LONDON--(BUSINESS WIRE)--The global terminal tractor market is expected to post a CAGR of more than 4% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Unlike conventional tractors, terminal tractors come equipped with large foot grips and grab handles. The auto-lock system in these tractors reduces the probability of accidental trailer release during movement. Moreover, terminal tractors feature an advanced suspension system backed with heavy-duty springs and gas shocks to provide a comfortable ride. Owing to many such advantages, terminal tractors are increasingly being adopted across airport terminals, shipping port terminals, oil and gas manufacturing facilities, and others. These factors are driving the growth of the market.
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As per Technavio, the development of autonomous terminal tractors will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Terminal Tractor Market: Development of Autonomous Terminal Tractors
The advent of autonomous vehicles in the automobile industry has captured the interest of market players in the tractor segment. Many vendors are focusing on the development of autonomous tractors. These tractors are equipped with sensors that track and monitor surroundings on a real-time basis and help the tractor reach its destination using an RFID coordinate system. The development of autonomous terminal tractors is expected to improve the efficiency of loading and unloading, reduce personnel costs, and enhance safety.
The growing popularity of all-electric terminal tractors and increase in tractor renting services will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Terminal Tractor Market: Segmentation Analysis
This market report segments the global terminal tractor market by geography (APAC, Europe, MEA, North America, and South America) and axle type (4*2, and 4*4 and 6*4).
The APAC region led the market in 2019, followed by Europe, MEA, North America, and South America respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to factors such as the improving socio-economic conditions, increasing the employment rate, growing manufacturing/production sectors, and favorable government initiatives and policies in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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