Terminal Tractor Market worth $1.9 billion by 2030 | MarketsandMarkets

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Terminal Tractor Market Scope:

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

Warehouse and logistics applications will lead the terminal tractors market during the forecast period of 2024-2030. The rise of e-commerce, logistics, and retail activities and the consequent need for efficient supply chain management have significantly increased the demand for terminal tractors to handle the high volume of goods in warehouses and distribution centers. According to the Forbes Advisor, the global e-commerce market will reach USD 56.4 trillion by the end of 2024, and China and the US being the top two countries at a global level. Additionally, the global warehousing and logistics market is estimated to grow with the Asia Pacific region leading due to expanding trade routes and industrial shifts. The increased market demand has emerged the need for rapid turnaround times in warehouses and integration of smart technologies with a push towards automation and efficiency in logistics operations for better fleet management and operational efficiency. This will prompt the growth of advanced terminal tractors for this application to meet the customer expectations for fast delivery of goods and parcels.

Electric propulsion type is projected to be the fastest growing market for terminal tractors from 2024 to 2030.

Electric terminal tractors are estimated to grow at the fastest CAGR during the forecast period. The shift is mainly driven by global environmental concerns and stringent emission laws for on-road as well as off-road vehicles which have noticed a constant upgradation across different regions in recent years. Battery electric terminal tractors significantly reduce fuel expenses and eliminate the need for several maintenance services, such as oil changes, transmission, fan belts, air filters, and other traditional fuel-based engine services. According to a report published by the North American Council For Freight Efficiency (NACFE), the maintenance expenses for a battery electric terminal tractor are significantly lower compared to the latest diesel-powered terminal tractors (manufactured in 2017 or later, equipped with DPF and SCR systems), with a reduction ranging from 60% to 75%. Though the initial cost of electric terminal tractors is higher than diesel tractors, however, as battery technology advances with reduced lithium prices, and lowered cost of related components, the overall total cost of ownership (TCO) is expected to go down drastically for electric propulsion. Further, with improving charging infrastructures at port terminals, warehouses & distribution centers, and rising regulatory support in terms of tax benefits or incentives, the market for electric terminal tractors is expected to notice an improved acceptance rate in the coming future.

North America is estimated to be the largest market for diesel terminal tractors.

North America is estimated to dominate the terminal tractors market in which the US leads the regional demand which is mainly driven by its large industrial base, including automotive manufacturing, aerospace, and defense. The maximum share of this regional segment can be attributed to the region's extensive port infrastructure, high demand for efficient logistics operations, and strong regulatory support for emission reduction. The presence of major ports along the East and West Coasts, as well as the Gulf of Mexico, drives substantial demand for advanced terminal tractors to handle the high volumes of cargo. Further, the growth of the e-commerce sector has led to increased demand for warehouses. According to the US Department of Commerce, US e-commerce stands in the 2nd position of the top 10 e-commerce countries. In 2023, the total US e-commerce sales reached USD 1,100 billion from USD 787.8 billion in 2020. Further, the Census Bureau of the Department of Commerce estimated that the US retail e-commerce sales for the first quarter of 2024 stood at USD 289.2 billion. The increased demand for material handling equipment is expected to drive the terminal tractor market during the forecast period. Additionally, port operators are also keen to deploy advanced technologies. Regional players are constantly making innovations in the field of high capacity, fast-charging battery systems, and autonomous driving technologies. Companies like Kalmar, Terberg, and BYD are focusing on enhancing the performance, reliability, and sustainability of terminal tractors. For instance, Kalmar's electric terminal tractors leverage NMC battery technology for extended range and better efficiency, while Terberg's YT203-EV incorporates advanced thermal management systems for optimal performance in varied climates. All these factors are expected to boost the demand for terminal tractors in the North American region.

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Terminal Tractor Market Dynamics:

Drivers:

1. Growing demand from e-commerce and logistics industries

Restraints:

1. High initial investment costs

Opportunities:

1. Strong inclination towards electric terminal tractors

Challenge:

1. Lack of synchronization with other port equipment

Key Market Players Terminal Tractor Industry:

Prominent players in the Terminal Tractor Market include Kalmar (Finland), Terberg Special Vehicles (Netherlands), Capacity Trucks (US), MAFI Transport-Systeme GmbH (Germany), and TICO Tractors (US).

The break-down of primary participants is as mentioned below:

• By Company Type: Terminal Tractor OEM – 75%, End User Organization – 25%
• By Designation: C Level – 35%, Director Level – 40%, Others - 25%
• By Region: North America– 25%, Europe – 35%, Asia Pacific – 25%, Rest of the World – 15%

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Terminal Tractor Industry Recent Developments:

• In August 2023, Kalmar agreed to acquire the intellectual property rights associated with the electric terminal tractor product line from Lonestar Specialty Vehicles (LSV) in the US. As part of this arrangement, LSV will transfer intangible assets to Kalmar and assume the role of Kalmar's contract manufacturing partner for the acquired electric terminal tractor product range.
• In August 2023, Terberg Tractors Nederland, known as TTN, a part of the Royal Terberg Group of companies, inaugurated its latest facility in Lopik, marking a significant milestone in the company's journey. Established in 2021, TTN specializes in the sales and leasing of terminal tractors in the Netherlands, with a strong focus on providing exceptional after-sales service and maintenance, available both at the Lopik headquarters and on-site at customer locations.
• In February 2023, Capacity Truck unveiled its new Zero Emissions Hydrogen Fuel Cell Electric (H2) terminal truck at the TMC Annual Meeting in Orlando, Florida, US. Engineered in collaboration with leading alternative fuel powertrain suppliers, this advanced truck is designed for port, intermodal, and distribution/warehouse applications. With a capacity to handle up to 180,000 pounds and quick refueling in just 15 minutes, it efficiently operates for at least one full shift.

Terminal Tractor Market Size - Key Benefits of Buying the Report:

• The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall terminal tractor market and the subsegments.
• The report includes a comprehensive market share analysis, supply chain analysis, extensive lists and insights into component manufacturers, chapter segmentation based on materials, a thorough supply chain analysis, and a competitive landscape.
• The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

This report provides insights on:

• Analysis of key drivers (Increase in international trade and growing demand from e-commerce and logistics industry), restraints (High initial investment costs, limited charging infrastructure for electric terminal tractors), opportunities (Strong inclination towards electric terminal tractors, Development in automated terminal tractor technology), and challenges (Lack of synchronization with other port equipment) are influencing the growth of the terminal tractor market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the terminal tractor market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the terminal tractor market across varied regions.
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the terminal tractor market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Kalmar (Finland), Terberg Special Vehicles (Netherlands), Capacity Trucks (US), MAFI Transport-Systeme GmbH (Germany), and TICO Tractors (US) among others in the terminal tractor market.

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Electric Tractor Market - Global Forecast to 2030

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