Increasing fuel prices rises the demand for electric terminal tractors. The abilities of electric terminal tractor such as zero emissions and comparatively less energy consumption make them an attractive option among various end user. A number of manufacturers are investing significantly in research and development activities related to electric terminal tractors which is foreseen to augment well over the forecast period.
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Electric terminal tractors are far smoother than that of conventional diesel operated terminal tractors. The factors that is potentially hindering the demand of electric terminal tractors is the cost of battery packs. Higher cost of battery packs for electric terminal tractors is the prime reason for the low penetration of electric terminal tractors in the global market.
On the other hand, owing to the better price to performance ratio, terminal tractors operated by conventional fuel appears to be the most remunerative segment in the global market. The segment is foreseen to create overall incremental opportunity of over US$ 61 Mn in global terminal tractor market by the end of the forecast period.
In order to boost the work efficiency along with reduction of human errors, the adoption of new advanced technologies and automation is increased. Owing to the steadily rising international trade activities, the requirement of terminal tractors is also increasing which is further fueling the demand of automated type terminal tractors. Furthermore, the Internet of Things and digitalization are foreseen to bolster the penetration of automated terminal tractors in the global market. The automated terminal tractor segment is estimated to expand ~2x faster than that of the conventional segment over the forecast period.
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Improving business conditions, rising consumer spending, healthy external demand support activities, and promising investment plans directed towards developing economies are prime factors that have contributed to the development of the manufacturing output across the globe. The industrial & commercial ownership segment is foreseen to create incremental $ opportunity of around US$ 240 Mn and forecasted to grow gaining 88 BPS by the end of 2029. On the other hand, rental segment is expected to witness steady growth over the forecast duration.
The global market for terminal tractors is assessed across seven regions: North America Latin America, Europe, East, and South Asia, Middle East & Africa, and Oceania. Amongst all of the above-listed region, North America, to account for a thoroughgoing share in terms of volume as well as value and is foreseen to maintain its dominance over the forecast duration. Furthermore, in the terminal tractors market in Europe, Italy is the fastest growing and expected to witness a CAGR of 6.2% over the forecast period. Collectively, Germany, Italy, France, and the UK are foreseen to create incremental dollar opportunity of over US$ 50 Mn in the global terminal tractors market over the forecast period.
Industrialization, as well as globalization, are prime fillips fueling the expansion of seaborne trade especially in East & South Asia. Together, East & South Asia are expected to grow by gaining 216 BPS over the forecast period. Oceania and the Middle East & Africa, have seen near-to-stagnant growth in the past few years as compared to other growing regions owing to various political and technological conflicts. This naturally hinders the incorporation of technical expansions in terminal tractors market. The global market for Terminal Tractors is anticipated to generate the incremental opportunity of US$ 280 Mn and foreseen to expand at a CAGR of 3.5% in terms of value across the forecast period.
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