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Terminal Tractor Market Analysis, Trends, Growth, Research And Forecast 2033
Terminal Tractor Market Analysis
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According to The Business Research Company's, The terminal tractor market size has grown strongly in recent years. It will grow from $0.90 billion in 2023 to $0.95 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to increased demand for efficient logistics and supply chain solutions, rapid growth in e-commerce, significant investments in port and intermodal infrastructure projects, growth in international trade activities, replacement of aging fleets with newer, more efficient models by logistics companies and port operators, shortages in manual labor drove the adoption of automated and semi-automated terminal tractors to maintain operational efficiency.
The terminal tractor market size is expected to see strong growth in the next few years. It will grow to $1.19 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to the ongoing development and deployment of autonomous terminal tractors, increasing focus on sustainability and reducing carbon footprints, efforts to optimize global supply chains for efficiency and cost-effectiveness, ongoing expansion and modernization of port facilities, government incentives and subsidies for adopting clean and efficient technologies, rising urbanization and industrialization in developing regions. Major trends in the forecast period include integration of technologies such as IoT, AI, and machine learning for predictive maintenance and fleet management, growing adoption of electric and hybrid terminal tractors, development of smart ports with advanced infrastructure, ongoing fleet modernization programs, wider adoption of telematics systems for enhanced vehicle tracking.
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Market Drivers and Trends:
The increase in e-commerce sales is expected to propel the growth of the terminal tractor market going forward. E-commerce refers to buying and selling goods and services over the internet, typically through websites and online platforms. The increase in e-commerce sales is driven by convenience, wider product selection, competitive pricing, and shifting consumer preferences towards online shopping. Terminal tractors are used in e-commerce for efficiently transporting trailers and containers within logistics hubs and distribution centers to facilitate fast and organized order fulfillment. For instance, in May 2024, according to the United States Census Bureau, a US-based government agency, U.S. retail e-commerce sales for the first quarter of 2024, after adjusting for seasonal variation, reached $289.2 billion, marking a 2.1 percent (±0.7%) increase compared to the fourth quarter of 2023. Therefore, the increase in e-commerce sales is driving the growth of the terminal tractor market.
Major companies operating in the terminal tractor market are focused on developing innovative solutions, such as electric terminal tractors, to enhance efficiency and sustainability. Electric terminal tractors refer to vehicles designed for transporting trailers and containers within terminals or logistics yards, powered entirely by electric motors for reduced emissions and operational costs. For instance, in December 2022, Terberg Tractors Malaysia Sdn Bhd (TTM), a Malaysia-based autonomous terminal truck manufacturer, launched the YT200EV fully electric terminal tractor. The YT200EV terminal tractor features 350 kWh lithium-ion phosphate (LFP) batteries that provide continuous operation for up to 10 hours (in container port operation) and can be fully charged within an hour. The vehicle also features a 240 kW asynchronous water-cooled motor drive, capable of sufficient torque to carry up to 90 tons of payload, making it more efficient and cost-effective compared with diesel tractors.
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Major Key Players of the Market:
BYD LLC, Volvo AB, Sany Heavy Industry Co. Ltd., Kalmar India Pvt Limited, Konecranes Plc, Hyster-Yale Inc., REV Group Inc., Autocar LLC, The Royal Terberg Group B.V., TICO Tractors, Orange E.V. LLV, Linde Material Handling GmbH, Lazer Spot Inc., Fernride GmbH, Capacity Trucks Inc., CVS Ferrari SPA, Mol Cy NV, Hoist Material Handling Inc., Saigon Newport Corporation (SNP), MAFI Transport-Systeme GmbH
Terminal Tractor Market 2024 Key Insights:
• The terminal tractor market size is expected to see strong growth in the next few years. It will grow to $1.19 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• Increasing E-Commerce Sales Fuels Terminal Tractors Market
• Advancements In Electric Terminal Tractors Enhanced Terminal Tractors Market
• North America was the largest region in the terminal tractor market in 2023
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