Terminal Tractor Market Worth $832 Million by 2027 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, Aug. 1, 2019 /PRNewswire/ -- According to the new market research report "Terminal Tractor Market by type, Tonnage, Propulsion, Application (Airport, Marine, Oil & Gas, Logistics), Industry (Retail, Food & Beverages, Inland Waterways & Marine Services, Rail Logistics, RoRo), and Region - Global Forecast to 2025", published by MarketsandMarkets(TM), the market for Terminal Tractor is projected to grow at a CAGR of 4.1%, during the forecast period, to reach a market size of USD 832 million by 2027 from an estimated USD 603 million in 2019. The increasing seaborne trade across the world, and strong demand in Asia Oceania and the Middle East would fuel the demand for Terminal Tractor Market.
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The marine application is estimated to hold the largest share of the Terminal Tractor Market during the forecast period.
The marine application is projected to hold the largest market share from 2017 to 2027. Container loading and unloading from larger ships are fully dependent on the availability of terminal tractors and other port equipment. As per the Port Equipment Manufacturers' Association (PEMA), the demand for terminal tractors mainly comes from medium and larger ports in countries such as China, Japan, Singapore, Australia, India, and Vietnam in Asia Oceania due to rapidly growing marine industry in Asian countries. All these factors are expected to boost the demand for terminal tractors in marine application.
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The electric propulsion segment is expected to be the fastest-growing market for terminal tractor from 2017 to 2027
The electric propulsion market is expected to grow at the fastest rate during the forecast period due to the increasing stringency in emission regulations. The industrial equipment emission norms have constantly been upgraded across different regions. According to the EU norms, NOx and PM levels have reduced by nearly 95.7% and 97.2%, respectively, from Stage I to Stage V. Also, as per the US EPA norms, NOx, and PM levels have declined by 95.6% and 96.2%, respectively, from Tier 1 to Tier 4. Countries such as China, Japan, South Korea, and India are also following similar norms in line with these standards. Konecranes, Kalmar, and Hyster, among other companies, have not only extended their electric offerings for terminal tractors but also initiated R&D efforts for the same. Due to these stringent emission norms and the need for increased operational efficiency, the electric propulsion type market is expected to grow at the highest CAGR during the forecast period.
Europe: The largest Terminal Tractor Market from 2017 to 2027
The market in europe is expected to lead the Terminal Tractor Market, in terms of value, during the forecast period. Countries such as Germany, France, UK, and Spain are the key markets for terminal tractor. As per the Port Equipment Manufacturing Association (PEMA), in 2017 deliveries of terminal tractor in Europe was the highest compare to other region. In Europe marine activities in have long been drivers of economic growth, providing natural resources and access to trade and transport, opportunities for recreation, etc. Maritime activities today remain essential to the economy and to society in general, with high expectations for future growth and it is expected to be the driving force behind Europe's Terminal Tractor Market.
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Some of the prominent players in the Terminal Tractor Market are Kalmar (Finland), Konecranes (Finland), Hyster (US), Sany (China), CVS Ferrari (Italy), and Hoist Liftruck (US).
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