Market Size of Terminal Tractor Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.32 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Terminal Tractor Market Analysis
The Terminal Tractor Market is valued at USD 662 million currently, and it is expected to reach USD 861 million, registering a CAGR of above 4.32% during the forecast period.
The COVID-19 pandemic has affected almost every other industry in the market, and the impact on the terminal tractor market has been inevitable as supply chain disruptions and the shutdown of manufacturing units delayed the production of necessary critical components.
Although, 2021 has remarked itself as a period of transition where the complete terminal tractor production unit recovered and regained its growth phase by revamping production capacities across the globe.
This market growth can be attributed to port terminal automation and the rising demand for electric and hybrid equipment for lower emissions and fuel consumption. Other positive factors responsible for the adoption of terminal tractors are increasing trade activities in Asian and Middle Eastern countries. In addition, the increasing demand for container handling is also largely influencing the growth of the terminal tractor market.
Asia-Pacific holds the largest market share as the region consists of a large number of container ports where the demand for terminal tractors is high. Europe is anticipated to witness the fastest growth during the forecast period due to increased maritime activities and the adoption of automated terminal tractors.
