors have lower maintenance costs and are relatively easy to manage. These factors are driving the uptake of 4*2 terminal tractors, which is contributing to the growth of the terminal tractor market by the 4*2 segment.
Moreover, market growth by the 4*2 segment will be faster than the growth of the market by the 4*4 and 6*4 axle type segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the terminal tractor market size.
Terminal Tractor Market: Key Drivers and Trends
Terminal tractors are a preferred mode of transportation at airport terminals, oil and gas manufacturing facilities, and others. The high popularity of terminal tractors at these places is owing to their high level of flexibility in transportation applications. Moreover, these tractors are engineered to offer a high degree of customization in the transportation of goods. For instance, these tractors feature advanced suspension systems, which have heavy-duty springs and gas shocks to ensure a comfortable ride. They also offer ease of ingress and egress compared with normal tractors. Such factors will significantly fuel terminal tractor market growth over the forecast period.
The increasing integration of autonomous vehicles by prominent fleet operators will act as a market enabler during the forecast period.
Automotive OEMs have increased their R&D on self-driving or autonomous vehicles, which is evident by the increasing number of on-road driving tests of such vehicles in both controlled and real-time environment.
Terminal tractor manufacturers are focusing on minimizing the dependency on human drivers.
The use of autonomous technologies is expected to first foray in vehicles operational in controlled environments such as shuttle buses at airport terminals and yards.
Several vendors have increased their developments in autonomous terminal tractors, which is one of the key terminal tractor market trends.
Autonomous terminal tractors offer efficient loading and unloading, lower personnel costs, and provide better safety.
During 2020-2024, the market will grow at a CAGR of over 4%.