Terminal Tractor Market Insights
The terminal tractor market size is poised to expand 1.4X in terms of value, at a CAGR of 3.3% during the forecast period of 2020-2030. Terminal tractors are specifically designed to be used at terminals, ports, distribution centers, and several other industrial applications that enhance the efficiency of the movement of goods.
However, economic shutdown has led to supply shortages as the COVID-19 pandemic is taking a toll on the global movement of goods, from wholesale distribution to retail stores, and the manufacturing industry to the logistics industry. As a result, container movement in several countries across the world has decreased, resulting in declining sales of terminal tractors.
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Terminal Tractor Market Trends
Post the COVID-19 recovery phase, the terminal tractor market will witness an upward trend, owing to rising shipment of material, warehousing, and related logistical activities in food & beverage, pharmaceutical, and automotive industries. Manufacturers and distributors in the food & beverage industry are mitigating supply chain challenges due to consumer panic buying, which, in turn, will soar the demand for terminal tractors.
In addition, the terminal tractor market is gaining momentum in developing countries such as China and India, and also Japan, as companies are rapidly migrating from traditional material handling practices to more advanced ones on the back of significant infrastructure modernizations. Moreover, the growth of new sales channels such as e-Commerce is expected to create ample opportunities for the growth of the terminal tractor market in these countries, as they enable in improving efficiency and operator experience.
Terminal Tractor Market Insights by Ownership
The industrial and commercial segment is estimated to account for more than 83% or US$ 533 Mn of the total market share in 2020. Improving business conditions and increasing investments in the manufacturing sector in developing countries are expected to contribute significantly to the growth of the terminal tractor market. Moreover, anticipated rise in the production of automobiles in Asian countries after the pandemic has been brought under control will fuel the market in the region. Owing to the above-mentioned factors, the industrial and commercial segment in the terminal tractor market will drive demand over the forecast period.
On the other hand, industry users have started realizing the long-term benefits associated with terminal tractors, as they ensure substantial savings on energy, require low maintenance, and also improve productivity as compared to manual operations. This, in turn, is anticipated to increase the demand for terminal tractors through 2030.
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Regional Outlook of Terminal Tractor Market
North America is estimated to hold 1/3 of the overall terminal tractor market share by value, followed by Europe. With the resumption of manufacturing operations in developed countries, manufacturers are optimistic that the need for efficient material handling such as loading and unloading materials at sea ports, warehouses, and distribution centers is expected to create increased demand for terminal tractors.
Furthermore, post COVID-19, it is expected that, developing countries will focus on the development of commercial facilities and strengthening their infrastructure in order to meet the demand for consumer product goods. This is anticipated to increase the demand for warehousing, which will be a contributing factor to the growth of the terminal tractor market. This factor, coupled with growing purchasing power of industries, has led to a growing trend of using terminal tractors across several countries.
Terminal Tractor Market: Leading Manufacturers
The terminal tractor market is highly concentrated in nature, with leading players accounting for a major portion of the market share. Some of the prominent players are Kalmar Inc., REV Group Inc. Terberg Group B.V., Konecranes Oyj, and MAFI Transport-System GmbH, among others. These market players are focusing on entering into strategic agreements with their clients in order to maintain their market position and better serve the needs of customers.
An example of such agreements are: In 2020, Kalmar Inc., signed an agreement to supply Saigon Newport Corporation (SNP) with 25 units of the Kalmar Essential Terminal Tractor TL2. The company’s TL2 terminal tractors are built on a stable bolted chassis, which facilitates easier and efficient maintenance.
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