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The trailer terminal tractor is a specialty truck which is designed for safe, fast, and efficient movement of cargo containers or semi-trailers. It is specifically designed for the loading & unloading of material. It works efficiently and effectively and possesses low operating cost, fast turnaround time, high reliability, excellent maneuverability, and offers unique comfort as well as easily accessible service points. It is mainly used in logistics centers, ports, or on industrial sites to handle semi-trailers, roll trailers, container chassis, and heavy-duty trailers.
The market for trailer terminal tractor is expected to reach rise at a CAGR of 4.4 percent during the forecast period. The higher efficiency of trailer terminal tractors primarily fuels growth of the trailer terminal tractor market.
Upsurge in shipment of material and warehousing coupled with other related logistical activities across the industries such as automotive, food & beverage, and pharmaceutical significantly pushes the demand for trailer terminal tractor. In addition to this, several factors such as the rising trend of infrastructure development worldwide; increasing usage of trailer terminal tractor in the metal industry; and rising adoption of trailer terminal tractor in warehouse management are projected to drive trailer terminal tractor market during the forecast period. Moreover, increase in sea port activities has significantly fuelled the demand for trailer terminal tractor. For instance, as per the United Nations Conference on Trade and Development (UNCTAD), about 752.2 million 20-foot equivalent unit (TEUs) moved at container ports worldwide in 2017. It shows a considerable increase in sea port activities.
However, the challenges such as the lack of synchronization with other port equipment and high capital expenditure needed for terminal tractors and other port equipment may hamper growth of the market to some extent during forecast period. On the other hand, the ongoing technological advancements in the trailer terminal tractor, such as autonomous terminal tractors, electric terminal tractors, and liquefied natural gas (LNG) powered terminal tractors that complies with carbon emission regulations creates lucrative growth opportunities for the market.
Furthermore, COVID-19 pandemic disrupting the global economy since its advent. Therefore, base oil market too is anticipated to be affected as the production and transport impacted heavily during the pandemic. For instance, in order to maintain social distancing rules, a number of businesses for different modes of transport including cargo were hindered along with the lack of labour during the lockdown and supply of raw materials. This has led to the slight decline in the market growth in year 2020.
Throughout the forecast period, diesel and gasoline will continue to hold a dominant share of the global market, on the basis of fuel type. However, the battery operated electric vehicles (BEV) and hybrid electric vehicles (HEV) segments are anticipated to witness considerable growth rate during the forecast period. This is due to rising adoption of HEV and BEV driven by increasing concerns about rising pollution levels and their consequent destructive effects on the environment has led to the strict emission norms by emission regulatory bodies as well as sea port authorities to maintain a healthy eco system.
According to the end users, the ports segment is expected to hold a dominant global market share. This is because the ports around the globe handle majority of cargo and heavy transportation of containers. However, the industrial segment is also projected to grow at highest growth rate, which in turn propels the trailer terminal tractor market in the upcoming years. This is attributed to the rising demand for trailer terminal tractors in oil & gas, food & beverages, and other heavy industries.
TRAILER TERMINAL TRACTOR MARKET SEGMENTATION:
By Fuel Type
By End users:
North America dominated the global trailer terminal tractor market in 2019 and is likely to be the most profitable region throughout forecast period. Rising application of the trailer terminal tractors in the logistics industry across the region primarily fuels growth of the market. In addition to this, the region is home to major manufacturing and logistics companies which is another key reason behind the growth of the market. On the other hand, the Europe holds the second largest position as per the market size as the region has significant presence of the major manufacturers of terminal tractors, encouraging growth of the market.
Further, Asia-Pacific region is expected to witness highest growth rate during the forecast period. This is attributed to the expansion of more number of companies in the region to expand their footprints to Asian markets. For instance, in November 2020, Yusen Logistics, the global logistics provider has established a logistics campus in northern Vietnam, in line with the company expansion program in South Asia.
FEW KEY PLAYERS IN TRAILER TERMINAL TRACTOR MARKET:
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