Terminal Tractor Market worth $877 million by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 2, 2021 /PRNewswire/ -- According to the new market research report "Terminal Tractor Market by Type, Tonnage, Propulsion, Application (Airport, Marine, Oil & Gas, Warehouse & Logistics), Industry (Retail, Food & Beverages, Inland Waterways & Marine Service, Rail Logistics, RoRo), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Terminal Tractor Market is projected to grow from USD 718 million in 2021 to USD 877 million by 2026, at a CAGR of 4.1% during the forecast period.
The demand for electric and automated terminal tractors would create growth opportunities for the Terminal Tractor Market.
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Marine port segment is expected to be the largest segment during the forecast period
The growth in population has increased the demand for raw materials and finished products over the years. In recent times, the global demand has stabilized from the uncertainty of the COVID-19 pandemic. Continuous demand for materials, products, equipment, and fuel from major end-use industries has propelled the expansion of the marine port industry. Increased demand has encouraged the manufacturers of terminal tractors and other port equipment to offer technologically advanced equipment that helps in performing better marine operations. Increasing marine activities in developing countries and growth in demand for resource exploration are the major drivers of the Terminal Tractor Market.
The diesel segment by propulsion is expected to hold the largest market share in 2021
The limited availability of charging infrastructure, the lack of CNG filling stations in remote locations, and the higher prices of electric terminal tractors are the major factors hampering the adoption of green fuel vehicles.
Most terminal tractors are installed with diesel engines. According to MarketsandMarkets™ analysis, based on propulsion, the diesel segment is estimated to hold the largest share of the Terminal Tractor Market in 2021. High power and load stacking requirements and the low cost of diesel make diesel the first choice for equipment manufacturers. However, the latest emission norms for NOx, PM, and CO2 reductions and the rising trend of automation for port equipment would push manufacturers to develop power-efficient equipment with reduced emission levels. Manufacturers such as Kalmar, Konecranes, and Terberg are providing engines that are compliant with Stage IV and Tier 4 norms.
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North America is estimated to be the dominant regional market
the US handled the second-largest containerized trade of around 55.5 million TEU in 2019, after China. The US was also the major contributor to the overall terminal tractor sales (approximately 91%) in the North American region in 2020.
The growth of the US market can be attributed to a large industrial base in the country, comprising automotive manufacturing, aerospace and defense, and industrial verticals. Other port terminals in North America, such as Southern Californian ports of Los Angeles and Long Beach, Maher Terminal in New York, WBCT Terminal in Los Angeles, and ITS and Husky Terminals on the West Coast, also handle millions of TEU every year. The traffic in these terminals is constantly increasing, bringing lucrative business opportunities for terminal tractor manufacturers. Thus, the region is estimated to dominate the Terminal Tractor Market with a 45.8% share in 2021.
Kalmar (Finland), Terberg Special Vehicles (Netherlands), Capacity Trucks (US), MAFI Transport-System GmbH (Germany), and TICO Tractors (US) are the prominent players in the Terminal Tractor Market. These companies adopted new product development, and supply contract strategies to gain traction in the Terminal Tractor Market.
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