The global terminal tractor market is projected to grow from USD 802 million in 2022 to USD 1,042 million by 2027, at a CAGR of 5.4% during the forecast period.
The Warehouse & Logistics segment is expected to be the largest segment during the forecast period
Warehouse & logistics involve the storage and management of the flow of goods from point of origin to the point of consumption to meet the requirements of customers. The warehouse & logistics sector is largely dependent on global economic situations and international trade flows. The assets managed in logistics can contain physical items such as food, animals, materials, equipment, and liquids, as well as intangible items such as information, particles, and energy all these fragile items require safe and secure transportation from one point to the destination, and terminal tractors are the most important equipment in logistics terminals. The warehouse sector shows significant growth in 2022, driven by continuous activities in e-commerce, logistics, and retail chains. In May 2022, Amazon started a 4.1 million square foot industrial project in Ontario. The 5-story project will be equipped with advanced robotics operations. In August 2022, Maersk constructed a 43,000-square-meter warehouse in Duisburg, Germany. The European warehouse segment witnessed significant growth in the first half of 2022. Thus, the increased activity in the warehouse and logistics sector will offer growth opportunities for the terminal tractor market.
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Increase in trade through major marine ports to drive the market in Japan during forecast period
Japanese ports are among the key drivers of the country’s economy. The revenue generated from these ports is one of the most prominent sources for building Japans transport infrastructure and health services. Ports add significantly to the GDP and propel further industrial and technological advancements. Subsequently, the demand for related port handling equipment such as terminal tractors is expected to remain strong over the forecast period.
The European region is estimated to be the second-largest market for terminal tractors in 2022
Germany is anticipated to dominate the market in the European region, followed by France, the UK, and Spain. The market growth in the region can be attributed to the robust economy of European countries and the presence of leading terminal tractor manufacturers like Kalmar (Finland), Konecranes (Finland), Terberg Special Vehicles (Netherlands), Linde Material Handling (Germany), and MAFI Transport-Systeme GmbH (Germany). These manufacturers sell container handling equipment in the global market through their dealers and distribution networks.
Key Market Players
The terminal tractor market is primarily dominated by players like Kalmar (Finland), Terberg Special Vehicles (Netherlands), Capacity Trucks (US), MAFI Transport-Systeme GmbH (Germany), and TICO Tractors (US).
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