Global terminal tractor market is anticipated to grow at a CAGR of 5.2% during the forecast period (2024-2031). The high demand for efficient goods movement in factories, warehouses, and distribution centers with growing logistics demand has created terminal tractor demand globally. Terminal tractors due to their maneuverability and short distance hauling capabilities are ideal for these settings. The rise in e-commerce and omnichannel retail has led to a surge in warehousing and distribution centers. Terminal tractors also help streamline production processes in larger manufacturing facilities. They offer a cost-effective alternative to forklifts for heavier loads. Therefore, the key terminal tractor manufacturers are adopting several growth strategies such as mergers & acquisitions, collaboration, and product launches to offer advanced terminal tractors for end-use applications.
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Recent Developments-
- In August 2023, Kalmar, a division of Cargotec, acquired the product rights for Lonestar Specialty Vehicles’ (LSV) electric terminal tractor line in the US. As part of this arrangement, immaterial assets were transferred, and LSV acted as Kalmar’s contract manufacturing partner for the acquired product line.
- In March 2023, Fernride, an autonomous trucking solutions developer, and Terberg, a terminal tractor manufacturer, collaborated to develop a CE-certified automated terminal tractor, combining teleoperated and autonomous driving capabilities for gradual autonomy. This collaboration accelerates the transition to autonomy in yard operations, enhancing productivity and safety.
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Market Coverage
- The market number available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
- Segment Covered-
o By Propulsion
o By Application
o By Vehicle type
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Cargotech Corp. (Kalmar), Konecranes Oyj, Sany Group, Terberg Group BV, and Hyster-Yale Materials Handling, Inc. among others.
Key questions addressed by the report.
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Terminal Tractor Market Report Segment
By Propulsion
- Diesel
- Electric
- Others (Hybrid/CNG)
By Application
- Port Terminal
- Distribution Centers
- Warehouse
- Others (Manufacturing & Utilties)
By Vehicle Type
- Manual
- Automated
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