Global Tow Truck Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Tow Truck Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Tow truck (also called a wrecker, a breakdown truck, recovery vehicle or a breakdown lorry) is a truck used to move disabled, improperly parked, impounded, or otherwise indisposed motor vehicles. This may involve recovering a vehicle damaged in an accident, returning one to a drivable surface in a mishap or inclement weather, or towing or transporting one via flatbed to a repair shop or other location.

Market Overview:

The latest research study on the global Tow Truck market finds that the global Tow Truck market reached a value of USD 5475.32 million in 2022. It’s expected that the market will achieve USD 7451.4 million by 2028, exhibiting a CAGR of 5.27% during the forecast period.

Technology improves user experience

New technology scenarios in the trailer industry enable industry users to get a better experience. The technical blessing has made the service effects and products of the trailer industry favored by users. The emergence of new technologies such as cloud computing, big data, and artificial intelligence provides space for thinking about the new development of the Tow Truck industry. By adding new technology to the industry's the production and service process, it can better solve the pain points and problems of the trailer industry, ensure the effect of industry services, and achieve the dual improvement of the efficiency of the trailer industry and the user experience.

Increasing number of road traffic accidents worldwide

The increasing number of road traffic accidents worldwide will drive market growth. In recent decades, although the death rate of road traffic accidents in many high-income countries has stabilized or declined. But the number of road deaths in most parts of the world is increasing. It will ultimately have a positive impact on the growth of the market.

Region Overview:

In 2021, the share of the Tow Truck market in North America stood at 44.45%.

Company Overview:

Miller is one of the major players operating in the Tow Truck market, holding a share of 9.23% in 2022.

Miller

Miller Industries, Inc. is a domestic and foreign manufacturer of vehicle towing and recovery equipment. The Company has developed and acquired brands in the towing and recovery equipment manufacturing industry.

GuangDong YueHai motor vehicle co., Itd

GuangDong YueHai motor vehicle co., Itd is a designated special vehicle manufacturer in China. The company's main products are: Yuehai brand wrecker truck, Yuehai brand aerial work truck, Yuehai brand silt grab truck.

Segmentation Overview:

By type, Medium-Duty Tow Trucks segment accounted for the largest share of market in 2021.

Application Overview:

The market's largest segment by application is the segment Road Breakdown Vehicle, with a market share of 43.71% in 2021.

Key Companies in the global Tow Truck market covered in Chapter 3:

NRC Industries
Yamaguchi Wrecker
Dual-Tech
Dynamic
GuangDong YueHai motor vehicleco.,ltd
Danco Products
Jerr-Dan
B&B Industries Inc
A&A Truck and Auto Center,lnc.(AATAC)
Miller
Kilar
Hubei Chengli Automobile Corporation

In Chapter 4 and Chapter 14.2, on the basis of types, the Tow Truck market from 2018 to 2029 is primarily split into:

Light-Duty Tow Trucks
Medium-Duty Tow Trucks
Heavy-Duty Tow Trucks

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Tow Truck market from 2018 to 2029 covers:

Road Breakdown Vehicle
Urban Illegal Vehicles
Rescue
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)