The global terminal tractor market is estimated to account US$ 623.8 Mn in 2018 and is expected to grow at a CAGR of 4.5% during the forecast period 2019 – 2027, to account for US$ 908.1 Mn by 2027.
The global terminal tractors players are anticipated to witness impressive growth rate during the forecast period. Advancements in the manufacturing sector and their focus laid on core competencies is expected to be a major driving factor for the growth of terminal tractors worldwide. In addition to this, the growing need of transportation amongst the increasingly complex supply chains is anticipated to fuel the demand of efficient terminal tractors among end users such as ports, terminals, and airports.
Asia Pacific is the fastest growing region in the global terminal tractors market. The demand for machines and equipment for container handling is increasing in the Asia Pacific region. Factors such as increasing logistics and distribution trade in the region and a growing number of container shipments in the Asia Pacific are driving the terminal tractor market growth. Asia Pacific region is observing a strong growth in the market during the forecast period as the region consist of a huge number of container ports where the demand for the terminal tractor is high. Due to such factors, the Asia Pacific region would continue to grow. The government of the region is continuously focusing on increasing spending in automotive and transportation industries so that companies would adopt an automated terminal tractor to ease its business process.
The adoption of smart connected devices have increased at a noticeable rate in the developing countries of APAC region. China is the world’s largest hub for automotive manufacturing. Also, there has been increasing sales of commercial, and heavy duty vehicles in China, Japan, Australia, India, New Zealand, Taiwan and Singapore by the military, logistics & transportation, mining, and construction end-user sector owing to the increasing investments for advanced technology integrations. Moreover, the role of flowing internal logistics grows in pace with efficiency demands in all industries regardless of the product. It is important to transfer materials reliably and rapidly to the next stage of the production or supply chain.
Terminal Tractor Market - Geographic Breakdown, 2018
The report segments the global terminal tractor market as follows:
Global Terminal Tractor Market – By Propulsion Type
Global Terminal Tractor Market – By Geography
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