The global terminal tractor market is anticipated to grow at a considerable CAGR of 4.8% during the forecast period. The terminal tractor is known as the semi-tractors and known by different names such as yard truck, shunt truck, and spotter truck. These tractors are primarily designed for loading and unloading materials, machines, and used in ports to handle goods. The terminal tractor market has a huge potential to grow at the fastest rate over the forecast period, owing to its features such as single cab, which allows the tractor driver to have much greater clarity when operating the tractor. Moreover, the terminal tractor allows the operator to move the tractor more efficiently and quickly in the warehouse, and dock. Moreover, owing to increasing shipment of materials, warehousing, and other logistical goods in the food & beverages, automotive, and pharmaceutical sectors, has propelled the growth of the global terminal tractor market. 

Further, the increasing number of international trade between developed and developing countries is also influencing the growth of the terminal tractor market. According to the US census bureau, the total trade between US and China in 2021 was $3.55 million, including both export and import of materials.  The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in October 2021, Autocar has manufactured its badass waste collection vehicles, which have a feature of ADAS, (Advanced Driver Assist System). 

Impact of COVID-19 Pandemic on Global Terminal Tractor Market 

Due to the COVID-19 pandemic, there is a decline in the growth of the terminal tractor market. The draw-up in the production and logistics affected the suppliers of raw materials. The European, Asian, and North-American countries are majorly affected by the COVID-19 pandemic, as the growth of this market is directly related to the global trade and warehouse and other industrial operations. However, the strong and higher demand for vaccines, products and materials, and other essential goods, and the easing in the lockdown which leads to resumption of economic and social activities are anticipated to resuscitate the global trade and logistics operations. Thus, the international trade of goods and services between the countries has positively impacted the growth of the global terminal tractor market. 

Segmental Outlook 

The global terminal tractor market is segmented based on propulsion type, and applications. Based on propulsion type, the market is segmented into diesel, electric, and hybrid. Based on application, the market is sub-categorized into inland waterways and marine, railways, and others (applications). Based on propulsion type, the diesel segment is expected to hold the largest market share over the forecast period. The higher prices of the electric terminal tractors limited well-established electric power charging stations in remote locations, and the lack of CNG filling gas stations, leads to support the demand for diesel terminal tractors in the coming years.

Global Terminal Tractor Market Share by Propulsion Type, 2022 (%)

 The Electric Propulsion Holds the Major Share in the Global Terminal Tractor Market

The electric propulsion segment is expected to boost the share of the global terminal tractor market in the coming year. The growth of the electric terminal tractor is driven by rising concerns for fuel emissions, which leads to an increase in the demand for zero-emission vehicles. Data was published by International Council on Clean Transportation, in November 2021, which states that the transportation sector is wholly responsible for 30% of greenhouse gas emissions in Europe. Moreover, the European sustainable and Smart Mobility Strategy, states that to achieve a target of climate-carbon neutrality by 2050, it becomes necessary to reduce transport-related greenhouse gases emissions by 90%, for this several battery-electric tractors (BET), and hydrogen fuel cell electric trucks (FCETs), are manufactured across the globe. 

These greenhouse gases are generally produced by diesel-based tractors, as diesel is wholly responsible for producing a large percentage of greenhouse gases and CO2. Further, electric terminal tractors have integrated with various benefits such as low maintenance cost, environment safety, and produces low noise. This wider range of features and various strategies opted by the countries to reduce greenhouse emissions has resulted in higher demand for the electric terminal tractor in the coming year. 

Regional Outlooks

The global terminal tractor market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America). The Asia-Pacific emerged as a leading region during the forecast period 2022. The growth of the Asia-Pacific is attributed to a large industrial base, comprising automotive, manufacturing, aerospace, and defense. The port terminals in the Asia-Pacific region such as Kolkata port, Mumbai port, and Chennai port in India, hence bringing lucrative business opportunities for the terminal tractor market in the region.  

Global Terminal Tractor Market Growth, by Region 2022-2028 

The Asia-Pacific Region Holds the Major Share in the Global Terminal Tractor Market 

The Asia-Pacific region is expected to be the fastest-growing region across the globe. The countries included in the region, are India, China, and Japan. Japan is expected to lead the global terminal tractor market in the future. According to Milt.go.jp, Japan have more than 100 container ports in the region, where the demand for the terminal tractor is high. Significant increase in the seaborne international trade of goods and services, high production of the automotive sector, and well-established infrastructure in the region are some of the prominent factors bolstering the demand for the terminal tractor market. Moreover, the growth in the population has increased the demand for raw materials, and finished goods have fueled the market growth. 

Market Players Outlook

The major companies serving the global terminal tractor market are, Cargotec Corp., Hyster Yale Materials Handling Inc., Konecranes., USA Truck Inc., Volvo Group, Autocar LLC, Tico Tractors, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in March 2021, Terminal Investment Corp. (TICO), has worked on its first electric terminal tractors, in partnership with Volvo Penta and Cummins. With this partnership, TICO aims to create a more sustainable tractor that is used in ports, distribution centers, and rail terminals. This tractor helps in reducing the maintenance cost and increases the satisfaction of customers and drivers.      

The Report Covers

• Market value data analysis of 2022 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global terminal tractor market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.