The Terminal Tractor Market is projected to grow at a CAGR of 4.1% to reach USD 832 million by 2027 from USD 603 billion in 2019.
The increased container throughput productivity, improved fuel efficiency, and stringent emission regulations have impacted the terminal tractor market. Increasing seaborne trade in developing countries like China, India, Singapore, Spain, and other Latin American countries is the major driving force behind the growing market for the terminal tractor.
To handle the growing container volumes at ports around the world, the container handling industry is shifting toward port automation and cost optimization in recent years. To increase productivity, terminal operators are looking for automated equipment as well as electric equipment as a solution. For instance, in April 2019, Kalmar has concluded a deal to supply a total of three Kalmar Ottawa Electric Terminal Tractors T2E to the Mexican bakery product manufacturer Bimbo. Additionally, in 2017, Volvo has recently introduced its electrified terminal tractor featuring a Volvo Penta electric driveline. This trend is expected to grow, spurring the demand for automated and terminal tractor market.
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The airport is estimated to be the fastest-growing market for the terminal tractor. In the airport’s industry, the increasing traffic at airports has accentuated the need for expansion, modernization, and development of new airports. For instance, the Beijing Daxing International Airport (China) is currently under construction and is expected to functional by 2019. Similar developments are currently underway in India, which plans to open four new airports to air traffic in 2019-2020. Hence, it would be an important market for terminal tractor manufacturers in the coming years. North America and Europe have developed regions, and there is very limited scope for new developments, however, expansions of existing airports can create an opportunity for terminal tractor manufacturers.
After Europe and North America, Asia Oceania is expected to be the third-largest market for terminal tractor due to increased containerized trade in the region. According to the World Bank, the total containerized trade in China, Japan, South Korea, Singapore, and India had increased from ~149.7 million TEU in 2006 to ~289.9 million TEU in 2016, at a CAGR of 6.8%, during the review period. Countries such as Malaysia, Indonesia, and Thailand have also experienced significant growth in container handling in recent years. To avail of these opportunities, regional as well as foreign players such as Sany, Kalmar, and Hyster have been focusing on business strategies such as supply contracts, expansions, and new product developments aimed at the market in the Asia Pacific.
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Along with rising in containerized trade, port authorities are looking to deploy automated equipment with the desired accuracy which ultimately results in increased productivity. Therefore, established players such as Kalmar, Konecranes, and Sany are collaborating with automation system providers such as TMEIC and ABB to add to their automated container handling portfolios.