Terminal Tractor Market to Hit $1.9 Billion by 2030

 The global terminal tractor market is projected to grow from USD 1.4 billion in 2024 to USD  1.9 billion in 2030, at a CAGR of 5.5%. The e-commerce sector's rapid growth, along with the rising demand for advanced material handling equipment in various industries to enhance productivity, is expected to drive the global demand for terminal tractors. The port industry is particularly focused on developing automated and electric vehicles, a trend that is also evident in the terminal tractor market.

The Electric Terminal Tractor market is estimated to be the fastest-growing terminal tractor market by propulsion. Leading manufacturers like Konecranes, Kalmar, and Hyster are focusing on electric terminal tractors. They are investing in R&D and forming strategic partnerships to advance electric propulsion in terminal tractors. For instance, Hyster and Kalmar are at the forefront of electrifying terminal tractor fleets, offering significant environmental and economic benefits. Similarly, Kalmar, part of Cargotec, has strengthened its position in the electric terminal tractor market by acquiring product rights from Lonestar Specialty Vehicles (LSV) in the US.

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Diesel propulsion type is projected to be the largest market for terminal tractors from 2024 to 2030

According to MarketsandMarkets analysis, based on propulsion, the diesel segment accounted for the largest share of the terminal tractor market in 2023. High power and load stacking requirements and the low cost of diesel make diesel the first choice for equipment manufacturers. Governments worldwide are implementing stricter regulations to curb emissions from various industries, including logistics. Although diesel engines are a major source of air pollution, ports will likely face increasing pressure to transition to cleaner technologies. Despite their long-term benefits, the initial cost of electric tractors is still higher than diesel models. For some companies, particularly smaller operators, the lower upfront cost of diesel tractors becomes a deciding factor. North America is estimated to be the largest market for diesel terminal tractors owing to the presence of many small and mid-sized terminals in the region. North American ports, equipped with advanced infrastructure and technology, play a crucial role in global maritime trade and significantly drive the terminal tractor market.

North America is expected to be the largest market for 4x2 terminal tractors as they are heavily used in port terminals. These tractors, with a tonnage capacity of less than 50 tons, are used for stacking empty containers at port terminals and in the logistics sector. The increase in seaborne trade has led to more transportation of heavy containers (over 20 tons), boosting the demand for terminal tractors with a capacity of less than 50 tons. As per MarketsandMarkets analysis, there is a high demand for 4x2 terminal tractors from the logistics and warehouse industries in the US. Also, there has been a push to increase the electrification of these vehicles. For instance, Kalmar has sold 4x2 electric trucks in some of the ports in the US. Electric 4x2 trucks can save on fuel costs because there is no fuel waste while idling, which traditional trucks do about 50% of the time, leading to higher fuel use.

Key Market Players:

Key players in the market include Kalmar (Finland), Terberg Special Vehicles (Netherlands), Capacity Trucks (US), MAFI Transport-Systeme GmbH (Germany), and TICO Tractors (US). These companies offer several product offerings and have operations worldwide. They rely on their R&D capabilities and diversified product and service portfolios to increase their market share. These companies focus on product launches, collaborations, acquisitions, contracts, and partnerships to strengthen their footprint through product innovations and extend their business reach.

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