Tow Tractors Market: Introduction
According to the report, the global tow tractors market is projected to surpass US$ 1.9 Bn by 2031, expanding at a CAGR of ~4% during the forecast period. Multiple countries are increasingly investing in infrastructure projects including airports, railway stations, and supermarkets. These on-going projects are propelling the demand for tow tractors. Continuous expansion of logistics and trade activities across continents has led to a rise in the number of warehouses, distribution centers, and other material handling centers and industries. These centers require efficient material handling solutions that transfer a large number of goods with ease and efficiency, which, in turn, is boosting the tow tractors market.
Expansion of Tow Tractors Market
Online shopping in majority of countries across the globe is witnessing significant expansion, owing to increase in access to high-speed Internet, which has led to rise in preference for eCommerce platforms among consumers. This trend has led to an increase in the number of warehouses and development of large distribution hubs. These facilities are likely to offer significant business opportunities to tow tractor manufacturers during the forecast period and propel the global tow tractors market.
Based on product type, the rider-seated towing segment held a dominant share of the global tow tractors market, in terms of revenue, in 2020, due to the rising demand from rapidly expanding industries. However, the stand-in towing tractor segment is anticipated to expand at a high pace during the forecast period, owing to their increased demand in warehouses. Stand-in tow tractors are designed specifically for order picking and horizontal transport in warehouses. Furthermore, their compact construction makes them an ideal solution.
Based on power source, the electric tow tractors segment held a major share of the tow tractors market in 2020. Enactment of stringent emission norms, along with growing awareness about the environment across the globe is likely to increase the demand for electric tow tractors. The electric powered tow tractors are zero emission, which makes them suitable for indoor applications such as warehouses and supermarkets. These factors are contributing toward the dominance of electric towing tractors segment of the global tow tractor market.
Regional Analysis of Tow Tractors Market
In terms of region, the global tow tractors market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific dominated the global tow tractors market in 2020. The Asia Pacific tow tractors market is driven by consistent rise in industrialization in countries such as China, India, and Japan. Furthermore, countries in Asia Pacific operate large rail networks, which are expanding at a steady pace. The increasing number of railway stations and airports in this region is anticipated to fuel the demand for tow tractors. These factors are propelling the tow tractors market in Asia Pacific.
Tow Tractors Market Players
Prominent players operating in the global tow tractors market include Alke, Bradshaw Electric Vehicles, Eagle Tugs, Godrej Material Handling, Helge Nyberg AB, Hyster, JBT, Jungheinrich AG, Linde Material Handling, Toyota Material Handling, The Raymond Corporation, and Taylor-Dunn.
Global Tow Tractors Market: Segmentation
- Tow Tractors Market, by Product Type
- Pedestrian Towing Tractors
- Stand-in Towing Tractors
- Rider-seated Towing Tractors
- Tow Tractors Market, by Load Capacity
- Light-duty Tow Tractors
- Medium-duty Tow Tractors
- Heavy-duty Tow Tractors
- Tow Tractors Market, by Power Source
- Tow Tractors Market, by Distribution Channel
- Direct Sales (OEM)
- Indirect Sales
- Tow Tractors Market, by Application
- Railway Stations
- Others (Distribution Centers, Military Cargo Stations, etc.)
- Tow Tractors Market, by Region
- North America
- Asia Pacific
- Middle East & Africa
- South America
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