The terminal tractor market is slated to expand at a moderate CAGR of 3.3% over the projected period, 2020-2030. Increasing international trade activities are supporting users to prefer terminal tractors to encourage work efficiency and lessen human error.
"The terminal tractor market is anticipated to expand at a steady pace, fueled by the requirement for material shipment and associated logistical activities, post COVID-19." says the Fact.MR report.
Terminal Tractor Market - Key Takeaways
In terms of fuel, conventional fuel will hold maximum sway in the market over the assessment period.
In terms of end-use, port terminals will gain traction in the global market throughout 2020-2030
Based on ownership, the industrial and commercial category is likely to foresee growth, due to improving business conditions and rising investments in the production sector in emerging regions.
North America will remain dominant, capturing one-third of the global market, trailed by Europe.
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Terminal Tractor Market - Driving Factors
Rising e-commerce sales are slated to generate ample prospects for the terminal tractor market.
Technological progressions terminal tractors and incorporation of the Internet of things (IoT) will be supporting market growth, over the assessment period.
Growing demand for automation at distribution centers, warehouses, and port terminals, will be augmenting the implementation of terminal tractors.
Terminal Tractor Market - Constraints
The absence of synchronization amid different equipment is hampering the market growth
The higher investment cost is anticipated to restrain the market growth
Anticipated Market Impact by COVID-19 Outbreak
The COVID-19 outbreak has affected the majority of the sectors. Although, rising trade activities amid developing and developed nations for the supply of the essential goods is poised to reinforce the terminal tractors' demand to improve efficiency at ports & other end-use categories. Additionally, customers' shift towards online platforms is providing significant prospects to terminal tractor producers for their applicability in distribution and logistics handling.
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Major companies identified in the terminal tractor market are Mol CY nv., TICO Terminal Services, Terberg Group B.V., MAFI Transport-System, Konecranes Oyj, CVS Ferrari, Hoist Material Handling, Inc., Volvo AB, AUTOCAR LLC., Kalmar Inc., along with REV Group Inc.
More on the Report
The FACT.MR's market research report provides in-depth insights into the Terminal Tractor market. The market is scrutinized based on fuel (conventional fuel [below 200 HP and above 200 HP], alternative fuel [below 200 HP and above 200 HP], and electric), end use (port terminals, intermodal facilities, and others), product (conventional and automated), and ownership (rental and industrial & commercial) across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)).
Media Release: https://www.factmr.com/media-release/1644/terminal-tractors-market-trends