Terminal Tractor Market
The Terminal Tractor Market was estimated around USD 662 million in 2020 and is expected to grow at a CAGR of 3.3% over the forecast period (2021-2028).
The factors driving the growth of Terminal Tractor Market includes increasing application of terminal tractors in loading and unloading materials used in ports and distribution centers, expansion of the e-commerce industry and rise in the number of warehouses around the world. According to the report published by Statista, the E-commerce market in India was estimated at USD 30 billion in 2020 and is predicted to reach USD 200 billion by the end of 2027, which will boost the Terminal Tractor Market size in India in the approaching years. Moreover, the growing demand for energy efficient and autonomous tractors, rising trend of digitalization, increase in the trading activities around the world and growing popularity of electric terminal tractors, are some of the additional factors supplementing the market growth. In addition, the easy availability of terminal tractors on rental basis, increasing adoption of automated technologies, rising use of terminal tractors in metal industry and rapid urbanization, are further propelling the market growth.
However, the growth of Terminal Tractor Market is hindered attributed to high maintenance cost of terminal tractors.
The leading players operating in the market are Sinotruk, Dongfeng Commercial Vehicle Company Limited, C&C Trucks, Terberg Special Vehicles, Mol, Capacity Trucks, BYD, Orange EV, Mafi Transport-Systeme GmbH and Tico Tractors among others.
Application – Segment Analysis
Based on Application, the Logistics segment is anticipated to expand at a robust CAGR during the forecast period. The terminal tractors are increasingly used in e-commerce industry because they move trailers with higher speed and efficiency from one terminal to the other, which is the major factor responsible for the segment's growth.
Propulsion Type – Segment Analysis
Based on Propulsion, the Electric segment is predicted to grow at a remarkable CAGR over the forecast period attributed to rise in the fuel prices and growing demand for environment friendly terminal tractors.
Regional – Segment Analysis
Based on Region, the North American region is projected to capture a sizeable market share during the forecast period. The increasing application of terminal tractors in Aerospace and Defense industries, Government initiatives to boost the automotive manufacturing, rise in the traffic at distribution centers and ports and high per capita incomes, are some of the important factors augmenting the market growth in North America.
Global Terminal Tractor Market by Application
Global Terminal Tractor Market by Propulsion Type
Global Terminal Tractor Market by Region
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