Press release
Terminal Tractors Market Projected to Witness Vigorous Expansion by 2018 to 2026
A terminal tractor also referred to as spotter truck, yard dog, yard jockey, yard horse, shunt truck, yard truck or yard goat is a combination of a compact tractor unit and a semi-trailer which is used to carry freight and cargo. The tractor has a short wheelbase with space to accommodate only a single person and a rear sliding door for conveniently accessing trailer connections. Terminal tractors are used to carry loads in cargo yards, warehousing facilities, and intermodal facilities. Additionally, terminal tractors are constructed in a way to which allows drivers to have a 360-degree vision from inside the vehicle.
Robust Demand for Electric Terminal Tractors to Prevail
Growing fuel prices in addition to the imposition of stringent government regulations are creating a surge in the demand for electric terminal tractors in the end-user industries. Additionally, accelerating breakthroughs in electric terminal tractor component manufacturing is expected to fuel sales of electric terminal tractors. For instance, Cummins, a leading company specializing in the production of power systems and engines, announced that it would be investing US$ 500 million in the manufacturing of electrical components for various industries.
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Furthermore, proliferating Internet of Things (IoT) technology is estimated to aid in the development of autonomous electric terminal tractors which could potentially replace the traditional tractors owing to their high-performance, affordability, and reduced susceptibility to error. These developments are expected to play a vital role in terminal tractor market growth.
LNG-powered Terminal Tractors to Gain Traction During Forecast Period
Terminal tractors using liquid natural gas as fuel are expected to find widespread adoption during the forecast period. Reduced emissions, high energy density, and efficiency of LNG-powered terminal tractors are some factors estimated to cause a surge in the demand for the variant. Additionally, terminal and port management authorities around the world are seeking an eco-friendly and high-performance alternative to replace traditional terminal tractors. With administrative authorities working towards tightening the noose on electricity consumption and higher cost of electric terminal tractors, demand for LNG-powered terminal tractors is expected to witness significant growth during the forecast period. A recent development complementing the growing demand for LNG-powered terminal tractor was the launch of LNG-fueled terminal tractors by REV Group in 2018. The company is marketing the LNG-powered terminal tractor as a sustainable alternative to diesel-based terminal tractors.
Bolstering E-commerce Services to Underpin Terminal Tractor Market Growth
Availability of affordable internet services coupled with increasing disposable income of the global population is a vital factor behind the proliferation of e-commerce platforms around the world. With consumer demand on the rise, e-commerce giants are increasingly investing in the construction of warehousing facilities to streamline delivery and maintain a competitive edge in the market. With e-commerce sales figures estimated to continue moving in an upward trajectory, terminal tractor market is likely to witness healthy growth on the back of increasing demand for the vehicle in the effective management of goods and containers across e-commerce warehousing facilities. Development of electric and autonomous terminal tractors is expected to further boost market growth with companies seeking emission-free and high-performance vehicles for goods management inside warehouses.
Uncertainties in International Trade to Limit Terminal Tractor Market Proliferation
Ports and airport terminals specializing in import and export of goods hold a significant share of the terminal tractor market. However, international trade between countries is expected to slow down in the foreseeable future on account of the growing global tensions. According to the World Trade Organization, global trade is expected to decline to 2.6% during 2019 from 3% in 2018. The slump in global trade expansion is likely to stifle terminal tractor market growth with port and terminal authorities likely to focus on limiting the purchase of any new equipment.
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Terminal Tractor Market – Competitive Landscape
Banking on the burgeoning demand for electric terminal tractors, Kamlar, a leading player in the terminal tractor market, launched a fully electrical version of its Ottawa T2 model for use in warehousing and container terminal applications.
Bolstering logistics and transportation business is expected to uphold terminal tractor market growth. A development indicating the prevalence of the pervasive trend was the sales of 28 terminal tractors by Terberg to Toll, a logistics and transportation services company.
To capitalize on the burgeoning demand for autonomous terminal tractors, Konecranes launched its Avolution of Intermodal service under which the company will aid terminal operators in transitioning from manual to autonomous with its range of smart products which includes automated terminal tractors.
Other leading players operating in the terminal tractor market include Autocar, LLC, Capacity Trucks, Daysworth International, and Leavitt Machinery.
The Terminal Tractors market report covers exhaustive analysis on:
Market Segments
Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain
Regional analysis for Terminal Tractors includes:
North America (U.S., Canada)
Latin America (Mexico, Brazil, Argentina, Chile, Peru)
Western Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe)
CIS and Russia
Asia-Pacific (China, India, ASEAN, South Korea)
Japan
Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
The Terminal Tractors market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The Terminal Tractors report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The Terminal Tractors market report also maps the qualitative impact of various market factors on market segments and geographies.
Terminal Tractors Report Highlights:
Detailed overview of parent market
Changing market dynamics in the industry
In-depth market segmentation
Historical, current and projected market size in terms of volume and value
Recent industry trends and developments
Competitive landscape
Strategies of key players and products offered
Potential and niche segments, geographical regions exhibiting promising growth
A neutral perspective on market performance
Must-have information for market players to sustain and enhance their market footprint
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