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Terminal Tractor Market by Type, Tonnage, Propulsion, Application, Industry and Region - Global Forecast to 2026 - ResearchAndMarkets.com

DUBLIN, September 15, 2021 (BUSINESS WIRE) --

The "Terminal Tractor Market by Type, Tonnage, Propulsion, Application (Airport, Marine, Oil & Gas, Warehouse & Logistics), Industry (Retail, Food & Beverages, Inland Waterways & Marine Service, Rail Logistics, RoRo), and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The terminal tractor market is projected to grow from USD 718 million in 2021 to USD 877 million by 2026, at a CAGR of 4.1% during the forecast period. There has been a significant increase in international trade over the years. However, in 2020, factors like COVID-19, regional disparities, weakness in trade, and lagging vaccination timetables, particularly in poor countries, resulted in the decline in global trade quantities and valuation.

However, a strong rebound in global trade with the recovery of major industries across the globe since the middle of last year has helped soften the impact of the pandemic for trade. The global economic recovery is also expected to be fueled by the higher production of vaccines and vaccination rates, allowing businesses to reopen more quickly. According to World Trade Organization (WTO), the volume of world merchandise trade is expected to increase by 8.0% in 2021 after having fallen 5.3% in 2020, continuing its rebound from the pandemic-induced collapse that bottomed out in the second quarter of 2020.

Trade through seaway offers competitive freight costs and is ideal for transporting heavy and bulk goods. As per the Organisation for Economic Co-operation and Development (OECD), the main transport mode for global trade is ocean shipping: around 90% of traded goods are carried over the waves. As such, the oceans provide the main transport arteries for global trade.

As per the development statistics and information branch of the United Nations Conference on Trade and Development (UNCTAD), the international maritime trade for goods loaded achieved a volume of 11.08 billion tons in 2019. This was achieved due to the rising global population, growing global Gross Domestic Product (GDP), increasing disposable income, especially in Asian countries, and rising standards of living.

The rail freight industry has shown substantial growth in 2020. With the COVID-19 pandemic impeding sea and air transport, the freight-train service emerged as a reliable choice in global logistics thanks to its safety, stability, and efficiency. According to Global Times, in 2020, the China-Europe freight-train service recorded more than 40,000 trips, with the transported goods valued at over USD 200 billion.

A lot of goods are exported from Asia (China in particular) into Europe. According to CBS (the Dutch national statistical office), in 2018 alone, goods worth USD 5 billion were transported from China to the Netherlands. Many organizations in the Netherlands and the rest of Europe depend on key countries like China when it comes to the sourcing of consumer goods and raw materials.

The 4x2 terminal tractors segment is expected to lead the drive segment due to the higher use in port terminals.

Terminal tractors, available in the 4x2, 4x4, and 6x4 versions, can carry empty as well as laden containers. Kalmar, Konecranes, MAFI Transport-Systeme GmbH, Terberg Special Vehicles, and Capacity Trucks are the major suppliers of terminal tractors in the global market. The 4x2 terminal tractors are the most prominent tractors used at port terminals. These 4x2 terminal tractors are majorly used in developing countries like China, India, Brazil, and Mexico.

Asia Pacific is projected to be the highest growing regional market

For the market analysis, the Asia Pacific region includes China, India, Japan, South Korea, and Rest of Asia Pacific. According to the World Bank Statistics, China held the largest share in terms of port terminal capacity globally in 2019. Shanghai Port (China), Shenzhen Port (China), Hong Kong, S.A.R. (China), Ningbo-Zhoushan (China), and Keihin Port (Japan) are some of the port terminals that handle millions of TEU annually.

Market Dynamics

Drivers

Increasing International Trade Increase in Ports Traffic Increase in Rail Freight Growing Demand from E-Commerce and Logistics Industries

Restraints

High Capital Cost in Terminal Tractor Deployment

Opportunities

Advancements in Terminal Tractors

Challenges

Lack of Synchronization with Other Port Equipment

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 Hoist Material Handling, Inc. Hyster-Yale Group Kalmar Kalmar Ottawa Konecranes Linde Material Handling Mafi Transport-Systeme GmbH Mol (Mol Cy) Orange Ev Sany Group Terberg Special Vehicles Tico Tractors Transporter Industry International GmbH

For more information about this report visit https://www.researchandmarkets.com/r/x5dqwx

View source version on businesswire.com: https://www.businesswire.com/news/home/20210915005570/en/

SOURCE: Research and Markets

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