Tow tractors are energy efficient vehicles that are used in the transportation of goods and load from one place to another. These vehicles help tow goods and products in warehouses, distribution centres and industries and many other places. Towing tractors offer safety and high efficiency for picking for transportation operations of various types of goods such as stacked goods or unstacked and roller caged goods. These vehicles are usually used in small stocking spaces, narrow passages, steep slopes and uneven surfaces which helps the in economical and convenient transportation. Moreover, these tractors can double the productivity of the work area and reduce the delivery time and operation costs as well. Compared to forklifts, tow tractors can also handle various loads from light to heavy loads more efficiently and safely. There are various types of tow tractors available in the market for different work stations, including pedestrian tractors, stand-in tractors and ride-seated tractors. Installing tractors in distribution centres or warehouses can enhance the efficiency and productivity capacity, improve the safety level of the products, and reduce the number of labour and time required for the transportation of goods.
COVID-19 Impact analysis
- COVID-19 pandemic has shut down the production of various products in the tow tractor market attributed to the lockdown in countries worldwide. This has hampered the growth of tow tractor market from the last few months and is likely to continue during 2021.
- COVID-19 has already affected the sales of tow tractor market in the first quarter of 2021 and is anticipated to cause a negative impact on the market growth throughout the year.
- The major demand for tow tractors was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, UK, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for tow tractor products.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Tow tractor market manufacturers can afford a full lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce the expenses. Whereas few players also adopted employee lay-offs to sustain during the COVID-19 health crisis
- •Tow tractor market are expected to focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce.
Top Impacting Factors
There is an increase in the use of tow tractors owing to rapid expansion of industrial sector. The companies are now adopting the use of technology and machinery to replace the human labour to cut down labour cost as well as increase the efficiency and curtail the time for transportation. Warehouses also hold a significant share in the global market owing to the rapid adoption of tow tractors by retailers and small manufacturing companies. Rise in awareness regarding workers safety, decrease in lead time, and efficient operations boost the growth of the North America tow tractors market during the forecast period. Europe is expected to account for a prominent share in the global tow tractors market owing to high labor costs and stringent government regulations for material handling by European Union. Furthermore, rise in industrial and commercial sectors in the Asia-Pacific region is projected to create demand for new warehouses and distribution centers. This is expected to drive the growth of the tow tractors market in the region during the forecast period. The increase in number of warehouses and various end use industries in Middle East & Africa and Latin America drive the growth of the tow tractors market in the regions.
- The transportation & logistics industry is expanding at a significant rate, which is due to the rise in the number of distribution centres and warehouses across the globe. Furthermore, trade of commercial and industrial products is experiencing growth, 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 drives the growth of the tow tractors market across the globe.
- Increase in automation mostly with advanced equipment and technologies in several industries to enhance productivity has become a common practice worldwide. Rise in popularity of automation technologies to reduce labor costs and enhance material flow and efficiency is prompting the market players to develop self-driving tow tractors.
- Product launch strategies aim for user adoption and brand growth. New products with advanced and developed technologies are launched by the companies to meet the requirements of the consumers and also to assist in enhancing the geographic footprint of the company and help in gaining significant market share for street and roadway lighting market.
Key Benefits of the Report
- This study presents the analytical depiction of the tow tractor market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the tow tractor market share.
- The current market is quantitatively analysed to highlight the tow tractor market industry growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed tow tractor market analysis based on competitive intensity and how the competition will take shape in coming years
Key Market Segments
- By Type
- Rider-seated Towing Tractor
- Stand-in Towing Tractor
- Pedestrian Towing Tractor
- By Power Source
- By Application
- Airports
- Railway stations
- Super markets
- Industries
- Warehouses
- By Region
- North America
- Europe
- France
- Germany
- Italy
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Bradshaw Electric Vehicles,
- Godrej Material Handling,
- Jungheinrich AG,
- Eagle Tugs,
- JBT,
- Hyster-Yale Group, Inc.,
- The Raymond Corporation,
- Polaris Industries, Inc.,
- SPAN Trading LLC.
- Toyota Material Handling,
- Simai SPA,
- Motrec International Inc.,
- Linde Material Handling,
- Alke',