Tow Tractors Market
Tow Tractors Market (Product Type: Pedestrian Towing Tractors, Stand-in Towing Tractors, and Rider-seated Towing Tractors; Load Capacity: Light-duty Tow Tractors, Medium-duty Tow Tractors, and Heavy-duty Tow Tractors; Power Source: Electric and Fuel; Application: Railway Stations, Airports, Supermarkets, Industries, Warehouses, and Others; and Distribution Channel: Direct Sales and Indirect Sales) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
- Automotive & Transport
- 164 Pages
Tow Tractors Witness Demand with Guidance over Ground Handling During Coronavirus Outbreak
Floor managers at airports, warehouses, and supermarkets are being given guidance over ground handling during and post coronavirus pandemic. At airports, where there is a significant number of parked aircraft, floor managers are adopting planning and preparation to meet the need for aircraft tow tractors & pushback tractors ahead of the return of air traffic. Companies in the tow tractors market are capitalizing on such opportunities to ensure revenue flow in the market.
Taylor-Dunn - a manufacturer of burden carriers, commercial vehicles, and industrial vehicles is updating helpful resources on its official website to provide updates to its partners and clients during the ongoing pandemic. Manufacturers in the tow tractors market are working closely with their dealers to navigate through the situation and providing customer service in all ways possible.
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Can Electric Tow Tractors Be Ideal Choice for Indoor Spaces?
Similar to electric vehicles (EVs) in the automotive industry, electric tow tractors are expensive as compared to traditional internal combustion models. Moreover, these tractors are not suited for outdoor use, owing to ground clearance and traction constraints. The increased battery consumption is another issue associated with electric tow tractors and restricting sales of these vehicles. As such, electric tow tractors cost significantly less than internal combustion models in long run when in operation.
Other advantages of electric tow tractors involve the designing of models for indoor use, since they do not emit exhaust fumes. Moreover, these tractors have a longer lifespan than conventional models and are more affordable in terms of maintenance. Manufacturers are targeting stock rooms, warehouses, and sales floors to boost their usage in indoor spaces.
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Electric Stand-in Tow Tractors Gain Popularity for Horizontal Transport in Manufacturing
The tow tractors market is expected to surpass the revenue of US$ 1.9 Bn by 2031. Manufacturers are increasing their production capabilities in stand-in tow tractors, which is evident since revenue share of these vehicles is predicted to grow at an exponential rate. Compact Electric Vehicles - a commercial EV retailer in the U.K. is capitalizing on this opportunity to increase the availability of stand-in tow tractors designed with three wheels, an adjustable backrest and interactive display.
Companies in the tow tractors market are increasing their R&D muscle to draw innovations in electric tow tractors, since they are being highly publicized for their energy-efficient motors that enable smooth acceleration and improve productivity. Electric tow tractors are acquiring prominence in order picking and horizontal transport in manufacturing.
Autonomous Tow Tractors Storm Global Tow Tractors Market
Driverless tow tractors are a new range in the tow tractors market. Seegrid - a manufacturer of self-driving vehicles for the materials handling industry, has announced the launch of its first vision guided vehicle (VGV) to feature auto-charge integration and enhanced sensing technology. Competitor companies are taking cues from such innovations to develop automated tow tractors that feature a shorter mast structure to accommodate in facilities with height restrictions.
Standard auto-hitch capabilities and reverse sensing features are being highly preferred in self-driving tow tractors. The auto-charge technology in these vehicles is grabbing the attention of clients in key industries such as manufacturing, military, and airports. Next-gen self-driving tow tractors are being linked with the company’s fleet management software to automatically send vehicles to charging stations and schedule vehicles to return at the production site once full charge is reached.
Electric-powered Tow Tractors Mimicking Performance of Engine-powered Models at Airports
Airports are predicted to dominate the second-highest revenue among all applications in the tow tractors market. Toyota is gaining recognition for its tow tractors that provide enhanced safety and efficiency in horizontal transport applications. Airports are creating stable revenue streams for manufacturers in the tow tractors market, as these vehicles are useful in order picking operations.
Companies are boosting their production capabilities in vehicles that suit a variety of travel distances, towing load intensity, and volatile frequency of use at airports. Electric-powered tow tractors are becoming a recurring trend at airports and in the overall market landscape to deploy long operating hours. Manufacturers are developing electric tow tractors that match the performance of engine-powered tow tractors.
Next-gen Robotic Tow Tractors Being Built with Geo-guidance Systems
The innovative and intelligent robotic technology is gaining popularity in tow tractors. Hyster Europe - a provider of empty container handling solutions, is planning to join forces with French robotics specialist Balyo to demonstrate intelligent robotics solutions in tow tractors. Robotic tow tractors are making use of the geo-navigation technology, which is eliminating the need for complex infrastructure changes and is helping to automate logistical processes. These tractors are being built using the LIDAR (Light Detection and Ranging) technology to determine the position of the tractors by orienting it at fixed points such as walls, shelves, or building structures.
Companies in the tow tractors market are increasing the availability of robotic tow tractors in which the robot technology can be switched of at any time and the driver can control the machines in manual mode, if necessary. Geo-guidance systems in these tractors help to detect an alternative route whenever a tractor encounters an obstacle.
Driverless Tractors Grow Prominent in Materials Handling Industry
Autonomous guided vehicles (AGV) have become a fast growing phenomenon in the tow tractors market. Its excellent technical and strategic achievements are helping to bolster the credibility of vehicle manufacturers in the market. Companies are gaining a strong research base in self-driving tow tractors that enable autonomous material handling in both indoor and outdoor intralogistics processes & lean logistics. The increased safety and flexibility is being achieved with autonomous tow tractors, which help to drastically reduce operating costs, which is emerging as a game changer for stakeholders in the materials handling industry.
Companies in the tow tractors market are providing driverless vehicles due to the increased demand for operational efficiency and flexibility in material handling applications.
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Essential sectors such as airports, pharmaceutical PPE (Personal Protective Equipment) manufacturing, and supermarkets are fueling the need for tow tractors during the ongoing COVID-19 crisis. Driverless tow tractors are gaining importance in material handling applications. However, electric tow tractors require setting up of charging stations, which is causing a negative impact on the sales of these models. Hence, companies should increase awareness about advantages including low to no emissions and low operation & maintenance cost as compared to conventional engine-powered models. As such, manufacturers in the tow tractors market are increasing the availability of models that enable easy maneuverability.
Tow Tractors Market: Overview
- The global tow tractors market was valued at US$ 1.3 Bn in 2020. It is estimated to expand at a CAGR of ~4% from 2021 to 2031. Tow tractors are load carrying machines used for transportation of products and material. They are usually used to transport raw materials in warehouses and pallets of other goods. Other than using tow tractors for work in warehouses distribution centers and general material-handling industries, they can also be employed in locations such as airports to move cargo and baggage as well as to pull out the aircraft when it is preparing to depart.
- Industrialization has gained rapid pace in regions such as Asia Pacific, Europe, and South America. Rise in the number of industries has fueled the demand for effective material handling solutions, which transport more number of goods in compact spaces and reduces the labor expenses. Use of tow tractors in distribution centers and warehouses satisfies these requirements and provides increased efficiency, productivity, and product safety. Thus, demand for tow tractors is increasing, along with rise in the number of industries.
Drivers of Tow Tractors Market
- The transportation & logistics industry is expanding at a significant rate, due to rise in the number of distribution centers and warehouses across the globe. Furthermore, trade of commercial and industrial products worldwide is growing, which, in turn, is boosting the demand for transportation and storage facilities across the globe. This fuels the demand for material handling solutions for transportation of different types of loads such as palletized, un-palletized, and roller-caged loads. Hence, expansion of the transportation & logistics industry is driving the tow tractors market across the globe.
- eCommerce and online shopping are becoming a natural trend of customer buying behavior. eCommerce is likely to be a major channel for the U.K., accounting for 18% of total retail sales. Expansion of eCommerce and retail businesses across the globe is boosting the demand for warehouses that require tow tractors in order to arrange the products in order. Hence, expansion of the eCommerce sector is propelling the global tow tractors market.
- Increase in automation mostly with advanced equipment and technologies in several industries to enhance productivity has become a common practice worldwide. Rising popularity of automation technologies to reduce labor costs and enhance material flow and efficiency is prompting market players to develop self-driving tow tractors. For instance, in October 2020, EasyMile launched TractEasy, an autonomous tow tractor that eliminates the need of skilled labor to operate tow tractors and assists businesses to reduce the overall operating costs. These ongoing developments are anticipated to drive the global tow tractors market.
Challenges for Tow Tractors Market
- High maintenance cost and initial investment required to manufacture tow tractors is anticipated to hamper the tow tractors market during the forecast period. When it comes to the cost to maintain a conventional tow tractor, its design and fuel cost are considerably high. The initial purchase cost of electric tow tractors is high as compared to conventional tractors. These cost barriers are restraining the global tow tractor market.
- The recent outbreak of COVID-19 pandemic hampered majority of businesses across the globe, owing to forced lockdown, which caused people to stay at home. Companies, warehouses, and other material handling center were shut, flights were cancelled, and other such operations were halted to contain the spread of the virus. This hindered the sales of tow tractors and their components, which, in turn, hampers the global tow tractors market.
Segmentation of Tow Tractors Market
- The global tow tractors market has been segmented based on product type, load capacity, power source, application, distribution channel, and region
- Based on product type, the rider-seated towing tractors segment dominated the tow tractors market, in terms of revenue, in 2020. Rise in industry trend toward comfort and safety of workers is propelling the demand for rider seated towing tractors across the globe. The dominance of rider-seated tow tractors can be attributed to the high demand from airports and industries, which require tow tractors with heavier load carrying capacity and for longer distance.
- Based on power source, the electric tow tractors segment dominated the global tow tractors market, in terms of revenue, in 2020. Rising awareness about environment protection across the globe, along with enactment of stringent emission norms are major factors boosting the electric tow tractors segment.
Tow Tractors Market: Regional Analysis
- Based on region, the global tow tractors market has been segregated into North America, Asia Pacific, Europe, South America, and Middle East & Africa
Asia Pacific held a major share of the global tow tractors market in 2020. Rapid industrialization in countries such as China, India, Japan, and South Korea is a major factor contributing to the demand for tow tractors. Increase in automation across the manufacturing sector and introduction of industry 4.0 in various industries are likely to further boost the tow tractors market in Asia Pacific.
Tow Tractors Market: Competition Landscape
- Key players operating in the global tow tractors market include
- Bradshaw Electric Vehicles
- Eagle Tugs
- Godrej Material Handling
- Helge Nyberg AB
- Jungheinrich AG
- Linde Material Handling
- Toyota Material Handling
- The Raymond Corporation
- Key players operating in the global tow tractors market are expanding their market share by engaging in mergers and acquisition activities or launching new products. For instance, on March 9, 2020, Polaris Inc. launched an ergonomic stand-up tow tractor product line under Taylor-Dunn. Similarly, on May 27, 2020, Linde Material Handling launched three new tow tractor models: P40 C, P40 C B, and P60 C.
Tow Tractors Market – Scope of the Report
Transparency Market Research’s recent report on the tow tractors market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the tow tractors market analyzes the scenario for the period of 2021 to 2031, wherein, 2020 is the base year and 2019 and before is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.
This TMR study on the tow tractors market also provides data on the developments made by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the tow tractors market gives readers an individual understanding of the market.
Key Questions Answered in This Report on Tow Tractors Market
- How much value will the tow tractors market generate by the end of the forecast period?
- Which segment is likely to account for the maximum market share by 2031?
- What are the impact factors and their effects on the market for tow tractors market?
- What regions currently contribute the maximum share to the overall tow tractors market?
- What are the indicators expected to drive the tow tractors market?
- What region is anticipated to be a lucrative market during the forecast period?
- What are the essential strategies by key stakeholders in the tow tractors market to expand their geographic presence?
- What are the major advancements witnessed in the tow tractors market?
- How regulatory norms affected the market for tow tractors market?
This report answers these questions and more about the tow tractors market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
Tow Tractors Market – Research Methodology
This TMR report on the tow tractors market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the tow tractors market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the tow tractors market arrive at predictions and estimations, and calculate the forecast for the market.
This report uses an analytical triangulation method to estimate the numbers and figures of the tow tractors market, with both a bottom-up and top-down approach.
This detailed assessment of the tow tractors market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the tow tractors market is estimated to expand are based on carefully vetted primary and secondary sources.
Tow Tractors Market – Segmentation
This report on the tow tractors market provides information on the basis of product type, load capacity, power source, application, distribution channel, and region.
This study also discusses the underlying trends and impact of various factors that are driving the tow tractors market, along with their influence on the evolution of the market.
This study also offers Porter’s Five Point Analysis, value chain analysis, regulatory scenario, and a SWOT analysis of the tow tractors market in order to elaborate the crucial growth tactics and opportunities for market players contributing to the market.