The terminal tractor market is projected to grow at a CAGR of 4.1%, during the forecast period, to reach a market size of USD 832 million by 2027, from an estimated USD 603 million in 2019
NEW YORK, Nov. 11, 2019 /PRNewswire/ --
Increase in cargo transportation and the need for handling rising cargo volumes is expected to drive the market for terminal tractor while increasing stringency in emission regulations to drive the demand for electric and hybrid equipment.
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The terminal tractor market is projected to grow at a CAGR of 4.1%, during the forecast period, to reach a market size of USD 832 million by 2027, from an estimated USD 603 million in 2019. Increasing focus on port automation and growing seaborne trade are the key drivers for this market. Alternatively, the high capital costs of container handling equipment and lack of synchronization among different equipment can hinder the growth of the market.
The 50-100 tons segment is estimated to be the largest market during the forecast period.
The 50-100 tons segment is estimated to be the largest market during the forecast period.According to MarketsandMarkets analysis, of the total number of terminal tractor sold in 2018, around 50%, were in the 50-100 tons range.
The above 100 tons segment is expanding at a sluggish pace owing to its very high load carrying capacity, which has limited applications.The between 50 to 100 tons segment is developing at a more rapid pace than the other segments and is likely to hold a notable share of the market by the end of the forecast period.
Growing containerized traffic in this capacity range at key port terminals is expected to drive the 50-100 tons terminal tractor market.
The 4*2 segment is projected to be the fastest-growing market for the terminal tractor market, by axle type.
The 4*2 terminal tractor is estimated to be the fastest-growing market over the forecast period.It is also expected to be the largest market for the terminal tractor over the forecast period.
As per port equipment manufacturing association, the 2017 global demand for 4*2 terminal tractors increased by 6% over 2016.Increased delivery numbers were in Asia Oceania, Middle East, and Africa.
Due to the high cost of the 4*4 terminal tractor, its demand is low compared to 4*2 types of the terminal tractor.
Europe: The largest terminal tractor market from 2017 to 2027.
The market in Europe is expected to lead the terminal tractor market, in terms of value, during the forecast period.Countries such as Germany, France, UK, and Spain are the key markets for terminal tractors.
As per the port equipment manufacturing association (PEMA), in 2017 deliveries of the terminal tractor in Europe was the highest compared to other regions.In Europe, marine activities have long been drivers of economic growth, providing natural resources & access to trade & transport, and opportunities for recreation.
Maritime activities today remain essential to the economy and society in general, with high expectations for future growth, and it is expected to be the driving force behind Europe's terminal tractor market.
BREAKDOWN OF PRIMARIES
The study contains insights provided by various industry experts, ranging from terminal tractor manufacturers, shipping authorities, and distributors. The break-up of the primaries is as follows:
• By Company Type: Terminal Tractor Manufacturers- 52%, Shipping Authorities- 26%, and Distributors- 22%
• By Designation: C-level- 55%, D-Level- 38%, and Others-7%
• By Region: North America - 35%, Europe- 35%, Asia Oceania- 20% and RoW- 10%
The report provides detailed profiles of the following companies:
• Kalmar (Finland)
• Konecranes (Finland)
• Terberg (Netherlands)
• Liebherr (Switzerland)
• Hyster (US)
• Sany (China)
• CVS Ferrari (Italy)
• MOL CY (Belgium)
• Volvo (Sweden)
Research Coverage
The primary objective of the study is to define, describe, and forecast the terminal tractor market by type, tonnage capacity, propulsion type, Application, and region.It analyzes the opportunities offered by various segments of the market to stakeholders.
It tracks and analyzes competitive developments such as market share analysis, expansions, joint ventures, acquisitions, and other industrial activities carried out by key industry participants.
Key Benefits of Buying the Report
• The study provides qualitative and quantitative analyses of the terminal tractors types represented in terms of volume (Units) and value (USD million)
• The report will help market leaders and new entrants in by providing them the closest approximations of the revenue numbers for the overall vehicle electrification market and sub-segments
• The ten key companies that have a significant impact on the market have been profiled along with their financial structures, recent developments, and product portfolios.
• The report covers the competitive landscape, which reflects the market share analysis of leading players along with the dominant strategies adopted by these stakeholders to retain their positions.
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