Trailer Terminal Tractor Market

Trailer Terminal Tractor Market is Expected to be Flourished by Increasing International Sea-borne Trade

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A trailer terminal tractor, also known as a yard horse or spotter, is a tractor unit used for hauling semi-trailers within cargo facilities such as sea and airports. Trailer terminal tractors play a crucial role in transporting semi-trailers short distances around large cargo facilities. They are equipped with powerful engines and advanced controls to maneuver heavy trailers safely in confined and busy locations. These tractors also have exceptional retarder efficiency owing to frequent use of the hydraulic retarder brake. The global trailer terminal tractor market is driven by robust growth in sea-borne trade activities around the world. With increasing containerized and non-containerized cargo movements internationally, demand for yard tractors has risen significantly from port and terminal operators.

The Global Trailer Terminal Tractor Market Size is estimated to be valued at US$ 1.8 billion in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The increasing international sea-borne trade that is powering growth in the trailer terminal tractor market. With more countries engaging in global trade, shipment volumes through ports and terminals have risen manifold in the last few decades. Various factors such as globalization, outsourcing trends and demand for finished goods from emerging markets have boosted container traffic worldwide. This has necessitated higher investment by terminal operators to improve cargo handling infrastructure and capacities. Reliable and efficient yard tractors play a critical role in swift loading and unloading of vessels, as well as timely transfer of containers within port premises. Hence, growing sea-borne trade volumes continue to drive demand for trailer terminal tractors from major ports globally.

Another key aspect driving the market is rapid growth of mega container vessels. Major shipping lines are opt increasing the capacities of their container ships, with some newbuilds accommodating over 23,000 TEUs. However, bigger ships mean ports must enhance their yard equipment and intermodal transfer capabilities to match turnaround times. Leading terminal operators are procuring high-performance trailer terminal tractors to seamlessly manage surging container volumes induced by mega vessels. This in turn is providing a fillip to the expanding trailer terminal tractor industry.

Segment Analysis

The trailer terminal tractor market can be segmented into spread axle tractor, tandem axle tractor, telescopic tractor, etc. The tandem axle tractor segment dominates the market accounting for over 40% share. This is because tandem axle tractors offer better traction and wheel-span compared to spread axle tractors and are more suitable for heavy-load lifting operations in ports and intermodal terminals.

PEST Analysis

Political: Developments promoting trade through sea routes are driving the demand for container handling equipment like terminal tractors.

Economic: Growth in seaborne trade volumes especially in Asia Pacific is positively impacting the market.

Social: Safety regulations by port authorities on handling hazardous containers is augmenting adoption of advanced safety features in new terminal tractors.

Technological: Integration of telematics, collision avoidance systems and electric drivetrains in terminal tractors to improve productivity and reduce emissions.

Key Takeaways

The global trailer terminal tractor market is estimated to be valued at US$ 1.8 billion in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031.

 

Regional analysis: North America dominates the market currently owing to large inventory of aging equipment. With major trade agreements promoting commerce, terminal infrastructure expansion is happening in Asia Pacific which is projected to be the fastest growing regional market

 

Key players: Kalmar, FAW,Capacity Trucks, Terberg, Sinotruk, Dongfeng Trucks, Saic-Iveco Hongyan Commercial Vehicle, CVS Ferrari, Hoist Liftruck are some of the prominent players operating in the trailer terminal tractor market globally. Tesla is planning to launch electric terminal tractors which can disrupt the market.

 

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it

Ravina
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Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.