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.
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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.
Almost top 20 major global seaports managed over 9.3 Bn tons of freight in 2017, as compared to 8.9 Bn tons managed in 2016. Moreover, according to the United Nations Conference on Trade and Development, approximately 750 million TEUs (20-foot equivalent unit) transferred at container ports across the globe in 2017. Shanghai in China remained the world’s busiest seaport in 2017. Increasing port terminal activities is foreseen to spur the demand for terminal tractors over the forecast period. The segment if foreseen to grow significantly and to create incremental $ opportunity of around US$ 167 Mn by the end of the 2029. The intermodal facility segment is to account 22% share in the overall incremental opportunity created by the global terminal tractor market over the forecast duration.
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