According to a new report published by UnivDatos Markets Insights, The Terminal Tractor Market was valued at USD 730 million in 2022 & is expected to grow at a CAGR of 4.5% from 2023-2030. The analysis has been segmented into Propulsion (Diesel, Hybrid, Electric, LNG, and Hydrogen), Drive (4*2, 4*4, and 6*4), Application (Airport, Marine Port, Oil & Gas, Warehouse and Logistics, Foods And Beverages, and Rail Logistics), Purchasing Option (Buying, Renting, and Leasing), Region/Country.
The terminal tractor market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the terminal tractor market. The terminal tractor market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the terminal tractor market at the global and regional levels.
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Key Market Opportunities
A terminal tractor, also known as a yard tractor, yard dog, or shunt truck, is a specialized vehicle primarily used in logistics and transportation industries for moving semi-trailers and containers within the confines of a terminal or a freight yard. It is designed to efficiently move heavy loads over short distances, often within the same facility or across adjacent yards. Terminal tractors typically have a hydraulic fifth wheel, which allows them to quickly and easily connect and disconnect from trailers, enabling efficient loading and unloading operations. They play a crucial role in facilitating the movement of goods and improving overall logistics operations. Furthermore, as international trade and global shipping continue to grow, there is an increasing need for efficient and reliable handling of cargo at ports and terminals. The expansion and modernization of ports worldwide directly drive the demand for terminal tractors. Moreover, the rise of e-commerce and online retail has significantly increased the volume of goods moving through supply chains. Terminal tractors are required for the efficient movement and organization of cargo within warehouses, distribution centers, and fulfillment centers. Additionally, increasing automation and efficiency in cargo handling operations with increased production and trade volumes across countries and continents, driven by elevated consumer demand is further pushing the demand for terminal tractors. For instance, in 2019, global trade in goods and services stood at about USD 25 trillion. In 2020, the value of global trade in goods and services contracted by about USD 2.5 trillion in 2020 (or about 10 percent). In 2021, global trade rebounded and increased by more than USD 6 trillion in 2021, reaching a record high of about USD 28 trillion.
COVID-19 Impact
The COVID-19 pandemic has had a significant impact on various industries, including the terminal tractor market. Terminal tractors are heavy-duty machines used in logistics and material handling, primarily in container terminals and ports, and their market was hugely impacted due to disruptions in the supply chain due to lockdowns, travel restrictions, and reduced trade activities. This resulted in a decline in the demand for terminal tractors as container volumes decreased, and port operations were affected. Furthermore, many businesses, including logistics and shipping companies, faced financial challenges during the pandemic. Uncertainty about the future and a focus on cost-cutting measures led to a decrease in investments in new equipment, including terminal tractors. This impacted the sales and revenue of terminal tractor manufacturers. Apart from all the headwinds that emerged during the pandemic moving forward with the rapid vaccination, economies gradually recovered, and the terminal tractor market is also witnessing a rebound. The resumption of trade activities and the gradual return to normalcy in logistics operations is driving the demand for terminal tractors.
Segmentation Details:
· Based on propulsion type, the market is segmented into diesel, hybrid, electric, LNG, and hydrogen. The most commonly used type of terminal tractor based on propulsion type is typically diesel-powered in 2022.
· Based on the drive type, the market is segmented into 4*2, 4*4, and 6*4. The type of terminal tractor that is used most widely depends on various factors such as the specific industry, location, and operational requirements. However, the two most commonly used types of terminal tractors based on drive type are 4*2 and 6*4 as of 2022.
Terminal Tractor Market Geographical Segmentation Includes:
· North America (U.S., Canada, and the Rest of North America)
· Europe (Germany, UK, Spain, France, Italy, Rest of Europe)
· Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)
· Rest of the World
The Terminal Tractor market in the Asia Pacific region is anticipated to witness significant growth throughout the forecast period. The major factor driving the market in the APAC region is, out of the ten largest and busiest ports of the world, almost all are located in the APAC region, where Shanghai port, which is located in China is the world’s biggest port with a whopping 37 million TEUs of cargo volume, with an annual cargo traffic handling of around 43 million TEUs, making it the globes biggest container facility. The major reason that is responsible for this heavy volume in the APAC region is, that International transport in the Pacific region relies heavily on maritime shipping (MS). On a tonnage basis, over 80% of all international cargo (both container and non-container) in this region is transported by ship, according to the World Trade Service (WTS) database. For instance, on Nov 2022, as per UNCTAD (United Nations Conference on Trade and Development), Asia remained the world’s leading maritime cargo handling center in 2021, accounting for 42% of exports and 64% of imports. In 2021, Asian container exporters were among the top five, accounting for almost half the traffic, and included China, Viet Nam, the Republic of Korea, and Japan.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the terminal tractor market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis for getting insight views on global competition.
Recent Developments:
· On December 2022, Terberg Tractors Malaysia (TTM) officially unveiled the Malaysia-built Model YT200EV, an innovative full-battery electric tractor, at the Terberg Manufacturing Plant in Pasir Gudang. The company also displayed an autonomous diesel terminal tractor equipped with Aidrivers’ AI-enabled autonomous technology during the event.
· On March 2023, BYD (Build Your Dreams) supplied an 8Y terminal tractor to a New York beer and beverage wholesaler, Manhattan Beer Distributors. This is the first electric terminal tractor that company procured and included in the company fleet of over 355 trucks. Milea Truck Sales and Leasing, a BYD truck dealer, had facilitated the delivery of this truck, and has 22 to 26 hours of consecutive operation capability.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the terminal tractor market?
• Which factors are influencing the terminal tractor market over the forecast period?
• What are the global challenges, threats, and risks in the terminal tractor market?
• Which factors are propelling and restraining the terminal tractor market?
• What are the demanding global regions of the terminal tractor market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
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