Market Trends of Terminal Tractor Industry
This section covers the major market trends shaping the Terminal Tractor Market according to our research experts:
Growing Demand for Electric Terminal Tractors
The rise in fuel prices contributes to the demand for electric terminal tractors. Traits like zero emissions and relatively less energy consumption have made them a viable choice among various end users. Also, electric terminal tractors are far smoother, flatter, and slicker than traditional diesel-operated terminal tractors.
Electric terminal tractor apart from providing the required clout and control also keeps up a variety of eco-friendly upgrades that can help diminish the adverse impact a business has on the environment. With rising concerns for ecofriendly and sustainable transport across the globe, demand for electric terminal tractors at various transportation locations is anticipated to hold high growth potential.
Several industries including port and transportation, supermarket are actively deploying electric terminal tractors to fuel their respective use cases and reduce carbon emissions. For instance:
- November 2022, Autocar LLC which is the manufacturer of severe duty vocational trucks announced the delivery of its all electric battery terminal tractor at the Stater Bros. Supermarket.
- In June 2022, DP world announced the delivery of 11 all electric terminal tractor Terberg YT203-EV at the London Gateway which will be utilized primarily in the transporting goods to the nearby logistic facility.
Thus, considering these aforementioned deliveries, market is anticpated togain traction from rising sales of electric terminal tractors during the forecast period.
Europe is Expected to Witness Significant Growth
Europe is expected to be the largest market during the forecast period due to the presence of robust economies of European countries such as Germany, the United Kingdom, and Spain, along with the presence of leading manufacturers of terminal tractors. Konecranes, Kalmar, MAFI, CVS Ferrari, and MOL CY are key manufacturers catering to the global market through dealer and distribution networks.
Also, this region has a high adoption rate of automation technologies. Equipment with high automation levels increase productivity. This region is home to automated terminals such as the ECT Delta Port terminal (Netherlands) and the HHLA CTA terminal (Germany). The number of automated terminals is expected to increase in this region, further driving the growth of terminal tractors.
In Europe, marine and trade activities have long been drivers of economic growth, providing natural resources and access to trade and transport and opportunities for recreation. In addition, the consumer shift toward e-commerce platforms is offering a significant opportunity to terminal tractor manufacturers for their applicability in logistics and distribution handling. For instance,In May 2022, Hyster announced the non-biding MoU in order to provide Hamburg Hafen and LogistiK AG two electric terminal tractor powered by fuel cells. The delivery came under the initiative of the clean port and logistic program managed by Hyster.
At the same time, manufacturers are optimistic that the resumption of production plants across several countries will enable them to move toward a recovery phase, which is foreseen to stabilize the progress of the terminal tractor market in Europe.
