KUALA LUMPUR: The terminal tractor market is a growing business and is projected to expand at a compound annual growth rate of 4.5 per cent to nine per cent over the next six years, says Terberg Tractors Malaysia Sdn Bhd (TTM) chief executive officer Boo Wei Ching.
According to a research report, the global terminal tractor market size was valued at US$801.75 million in 2022 and is expected to reach US$1.245 billion by 2032, growing at a CAGR of 4.5 per cent during the forecast period.
Boo said that TTM anticipates substantial growth for the company in the next few years for its terminal tractors business in Malaysia and Asia Pacific.
He is optimistic about the company's market expansion and growth as it continues to benefit from increased regulatory and compliance emphasis towards reaching carbon neutrality.
TTM, a joint venture between Sime Darby Industrial Sdn Bhd and the Netherlands-based Royal Terberg Group BV, recently opened its headquarters in Puchong, Selangor, as part of its expansion in the Asia-Pacific area.
"This strategic move aims to foster closer relationships and collaborations, creating a vibrant space for dynamic interactions that align with TTM's growth trajectory.
"The new workspace creates a high level of synergy between multiple key departments stationed on the same floor. This headquarters is a testament to our dedication to sustainability and innovation, providing an inspiring environment for our team," said Boo.
TTM is a multinational supplier of terminal tractors with a focus on cutting-edge solutions for the logistics industry. It is present in 42 countries.
Since the company began operating in Malaysia back in 2005, its revenue growth has been exceptional and consistent, said Boo.
The company launched the first fully battery-powered electric terminal tractor in Malaysia in November 2022, and clients in the Asia-Pacific area are currently using it extensively, he said.
The terminal tractor is manufactured at TTM's manufacturing and assembly facility in Pasir Gudang, Johor. It is expected to address growing carbon emissions concerns at a holistic transport level and particularly within the logistics and freighting industries.