Dublin, Nov. 08, 2019 (GLOBE NEWSWIRE) -- The "Terminal Tractor Market by Type, Tonnage, Propulsion, Application (Airport, Marine, Oil & Gas, Logistics), Industry (Retail, Food & Beverages, Inland Waterways & Marine Services, Rail Logistics, RoRo), and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
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.
The terminal tractor market is dominated by a few global players and comprises several regional players. Some of the key players in the terminal tractor market are Kalmar (Finland), Konecranes (Finland), Terberg (the Netherlands), and Sany (China). Kalmar adopted the strategies of expansion, new product development, and partnership to retain its leading position in the terminal tractor market.
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
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 the publisher 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.
Companies Mentioned
- CVS Ferrari
- Hyster
- Kalmar
- Konecranes
- Liebherr
- MOL CY
- Sany
- Terberg
- Volvo
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