Global Tow Tractors Market - 2023-2030
Market Overview
The global tow tractors market reached US$ 3,401.2 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 5,100.2 million by 2030. The market is expected to exhibit a CAGR of 5.2% during the forecast period (2023-2030).
Tow tractors are becoming more popular due to inventive and intelligent robotic technology. Partnering with French robotics expert Balyo, Hyster Europe, a provider of empty container handling solutions, intends to showcase intelligent robotics in two tractors. The electric tow tractors are expected to gain lucrative revenue compared to fuel tow tractors. The value of electric tow tractors was US$ 2,796.1 million in 2022 and is expected to reach US$ 4,030.5 million in 2030.
Market Dynamics
Rising urbanization and rising per capita disposable income are driving market expansion.
According to projections made by the Bureau of Economic Analysis, personal income increased by US$ 80.1 billion (0.4%) in November 2022. Personal consumption expenditures (PCE) increased by US$ 19.8 billion and disposable personal income (DPI) increased by US$ 68.6 billion (0.4 percent) (0.1 percent). 0.1 percent more was added to the PCE price index, which will increase the sales in the automobile industry.
The high cost of tow tractors is hampering the market growth.
The potential of automated vehicles (AVs) to reduce carbon dioxide emissions and petroleum consumption is becoming more widely acknowledged. This is due to increased efficiency, better routing, less traffic congestion, and the facilitation of cutting-edge technologies. However, the cost of such vehicles is very high due to the advanced technology used for each feature.
COVID-19 Impact Analysis
The COVID-19 impact is expected to leave a pressing impact on the tow tractors market growth, owing to the social distancing measures implemented by various regulatory bodies across the globe. Moreover, various disruptions in the supply chains were anticipated to affect the growth of the tow tractors market. For example, large tow truck manufacturers were forced to shut down due to the imposed restrictions on the movement and gathering of large groups of people.
Artificial Intelligence Impact Analysis
An increase in the consumer demand for artificial intelligent vehicles to reduce the need for labors boost the market growth of tow tractors. For instance, in September 2022, Fusion Processing and Bradshaw Electric Vehicles were granted funding by Innovate UK, the UK government’s innovation agency, to develop fully autonomous, electric, unmanned tow tractors.
Segment Analysis
The global tow tractors market is segmented based on product type, load capacity, power source, application and region.
Increase in the product launches of rider-seated towing tractors
Tow tractors have been segmented by product type as pedestrian towing tractors, stand-in towing tractors, and rider-seated towing tractors.
The global tow tractor market value for rider-seated towing tractors segment is likely to reach approximately 2,184.76 US$ million in 2030, from its recorded value of approximately 1,442.92 US$ million in 2022, growing with a CAGR of 5.3% during the forecast period (2023 to 2030). The rider-seated towing tractor segment held a significant market share due to the increase in the adoption of these types of tractors in factories and big industries for transporting heavy loads from one place to another within the factory.
Geographical Analysis
Increase in the major key players’ focus on the tow tractors in the region
By region, the global tow tractors market is segmented into North America, South America, Europe, Asia-Pacific, Middle East and Africa.
The North America tow tractors market was valued at US$ 1,285.6 million in 2022 and is projected to grow at a CAGR of 5.2% over the forecast period to reach US$ 1,928.7 million by 2030. North America held the largest market share due to the rise in awareness about the benefits of tow tractors such as efficient and accurate working along with the increase in the industrial area operations in the region. In addition, the high labor cost is another factor responsible for the region's increased demand for tow tractors. Furthermore, factors such as expansion of the railway sector and expansions of supermarkets in developed countries such as the United States and Canada drive tow tractors growth in the region.
Competitive Landscape
The major global players include Jungheinrich AG, Toyota Material Handling, Bradshaw Electric Vehicles Polaris Industries, Inc., Hyster-Yale Group, Inc., Linde Material Handling, Motrec International Inc., The Raymond Corporation, JBT, and Godrej Material Handling.
Why Purchase the Report?
• To visualize the global tow tractors market segmentation based on product type, load capacity, power source, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of Tow Tractors market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.
The global tow tractors market report would provide approximately 69 tables, 64 figures and 195 Pages.
Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies
- 1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Objective and Scope of the Report
- 2. Definition and Overview
- 3. Executive Summary
- 3.1. Snippet by Product Type
- 3.2. Snippet by Load Capacity
- 3.3. Snippet by Power Source
- 3.4. Snippet by Application
- 3.5. Snippet by Region
- 4. Dynamics
- 4.1. Impacting Factors
- 4.1.1. Drivers
- 4.1.2. Restraints
- 4.1.3. Opportunity
- 4.1.4. Impact Analysis
- 5. Industry Analysis
- 5.1. Porter's Five Forces Analysis
- 5.2. Supply Chain Analysis
- 5.3. Pricing Analysis
- 5.4. Regulatory Analysis
- 6. COVID-19 Analysis
- 6.1. Analysis of COVID-19
- 6.1.1. Before COVID-19 Scenario
- 6.1.2. Present COVID-19 Scenario
- 6.1.3. Post COVID-19 or Future Scenario
- 6.2. Pricing Dynamics Amid COVID-19
- 6.3. Demand-Supply Spectrum
- 6.4. Government Initiatives Related to the Market During Pandemic
- 6.5. Manufacturers Strategic Initiatives
- 6.6. Conclusion
- 7. By Product Type
- 7.1. Introduction
- 7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 7.1.2. Market Attractiveness Index, By Product Type
- 7.2. Pedestrian Towing Tractors*
- 7.2.1. Introduction
- 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 7.3. Stand-In Towing Tractors
- 7.4. Rider-Seated Towing Tractors
- 8. By Load Capacity
- 8.1. Introduction
- 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Load Capacity
- 8.1.2. Market Attractiveness Index, By Load Capacity
- 8.2. Light-duty Tow Tractors*
- 8.2.1. Introduction
- 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 8.3. Medium-duty Tow Tractors
- 8.4. Heavy-duty Tow Tractors
- 9. By Power Source
- 9.1. Introduction
- 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Power Source
- 9.1.2. Market Attractiveness Index, By Power Source
- 9.2. Electric*
- 9.2.1. Introduction
- 9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 9.3. Fuel
- 10. By Application
- 10.1. Introduction
- 10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 10.1.2. Market Attractiveness Index, By Application
- 10.2. Railway Stations*
- 10.2.1. Introduction
- 10.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 10.3. Airports
- 10.4. Warehouses
- 10.5. Others
- 11. By Region
- 11.1. Introduction
- 11.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
- 11.1.2. Market Attractiveness Index, By Region
- 11.2. North America
- 11.2.1. Introduction
- 11.2.2. Key Region-Specific Dynamics
- 11.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 11.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Load Capacity
- 11.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Power Source
- 11.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.2.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.2.7.1. The U.S.
- 11.2.7.2. Canada
- 11.2.7.3. Mexico
- 11.3. Europe
- 11.3.1. Introduction
- 11.3.2. Key Region-Specific Dynamics
- 11.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 11.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Load Capacity
- 11.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Power Source
- 11.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.3.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.3.7.1. Germany
- 11.3.7.2. The U.K.
- 11.3.7.3. France
- 11.3.7.4. Italy
- 11.3.7.5. Spain
- 11.3.7.6. Rest of Europe
- 11.4. South America
- 11.4.1. Introduction
- 11.4.2. Key Region-Specific Dynamics
- 11.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 11.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Load Capacity
- 11.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Power Source
- 11.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.4.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.4.7.1. Brazil
- 11.4.7.2. Argentina
- 11.4.7.3. Rest of South America
- 11.5. Asia-Pacific
- 11.5.1. Introduction
- 11.5.2. Key Region-Specific Dynamics
- 11.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 11.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Load Capacity
- 11.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Power Source
- 11.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.5.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.5.7.1. China
- 11.5.7.2. India
- 11.5.7.3. Japan
- 11.5.7.4. Australia
- 11.5.7.5. Rest of Asia-Pacific
- 11.6. Middle East and Africa
- 11.6.1. Introduction
- 11.6.2. Key Region-Specific Dynamics
- 11.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Type
- 11.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Load Capacity
- 11.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Power Source
- 11.6.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 12. Competitive Landscape
- 12.1. Competitive Scenario
- 12.2. Market Positioning/Share Analysis
- 12.3. Mergers and Acquisitions Analysis
- 13. Company Profiles
- 13.1. Jungheinrich AG*
- 13.1.1. Company Overview
- 13.1.2. Grade Portfolio and Description
- 13.1.3. Financial Overview
- 13.1.4. Key Developments
- 13.2. Toyota Material Handling
- 13.3. Bradshaw Electric Vehicles
- 13.4. Polaris Industries, Inc.
- 13.5. Hyster-Yale Group, Inc.
- 13.6. Linde Material Handling
- 13.7. Motrec International Inc.
- 13.8. The Raymond Corporation
- 13.9. JBT
- 13.10. Godrej Material Handling
- LIST NOT EXHAUSTIVE
- 14. Appendix
- 14.1. About Us and Services
- 14.2. Contact Us
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