Trailer Terminal Tractor Market to Reflect Impressive Growth Rate During 2020 to 2030
The trailer terminal tractor market is expected to reflect a moderate growth rate through the end of 2030. The wide scope of applications of trailer terminal tractors in industrial sites, ports, logistics centers, and container terminals are driving demand. Also, fast growing adoption rates in terms of warehouse management are opening new growth opportunities. Long-term prospects of the industry are positive owing to the economic recovery expected in the post-pandemic period.
“Improvements to trailer terminal tractor models, including LNG-powered models, electric models, and autonomous options will positively influence the industry. Also, efforts to remain in compliance with changing carbon emission rules, are likely to propel the trailer terminal tractor market in the years ahead,” says the FACT.MR analyst.
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Trailer Terminal Tractor Market- Key Takeaways
- Electric and LNG trailer terminal tractors are expected to reflect higher growth rates owing to increased stringency of emission laws.
- Autonomous trailer terminal tractors will account for faster adoption rates with cost benefits in minimizing human error and bolstering operational efficiency.
- North America is a dominant regional market owing to the presence of major manufacturers in the region, and the resultant increase in adoption levels.
Trailer Terminal Tractor Market- Driving Factors
- The introduction of autonomous and electric automotive technologies in the industry will generate lucrative opportunities in the market.
- Growing international and domestic trade levels around the globe will support the market in the post pandemic period.
Trailer Terminal Tractor Market- Major Restraints
- High costs of heavy-duty trailer terminal tractors in terms of purchase and maintenance are, hurting adoption.
- Limitations in terms of functionality in autonomous trailer terminal tractors is limiting growth prospects.
COVID-19 Impact on Trailer Terminal Tractor Market
The impact of the covid-19 pandemic on the trailer terminal tractor market has largely been negative. Lockdown restriction shave impacted operations in production facilities. Also, reduced demand in end use industries during the crisis period has hurt revenues.
Shortage of workforce and concerns over cash flow will also remain important for the duration of the pandemic. The restrictions on international and domestic trade and supply chains are expected to have a substantial impact on the market. Recovery is likely to be gradual, as governments relax regulations to rejuvenate struggling economies.
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Trailer terminal tractor manufacturers are operating in a moderately fragmented industry are focused largely on strategies to expand geographical presence, in addition to promoting new electric and LNG product options.
For instance, in early 2020, Kalmar of Cargotec have entered into agreements with SAAM and SSA Marine to provide trailer terminal tractors for international terminal facilities in Chile, Equador, Panama, and Mexico. Lonestar Specialty Vehicles has joined hands with In-Charge Energy to develop and provide end-to-end energy charging solutions for internal combustion and electric terminal tractors, as a service.
Firefly Transportation Services has partnered with Orange EV for the development and launch of the new T-Series Tandem, pure electric terminal tractor for zero-emission goods movement.
Some of the leading players in the trailer terminal tractor market include AB Volvo, Tico Tractors, Autocar LLC, Terberg Special Vehicles, BYD Company Ltd., Sinotruk Ltd., Capacity Trucks, Orange EV, Cargotec, MAFI Transport Systems GmbH, CVS Ferrari S.p.A., Hoist Liftruck Mfg. among others.
About the Report
This study offers readers a comprehensive market forecast of the trailer terminal tractor market. Global, regional and country-level analysis of the top industry trends impacting the trailer terminal tractor market is covered in this FACT.MR study. The report offers insights on the trailer terminal tractor market on the basis of fuel type (diesel/gasoline, HEV, BEV), tonnage (below 50 tons, between 50 – 100 tons, and more than 100 tons), number of axles (single axle and multi axle), end users (port and industrial), and technology (manual, semi-autonomous, and autonomous) across five regions (North America, Latin America, Europe, Asia Pacific, and MEA).