Terminal Tractor Market Size, Share, & Trends by 2027

The terminal tractor market worldwide size was valued at USD 802 million in 2022 and is expected to reach USD 1,042 million by 2027, at a CAGR of 5.4% during the forecast period. A terminal tractor is a type of tractor intended to move semitrailers and containers in cargo yards, warehouse facilities, intermodal facilities, railway yards, airports, and other heavy industries. It has a short wheelbase with space to accommodate a single person. The construction of a terminal tractor also provides the driver with a 360-degree view from inside the vehicle. They are mostly available in 4x2, 4x4 type of drivetrain, 4x4 terminal tractors are specifically designed to handle mega and jumbo trailers. The 4x4 terminal tractors are advanced tractors with an all-wheel-drive propulsion system capable of carrying a high load. The 4x4 type of terminal tractors does not have a significant market in Asian countries due to their high cost and high maintenance. Demand for 4x4 terminal tractors is increasing in developed countries like Germany, France, the UK, and the US as there is a requirement for heavy load-carrying terminal tractors.

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The Warehouse & Logistics segment is expected to be the largest segment during the forecast period

Warehouse & logistics involve the storage and management of the flow of goods from point of origin to the point of consumption to meet the requirements of customers. The warehouse & logistics sector is largely dependent on global economic situations and international trade flows. The assets managed in logistics can contain physical items such as food, animals, materials, equipment, and liquids, as well as intangible items such as information, particles, and energy all these fragile items require safe and secure transportation from one point to the destination, and terminal tractors are the most important equipment in logistics terminals.

Advancements in terminal tractor drivetrain

Terminal tractors are essential to the daily operations of many application industries. However, conventional terminal tractors consume large volumes of diesel fuel and generate significant levels of harmful diesel emissions. The development and deployment of low-emission, high-efficiency terminal tractors are high priorities for many end-user organizations as well as terminal tractor manufacturing companies. Along with a huge reduction in fuel expenses, electric terminal tractors eliminate the need for several maintenance services, such as oil changes, transmission service, fan belt service, air filter service, and other traditional fuel-based engine services. Terminal tractor electrification also eliminates the need to completely replace the engine, as is the case with diesel engines at approximately 25,000 working hours.

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US is estimated to be the largest market in North America Region for the forecast period

Based on the Logistics Performance Index, the US is one of the top markets for logistics. Material handling, production, packaging, inventory, transportation, and warehousing are typical components of the logistics of physical goods. At every stage of the planning and execution of the movement of products, logistics services are involved. Air and express delivery services, freight rail, maritime, and trucking are a few examples.

E-commerce is the fastest-growing industry and a major contributor to the high demand for these vehicles in North America. Manufacturers in the US are investing in new equipment, especially labor-saving automation products, to help reduce the dependency and cost of labor employed for material handling.

Key Market Players

The terminal tractor market is primarily dominated by players like Kalmar (Finland), Terberg Special Vehicles (Netherlands), Capacity Trucks (US), MAFI Transport-Systeme GmbH (Germany), and TICO Tractors (US).

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This release was published on openPR.