Terminal Tractor Market Size To Reach $1.03 Billion By 2030

Terminal Tractor Market Growth & Trends

The global terminal tractor market size is anticipated to reach USD 1.03 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 4.7% from 2024 to 2030. Rapid urbanization and industrialization are driving the market growth. According to the World Bank, the urban population was 57% of the total population in 2022, which indicates high urbanization.

The COVID-19 pandemic had a negative impact on the market, reshaping dynamics and influencing trends across the industry. Ports, a major end-user segment for terminal tractors, faced challenges during the pandemic due to reduced shipping activity, labor shortages, and operational constraints. While some ports experienced declines in cargo volumes, others saw fluctuations in the types of goods being handled, leading to adjustments in terminal tractor usage and deployment strategies.

Rapid urbanization and industrialization in emerging markets offer opportunities for the market. As urban populations grow, a greater demand for goods and services drives the need for efficient logistics and distribution networks. Manufacturers target emerging markets with innovative terminal tractor solutions designed to meet the specific challenges of urban environments, such as compact designs for tight spaces or electric powertrains for reduced emissions.

Additionally, the industry is witnessing a gradual shift towards automation and the adoption of Industry 4.0 principles to streamline operations and improve overall efficiency. Terminal tractors integrated with automation technologies enable autonomous loading, unloading, and container movement, driving interest and investment from forward-thinking terminal operators.

Furthermore, technological advances, such as the Internet of Things (IoT), artificial intelligence (AI), and autonomous driving systems, are transforming the terminal tractor industry. These technological innovations improve safety, efficiency, and productivity, driving adoption among terminal operators looking to stay competitive in a rapidly evolving landscape.

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Terminal Tractor Market Report Highlights

• Based on drive type, the 4x2 segment accounted for the highest revenue share of 41.6% in 2023 and is expected to retain its position over the forecast period. It can be attributed to increased demand for efficient and eco-friendly logistics solutions.

• Based on propulsion, the diesel segment dominated the market in 2023 and is expected to grow at a significant CAGR over the forecast period. It can be attributed to the high power and torque capacity.

• Based on application, the port terminal is expected to grow at a significant rate over the forecast period, owing to the increasing exports and imports

• Based on tonnage, the <50 ton segment held the largest share of the market in 2023, owing to the increase in infrastructure development and construction projects

• Based on vehicle type, the automated segment is anticipated to grow rapidly during the forecast period owing to the advancements in autonomous driving technology

• In March 2024, Kalmar, a division of Cargotec and Forterra signed a collaborative development agreement focused on autonomous terminal tractor solutions. Kalmar is expected to lead the development of the automation-ready terminal tractor, encompassing the integration of drive-by-wire technology and the Kalmar One fleet management system for overseeing automated terminal tractor fleets. This partnership leverages Forterra's expertise in crafting top-tier autonomous systems alongside Kalmar's deep-rooted experience in port and terminal automation, bolstered by their leading terminal tractor product.

Terminal Tractor Market Segmentation

Grand View Research has segmented the global terminal tractor market based on drive type, propulsion, application, tonnage, vehicle type, and region:

Terminal Tractor Drive Type Outlook (Revenue, USD Million, 2017 - 2030)

• 4x2

• 4x4

• Others (6x4 and 8x4)

Terminal Tractor Propulsion Outlook (Revenue, USD Million, 2017 - 2030)

• Diesel

• Electric

• Others (Hybrid/CNG)

Terminal Tractor Application Outlook (Revenue, USD Million, 2017 - 2030)

• Port Terminal

• Distribution Centers

• Warehouse

• Others (Manufacturing and Utilities)

Terminal Tractor Tonnage Outlook (Revenue, USD Million, 2017 - 2030)

• <50 Ton

• 50-100 Ton

• >50 Ton

Terminal Tractor Vehicle Type Outlook (Revenue, USD Million, 2017 - 2030)

• Manual

• Automated

Terminal Tractor Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • Italy

  • France

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East & Africa

  • UAE

  • Saudi Arabia

  • South Africa

List of Key Players in the Terminal Tractor Market

• Kalmar

• Konecranes

• Terberg Group

• Sany Group

• Hyster-Yale Materials Handling

• CVS Ferrari

• MAFI Transport-System

• TICO Tractors

• Mol CY

• Capacity Truck

• Outrider Technologies, Inc.

• Fernride