India Electric Tow Tugs Market Assessment, By Product Type [Pedestrian Controlled Tug, Stand-In Tug, Rider Seated Tug], By Capacity [Light Loaded, Medium Loaded, Heavy Loaded], By End-Use Industry [Airports & Railways, Warehouses, Supermarkets, Waste Faci

India Electric Tow Tugs Market Assessment, By Product Type [Pedestrian Controlled Tug, Stand-In Tug, Rider Seated Tug], By Capacity [Light Loaded, Medium Loaded, Heavy Loaded], By End-Use Industry [Airports & Railways, Warehouses, Supermarkets, Waste Facilities, Others], By Distribution Channel [Original Equipment Manufacturers (OEMs), Dealers and Distributors, Others], By Region, Opportunities, and Forecast, FY2017-FY2031F

India Electric Tow Tugs Market is anticipated to reach USD 0.62 billion in FY2031 at CAGR of 8.81% during the forecast period FY2024-FY2031 and was valued USD 0.34 billion in FY2023. The growing development of the industrial sector has led to the increased usage of tow tugs and companies are currently using technology and machines to replace human labour to reduce labour costs, boost efficiency, and reduce transit time. Warehouses have a substantial market share in India because to the growing adoption of tow tugs by retailers and small manufacturing companies. Increased worker safety awareness, shorter lead times, and more efficient operations drive the growth of the India tow tug market over the forecast period.

Tow tractors are basically deployed for manufacturing procedures and horizontal transport across long distances and typically utilised for moving pallets of other commodities as well as raw materials from warehouses. These vehicles are typically employed in tiny stocking areas, tight tunnels, steep hills, and uneven ground, resulting in cost-effective and convenient transportation. Furthermore, these tractors can increase the productivity of the worksite while also reducing delivery time and operating expenses. Tow tugs can also manage a wider range of loads, from light to large, more effectively and safely than forklifts.

The E-Commerce and Logistics Sectors are Expanding Rapidly

Due to a rise in the demand for package delivery services, the e-commerce and logistics sectors have experienced tremendous growth in recent years. To acquire a competitive edge over their competitors, companies are investing heavily in e-commerce and logistics for the taskforce's expansion.

Driverless Tow Tugs to Grow Prominently in the Material Handling Industry

In India electric tow tug market, autonomous guided vehicles (AGV) are gradually gaining popularity. Self-driving tow tugs enables autonomous material handling in both indoor and outdoor intralogistics processes as well as lean logistics. Autonomous tow tugs are used to boost the safety and flexibility while also reducing the operational costs, which is changing the outlook in the materials handling industry.

Impact of COVID-19 on India Electric Tow Tugs Market

Most tow tug producers are dealing with problems including supply chain disruption, a lack of labor, and factory closures because of the pandemic, which also has a negative impact on the tow tug production. Due to the government-declared lockdown in the nation, the pandemic has disrupted the demand and supply chain network for tow tugs in the commercial sector. The COVID-19 pandemic has severely impacted the travel ecosystem across the country, owing to the lockdowns, which has had a huge impact on the towing industry. The COVID-19 pandemic has caused a significant decrease in the movement of vehicles on the road, which had a significant negative impact on the India electric tow tug market.

Post COVID-19 the market is rising as the demand-supply chain is recovering in the logistics and transportation industry. As a result, electric tow tugs manufacturers are increasing their production in factories that causes significant growth in the India electric tow tugs market.

Impact of Russia-Ukraine War on India Electric Tow Tugs Market

Russia’s war in Ukraine has indirectly disrupted India’s recovery from the COVID-19 pandemic by disrupting trade of goods and raw materials for automobile industry. Similarly increased price of components and raw materials essential for electric tow tugs production went into a slight delay and also Indian imports of components for electric tow tugs got hampered due to the prolonged war.

Key Player Landscape and Outlook

Strategic long-term alliances and contracts are expected to play a vital role in maximising the revenue share of the commercial companies. Additionally, because of the rising demand, players are emerging from established market. Toyota Material Handling India, Maini Materials Movement Pvt. Ltd., Ergo Handlers, Mahindra Stiller Auto Trucks Limited, Godrej Material Handling Pvt. Ltd., TIL Limited, MasterMover Ltd, Jungheinrich AG, KION Group, Mitsubishi Logisnext Co. Ltd., Nilkamal Material Handling Ltd., Tailift Material Handling Taiwan Co., Ltd., ACE Ltd., Guangxi LiuGong Machinery Co. Ltd., Hyster-Yale Materials Handling Inc. are some of the key players dominating the India electric tow tug market .