Pune, India, Jan. 11, 2022 (GLOBE NEWSWIRE) -- The global tow tractor market size is expected to witness an elevated market state owing to rising demands for increased productivity at an efficient operational cost according to Fortune Business Insights™, in its report, titled, “Tow Tractor Market, 2021-2028.”
Tow trucks or recovery vehicles are operational equipment that are used for moving stationary, disabled, impounded, or damaged vehicles to a desired location. These vehicles are attached to the tow trucks with the help of brackets, which aids in rendering negative damage to the front end of the vehicle. This allows tow trucks to safely transport vehicles from one place to another.
Industry Development
- March 2020: Polaris Industries announces an expansion for their economic lineup tow truck under the synonym Taylor-Dunn. The recently designed TT-316, C-425 and SC-100 will provide the same capabilities and functionalities as their predecessors with increased longevity, execution, and machinist safety.
- May 2020: Linde Material Handling launched three new products – P40C, P40 C B, and P60C. These tow truck models will be compatible with a wide range of trailer types with an ergonomic design and offer other enhanced features such as height-adjustable steering setting and integrated access controls via the Linde connect apparatus.
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COVID-19 Impact
Pandemic to Affect Market in a Bleak Underpinning
The impact of COVID-19 is expected to leave a pressing impact on the tow tractor market growth. Due to social distancing measures implemented by various regulatory bodies across the globe, various disruptions in the supply chains are anticipated. Besides the latter, large tow truck manufacturers have been forced to shut down due to the imposed restrictions on movement and gathering of large groups of people.
Drivers & Restraints
Increased Functionality and Rising Labor Costs to Bolster Market Growth
Rising integration of tow trucks in the industrial province for replacing human labors will contribute a remarkable value to the tow tractor market. Besides, easy storage and improved transport capacities will push the envelope of the market towards a ballooned state. Additionally, increasing demand from the transportation & logistics industry due to a booming e-commerce and online shopping precinct will increase the footprint of the market.
However, higher maintenance costs of these by-products will hamper the growth of the market to some extent. Also, a lofty investment required for tow tractors will further decrease the market value growth.
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Segments
On the basis of type, the market is divided into rider-seated towing tractor, stand-in towing tractor, and pedestrian towing tractor. On the basis of application, the market is branched across airports, railways stations, supermarkets, industries, and warehouses. In terms of region, the market is categorized into North America, Europe, Asia Pacific, and the Rest of the World.
Regional Insights
North America to Poster Market Summary During Forecast
North America will hold the largest market occupancy owing to a surge of industrial applications especially in the U.S. and Canada. Additionally, escalating consumer realization in terms of benefits and methodical functioning of tow trucks along with rising demand for trimming operational duration will trigger huge sales for the tow trucks in the region.
Asia Pacific will witness a considerable position in the market. Factors such as rapid economic growth and a steadfast rate of the widening commercial sector will push the lead to an enormous growth of the market. Furthermore, an eclipsing demand for warehouses and a rocketing quantity of distribution centers over the upcoming years will create a larger pressure towards the tow tractor market share in a positive manner.
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Competitive Landscape
Key Players to Focus on Self-Operating Apparatus
The global tow tractor market is occupied by a large number of organizations that constantly thrive by offering superior products over their counterparts to gain a majority of the market share. One such strategy undertaken is to assemble automated tow trucks for developing the next generation of tow trucks with state-of-the-art potentiality. For example, Jungheinrich AG has made extensive progress towards building automated vehicles for BLG Logistics Group for solutions based on rapid pallet transportation measures in the form of their ERC 213a tow trucks.
List of Key Players in Tow Tractor Market:
- Polaris Industries Inc.
- The Raymond Corporation
- Toyota Material Handling
- SPAN Trading LLC
- Hyster-Yale Group, Inc.
- Motrec International Inc.
- Jungheinrich AG
- Eagle Tugs
- Linde Material Handling
- Bradshaw Electric Vehicles
- JBT
- Simai SPA
- Alke
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