Terminal Tractor Market

Kalmar (Finland) and Konecranes (Finland) are leading players in Terminal Tractor Market

The terminal tractor market 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. Increased seaborne trade, cargo transportation, growing use of automation technologies at port terminals, stringent emission levels resulting in the increased demand for electric and hybrid equipment, and the rising demand in Asia Oceania and the Middle East are the key factors driving the growth of the terminal tractor market.

The terminal tractor market is dominated by a few global players and comprises several regional players. Some of the key manufacturers and suppliers in the terminal tractor market are Kalmar (Finland), Konecranes (Finland), Hyster (US), Sany (China), and CVS Ferrari (Italy). Supply contracts & agreements and new product developments were the prominent strategies adopted by these players to gain traction in the terminal tractor market. For instance, in April 2019, Kalmar has concluded a deal to supply a total of three Kalmar Ottawa Electric Terminal Tractors T2E to the Mexican bakery product manufacturer Bimbo. Alternatively, companies also adopted the new product developments strategy to maintain their positions in the market. In June 2019, Volvo has recently introduced its electrified terminal tractor featuring a Volvo Penta electric driveline.

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Kalmar is the leading player in the terminal tractor market due to its presence in all the major region. Kalmar has adopted a mix of the contracts & agreements and mergers & acquisitions strategies to retain its position in the terminal tractor market. In April 2019, Kalmar is to supply a total of 16 terminal tractors to long-standing customer Container Terminal Saint-Petersburg CJSC (CTSP, part of UCL Holding). The order was booked in Cargotecs 2019 Q1 order intake, with delivery of the machines to take place during Q3 of 2019. Kalmar also entered into a 3-year contract with PSA Corporation Limited (Singapore) for the maintenance and repair of mobile equipment, where the company will provide maintenance and service support to 700 prime movers and trailer sets installed at the Pasir Panjang Terminal. Furthermore, as part of its acquisition strategy, the company took over the port services business of Inver Engineering (Australia), a part of Inver Engineering, which provides repair, maintenance, and refurbishment services for terminal tractor and other port equipment at port terminals in Australia, New Zealand, and the Pacific region.

Konecranes is another prominent player in the terminal tractor market. Konecranes adopted the mergers & acquisitions and contracts & agreements strategies to strengthen its market position. In January 2017, it acquired the material handling and port solutions (MHPS) business segment of Terex Corporation (US). The acquisition, worth USD 1.22 billion, added Terex Demag and Port solutions to Konecranes’ product portfolio, including terminal tractor and other equipment.

Related Reports:

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

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Report Code
AT 7260
RI Published ON
7/26/2019
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