Terminal Tractor Market To Generate Revenue worth $1,401.1 Million by 2030

The global terminal tractor market is projected to generate USD 1,401.1 million revenue by 2030, advancing at a CAGR of 5.5% during 2024–2030. This can be ascribed to the rising demand for these vehicles from the logistics and e-commerce industries, growing economies in the Asia-Pacific region, and surging investments by the leading yard truck manufacturers in developing countries.

Terminal tractors, also known as yard trucks and shunt tucks, are specialized vehicles used at ports, warehouses, and distribution centers. They are designed to move shipping containers and trailers within confined spaces, such as terminals and yards. They are equipped with a fifth wheel to connect and transport the trailers, thus making them essential for efficient cargo handling and logistics operations.

Warehouse & Logistics Category Holds Largest Share

Based on application, the warehouse & logistics category holds the largest share. Logistics is integral for economies to grow as it involves the transportation of goods from the place of their origin to that of their final consumption. The industry works via express cargo, road, rail, and air freight; warehousing, and other value-added services. Businesses use logistics services to reach out to buyers and deliver goods within the stipulated time frame. Additionally, the industry has grown as a result of the increasing investment, changing regulations, and initiation of massive infrastructure projects.

Furthermore, terminal tractor demand is being driven by the existence of larger container inventories with companies than before to prevent supply chain disruptions, such as those caused by the COVID-19 pandemic. For instance, in August 2022, Maersk constructed a warehouse with an area of 43,000 square meters in Duisburg, Germany, in order to offer more end-to-end logistics solutions to customers worldwide.

North America’s Revenue Contribution Growing Rapidly

Geographically, North America is expected to grow with a CAGR of about 5.8% during the forecast period. The expansion of the U.S. market is owing to the country's enormous industrial base, which includes automotive, pharmaceutical, food & beverages, and aerospace & defense equipment companies. In addition to this, many major market players are present in the country, such as Terberg Special Vehicles, Orange EV, and TICO Tractors. Further, according to the World Bank, with the movement of around 55.5 million cargo units, the U.S. was the second-largest in containerized trade, behind China, in 2019.

Moreover, the strict emission regulations are encouraging the adoption of cleaner and more-sustainable technologies, such as electric and hybrid tractors, to reduce the environmental impact of logistics operations. The rise in e-commerce activities has led to a further increase in the demand for these vehicles as they are essential for moving trailers and containers within distribution centers.

The major players operating in the terminal tractor market include Terberg Special Vehicles, TICO Tractors, MAFI Transport-Systems GmbH, Mol CY NV, REV Group Inc., Autocar LLC, Orange EV LLV, Konecranes, and Hoist Material Handling Inc.