Global Towing Vehicle Market - Forecasts from 2024 to 2029

Global Towing Vehicle Market - Forecasts from 2024 to 2029

The global towing vehicle market is anticipated to grow at a CAGR of 4.88% over the forecast period to reach US$10,019.581 million in 2029, increasing from estimated value of US$7,895.003 million in 2024.

Towing vehicles are used in transporting disabled or disposable vehicles. The growing prevalence of illegal parking and accidents caused by road rage, followed by high strength in the presence of old & outdated vehicles on the road, is encouraging governments and municipalities to expand their towing vehicle fleets to get the vehicles off the road, thus boosting the market growth.

Another factor fueling the global towing vehicle market growth is the rapidly growing e-commerce and logistics sector worldwide. Asia Pacific will constitute a dominant market share, fuelled by the booming traffic congestion in major regional economies, namely China, India, and South Korea.

To tackle the growing traffic problem and illegal parking, governing transport authorities in countries have laid down certain regulations regarding vehicle impoundment. This will also drive the overall market expansion.

Global Towing Vehicle Market Drivers:

Increased road accidents have propelled the market expansion

One of the major factors driving the growth of the global towing vehicle market is the rising number of road crashes worldwide. Irresponsible or under-influence driving, followed by road rage, is a major factor leading to road accidents, and such growing instances have positively impacted the demand for towing vehicles to provide roadside assistance.

The rising number of vehicles on the road owing to increasing urbanization and purchasing power is driving with it the number of vehicle breakdowns and crashes. According to the US Department of Transportation, in 2022, total fatalities due to car crashes stood at 42,939, signifying a 10.1% growth over 2021.

As per WHO, nearly 1.35 million people die in road accidents on an annual basis, and this costs most countries 3% of their GDP and damages private as well as public property. This continuous rise in the number of car crashes is majorly attributed to the inattention and preoccupation of drivers. For example, the U.S. National Traffic Safety Administration states that driver fatigue accounts for nearly 100,000 accidents annually in the U.S.

In other major nations, such as Canada, drunk driving constitutes one of the major reasons behind road crashes. According to the International Transport Forum, all countries report that speeding accounts for 15 to 35 percent of fatal road crashes. In contrast, drunk driving contributes to between 10 percent and 30 percent of fatal road crashes in most countries. This increased number of road crashes is significantly boosting the demand for towing vehicles across different regions/countries to tow the vehicle involved in the accident.

Global Towing Vehicle Market Geographical Outlook

Asia Pacific to witness substantial growth during the forecast period

By geography, the global towing vehicle market is segmented into North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. Asia Pacific’s towing vehicle market is projected to witness substantial growth during the forecast period owing to the booming automotive sector in major regional economies such as China. According to the Italian Trade Agency’s “China Automotive Market Monthly Report”, the country’s current vehicle ownership is 302 million, with 26 million new vehicles consumed annually.

Additionally, the strength of end-of-life vehicles is also rising in nations such as India, and tow trucks are majorly used to transport such vehicles to scrap yards. For instance, according to The Energy and Research Institute, end-of-life vehicle strength is expected to reach 46.8 million in India by 2030, with an annual projected addition of 2.8 million.

In addition, other major regions, namely North America and Europe, constitute a considerable market share, which is attributable to growing road accidents followed by the ongoing sales of used vehicles. For instance, according to the National Collision Database, the number of vehicle fatalities in Canada reached 1,931, showing a 6% growth over 2021’s figure 1,821. Such an increase in vehicle fatalities will propel the usage of towing vehicles for accidental towing.

Global Towing Vehicle Market Players and Products:

SL40 Series: Dual Tech’s SL40 series provides a 7,500 lb towing capacity and is equipped with a full-remote 9kdrag winch, dual-tech self-loader head, 4-prong towing light socket, and oil-filter backup alarm that enables the user to easily lift and mobilize their disabled vehicles.

Global Towing Vehicle Key Developments
January 2024: Guardian Fleet Services acquired Robets Heavy Duty Towing Inc. This strategic move marked a significant milestone for Guardian Fleet by establishing its first base in Kentucky and showing its commitment to expanding its geographical reach.
October 2023: Hopkins Manufacturing Corporation acquired Hayes Towing Electronics, which specializes in trailer brake control. The acquisition strengthened Hopkins's trailer brake control and electronics towing.
April 2023: Stellantis showcased its “RAM 1500 REV” at the New York International Auto Show. The vehicle holds a towing capacity of 14,000 lbs and carries a payload of up to 2,700 lbs. The REV includes an “Optional 229-Kilowatt hour large battery pack” and a “Standard 168-Kilowatt hour battery pack”.
April 2022: Linde Material Handling launched its new electric tow tractors and platform trucks with extensive safety features and powerful drive technology. The towing machines and vehicles are ideal for automotive & steel producers, airport, and wholesale markets.
April 2022: Ford launched its electric “F-150” lightning pickup truck, which has a torque of 775 lbs-ft and enables effortless towing. The truck is specifically designed for commercial customers to improve their cost of operations.

The Global Towing Vehicle market is segmented and analyzed as follows:

By Type
Flatbed Tow Truck
Hook and Chian Tow Truck
Wheel Lift Tow Truck
Integrated Tow Truck
By Application
Vehicle Impoundment
Roadside Assistance
Accidental Towing
Others
By Geography
North America
United States
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
United Kingdom
Italy
France
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
China
Japan
India
South Korea
Indonesia
Thailand
Taiwan
Others