Dublin, April 24, 2023 (GLOBE NEWSWIRE) -- The "Global Terminal Tractor Market by Type, Drive, Tonnage, Propulsion, Application (Airport, Marine, Oil & Gas, Warehouse & Logistics), Industry (Retail, Food & Beverages, Inland Waterways & Marine Services, Rail Logistics, RoRo) & Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
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.
Along with a huge reduction in fuel expenses, electric terminal tractors eliminate the need for several maintenance services, such as oil changes, transmission service, fan belt service, air filter service, and other traditional fuel-based engine services.
Terminal tractor electrification also eliminates the need to completely replace the engine, as is the case with diesel engines at approximately 25,000 working hours. Such advantages push terminal tractor manufacturers to develop and launch advanced electric versions.
For instance, Terberg (Netherlands) introduced electric vehicles with new EV technology, which include the YT203-EV terminal tractor and the BC202-EV body carrier. The performance of the YT203-EV terminal tractor's electric drive system is comparable with that of diesel engines, and the large battery option offers a significantly greater operating range. Additionally, the new battery technology of the YT203-EV terminal tractor has an extended temperature range and can be used worldwide in very cold and warm climates.
Trade using naval transport offers reduced freight costs and is perfect for transporting heavy and bulky goods. As per the Organisation for Economic Co-operation and Development (OECD), the dominant transport mode used in global trade is maritime shipping: around 90% of traded goods are transported through the oceans. Oceans are considered main transport arteries for global trade.
North America is expected to be the largest market for 4x2 terminal tractors due to the higher use in port terminals
Terminal tractors with a tonnage capacity of <50 tons are used for stacking empty containers at port terminals as well as in the logistics sector. The growth in seaborne trade has resulted in the increasing transportation of heavy containers (>20 tons) at port terminals, which, in turn, has increased the demand for terminal tractors with a tonnage capacity of <50 tons.
Several companies offer terminal tractors. Kalmar, for instance, offers the T2E terminal tractor with a lifting capacity of 37 tons and 50 tons, according to the industry's requirement. HOVA offers 6x4 terminal tractors with a load capacity of 21-30 tons. Konecranes also offers terminal tractors having a load capacity of up to 50 tons.
Germany is estimated to be the largest market for terminal tractors in Europe
Germany is one of the leading warehousing markets in Europe due to its location, developed infrastructure, and technological expertise. Its strategic location that connects Eastern Europe to Western Europe has made it a popular warehousing destination. Warehouses in Germany are bigger in size and better in quality. The warehousing market in Germany is driven by e-commerce. For instance, as per International Trade Administration, the total e-commerce sales in Germany were approximately USD 83.1 billion for the year 2020, a 23% growth compared to 2019.
According to Germany Trade & Invest website, in 2020, the annual turnover of the logistics sector was about USD 264.4 billion, and it generated USD 16.9 billion in investments on average. The sector is currently facing challenges such as rising rents and space costs. German companies are creating new delivery models to enable same-day or 1-hour delivery due to the growing popularity of e-commerce and online shopping. Such factors are supporting the growth of the terminal tractor market in Germany.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 280 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $802 Million |
| Forecasted Market Value (USD) by 2027 | $1042 Million |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Increasing International Trade
- Increase in Port Traffic
- Increase in Rail Freight
- Growing Demand from E-Commerce and Logistics Industries
- Low Maintenance Cost of Battery Electric Terminal Tractors
Restraints
- High Capital Cost in Terminal Tractor Deployment
- High Cost of Battery-Powered Terminal Tractors and Need for Charging Infrastructure
Opportunities
- Advancements in Terminal Tractor Drivetrain
- Need for Vehicles with Low Emission Footprint May Increase Demand for Electric Terminal Tractors
Challenges
- Lack of Synchronization with Other Port Equipment
Case Studies
- Terminal Tractors: 'Run on Less - Electric' Demo
- Orange EV: Case Study by Anderson-Dubose of McDonald's Distribution Network
- Bolthouse Farms Case Study of Orange EV Deployments
Companies Mentioned
- AB Volvo
- Autocar LLC
- Battle Motors
- BLYYD
- Capacity Trucks
- Chengli Special Automobile Group Co. Ltd.
- China Sinotruk International Co. Limited
- Daysworth International
- Dongfeng Commercial Vehicle Company Limited
- Gaussin
- Hoist Material Handling, Inc.
- Hyster-Yale Group
- Kalmar
- Konecranes
- Linde Material Handling
- MAFI Transport-Systeme GmbH
- MOL (MOL CY)
- Orange EV
- REFUdrive
- SANY Group
- Terberg Special Vehicles
- TICO Tractors
- Transporter Industry International GmbH
For more information about this report visit https://www.researchandmarkets.com/r/ckdkyl
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