Trailer terminal tractors are heavy-duty vehicles used to transport semi-trailers within intermodal facilities, cargo handling areas, and industrial grounds. They are equipped with a plug and fifth wheel mechanism to quickly couple and uncouple trailers. Trailer terminal tractors help improve operational efficiency in logistics facilities during cargo loading and unloading.
The Global Trailer Terminal Tractor Market Size is estimated to be valued at US$ 1.8 billion in 2024 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rapid industrialization in developing nations is one of the key trends driving the growth of the global trailer terminal tractor market. According to the World Bank, the share of global manufacturing in developing nations has increased from 18% in the year 2000 to 32% in 2018. Many developing nations are promoting local manufacturing through supportive policies and investments in infrastructure development. This is increasing the demand for cargo handling equipment such as trailer terminal tractors at industrial and logistics facilities. Trailer terminal tractor manufacturers are developing advanced solutions integrated with IoT and telematics to improve operational efficiency for industrial customers.IoT enabled trailer terminal tractors provide real-time location tracking and vehicular performance monitoring. This helps reduce downtime and fuel costs.
Segment Analysis
The global trailer terminal tractor market is segmented based on type and application. Based on type, the standard/low power tractor segment holds the major market share. Standard/low power tractors offer basic functionality for transporting semi-trailers at ports, intermodal facilities, and distribution centers. These reliable and cost-effective tractor models are suitable for most towing and transport applications which has made them the primary choice among end users.
Key Takeaways
The global trailer terminal tractor market is expected to witness high growth over the forecast period of 2024 to 2031. With growing seaborne trade and increasing container traffic at ports, the demand for trailer terminal tractors is rising significantly. The global Trailer Terminal Tractor Market is estimated to be valued at US$ 1.8 billion in 2024 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024-2031.
Regional analysis
Asia Pacific region dominates the global trailer terminal tractor market with the largest share currently. The presence of key manufacturing countries such as China and India along with major container ports is driving the demand in this region. Rapid growth of the logistics and transportation sector in Southeast Asian countries is further propelling market revenues. North America is another major regional market encouraged by high container volumes at ports on the west and east coasts of the US.
Key players
Key players operating in the trailer terminal tractor market include AUTOCAR, LLC., CAPACITY TRUCKS, CARGOTEC (Kalmar), CVG (CVG), FRESENIUS BLAZCZYK GMBH, HOEFT & WESENDORF, Konecranes, MAFI Transport Systems GmbH, Mol CY nv, Orange EV, SINOTRUK (HONG KONG) LIMITED, TERBERG SPECIAL VEHICLES, and TICO TRACTORS. AUTOCAR, LLC and CAPACITY TRUCKS are prominent suppliers with wide product portfolios and strong distribution networks across regions.
Get More Insights Here: https://www.newswirestats.com/trailer-terminal-tractor-market-trends-growth-and-regional-outlook-2023-2030/
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The global Terminal Tractor market is anticipated to grow at a notable pave over the forecast period of 2020 to 2030.
It is believed that this information will help the market players take properly informed decisions, helping them tap into projected growth effectively.In the report, trends and drivers are also spelled out for market players in order to give the reader a comprehensive insight into growth dynamics.
However, there are also a couple of restraining factors.
The pandemic is currently ravaging the world in a major way, unabated.
The impact of this virus has been termed as a crisis – human and humanitarian.
It is haltering international trade, pausing operations in factories, and pushing the world towards a massive recession.
