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Terminal Tractor Market Size

Report ID: GMI7398
Published Date: Nov 2023
Report Format: PDF

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Terminal Tractor Market Size

Terminal Tractor Market size was valued at USD 1.1 billion in 2022 and is estimated to register a CAGR of over 8% between 2023 and 2032. Companies are allocating funds to acquire advanced terminal tractors equipped with cutting-edge technologies and eco-friendly engines. For instance, in June 2023, APM Terminals Valencia added 11 new Terberg YT223 terminal tractors to enhance container handling operations, as part of its investment plan totaling USD 3.9 million for the facility. These tractors are fitted with Cummins Stage 5 engines, ensuring compliance with the latest EU emission standards. The market is expanding, catering to the rising demands from modern logistics & transportation industries.

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The emphasis on increased driver safety and comfort is proliferating the terminal tractor market growth. Manufacturers are integrating advanced safety features, such as collision avoidance systems and enhanced visibility aids, ensuring a secure working environment. Ergonomic cabin designs, air-conditioning, and improved seating contribute to the comfort of operators. These enhancements improve driver well-being, boost productivity, reduce accidents, and attract more buyers, propelling the market.

Terminal Tractor Market Report Attributes
Report Attribute	Details
Base Year:	2022
Terminal Tractor Market Size in 2022:	USD 1.1 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	8%
2032 Value Projection:	USD 2.3 Billion
Historical Data for:	2018 - 2022
No. of Pages:	250
Tables, Charts & Figures:	265
Segments covered:	Drive type, tonnage, and industry
Growth Drivers:	The emphasis on operational efficiency in cargo handling Growing logistics & transportation industry The surge in global trade of goods Increased focus on driver safety and comfort
Pitfalls & Challenges:	High upfront costs Limited adoption in certain regions

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High initial costs associated with terminal tractors present a significant challenge for potential buyers. The advanced technologies and engineering required for efficient cargo handling often result in substantial purchase expenses, especially for businesses with limited financial resources. This financial barrier can deter smaller companies or those operating on tight budgets from investing in modern terminal tractors. Overcoming this barrier may require innovative financing options or incentives to make these essential vehicles more accessible to a broader range of businesses.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of terminal tractor reached USD 1.1 billion in 2022 and is set to witness 8% CAGR from 2023 to 2032, due to the rising number of companies allocating funds to acquire advanced tractors equipped with cutting-edge technologies and eco-friendly engines worldwide.

The diesel-powered segment held over 39% of the market share in 2022, owing to high torque output at low RPMs, in heavy-duty towing and hauling.

North America accounted for 35% of the market share in 2022, attributed to the increasing environmental awareness leading to businesses embracing eco-friendly practices in the region.

Capacity Trucks, Kalmar, MAFI Transport - Systeme GmbH, Molcy, Sany Group, Terberg Special Vehicles, and TICO Tractors are some of the major terminal tractor companies worldwide.