Allied Market Research

2024

Tow Truck Market

Tow Truck Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Application and by Sales Channel : Global Opportunity Analysis and Industry Forecast, 2023-2032

AT : Freight & Logistics

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Author's: | Lalit Janardhan Katare
Publish Date:

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Tow Truck Market Outlook – 2027

Tow truck also known as a recovery vehicle is used to move improperly parked, damaged, and impounded motor vehicles from one place to another. Furthermore, brackets are the devices used to lift the vehicle which avoids damaging the front panel of the vehicle. Brackets are installed around the wheels of the vehicle and then are secured in place with steel pins. Tow trucks are designed to safely and quickly transport the motor vehicle. Therefore, the increasing demand to transport a vehicle safely from one place to another is expected to drive the growth of the global tow truck market in near future.

COVID-19 scenario analysis:

  • Majority of global tow truck manufacturers are facing issues such as disruption of supply network, unavailability of workforce, and closure of factories due to the lockdown, which further affects the production of the tow trucks as well.
  • The pandemic has disrupted the demand and supply chain network for the tow trucks in the commercial industry due to the government declared lockdown in the affected countries worldwide.
  • Due to the lockdowns in the affected areas travelling ecosystem across the world has been affected majorly, owing to the COVID-19 pandemic due to which the towing market has seen a devastating decline.
  • A major drop in vehicles on the road has been witnessed due to the Corona virus pandemic, which in turn has affected majorly the tow trucks market across the affected countries worldwide.

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

Increase in vehicle traffic on the road, rapid growth of e-commerce & logistics sector, and growth in number of sales of the vehicles are driving the growth of the market. However, rise in investments by automakers into enhancing the safety and reliability of vehicles is expected to hamper the growth of the market. On the contrary, increase in urbanization in many regions across the world is expected to create an opportunity for the market investments.

The global tow trucks market trends are as follows:

Rapid growth of the e-commerce & logistics sector

The e-commerce and logistics sector have witnessed an impressive growth in the recent years due to an upsurge requirement for transportation of packages from one place to another. Business owners are investing majorly in e-commerce and logistics for the expansion of the taskforce in order to gain a competitive edge over their rival companies. For instance, Walmart one of the world’s largest retailer has invested $16 billion in Flipkart (Indian e-commerce company). Therefore, increase in investment in the e-commerce and logistics sector is anticipated to boost the tow trucks market growth during the forecast period.

Increase in vehicle traffic on the road

Increase in vehicle traffic on the road has led to major congestions on the highway, which in turn delays the commuters travel time and due to late arrival, many drivers tend to improperly park the vehicle. For instance, around 65% of employees regularly complain about traffic congestions during office hours. Therefore, rise in vehicle traffic is expect to boost the growth of the tow truck market. 

Key benefits of the report:

  • This study presents the analytical depiction of the tow truck industry 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 challenges of the tow truck market.
  • The current market is quantitatively analyzed to highlight the tow truck market growth scenario.
  • We can also determine tow truck will remain a significant revenue shareholder in the global tow truck market through the predictable future.

Questions answered in the global tow truck market research report:

  • Which are the leading market players active in tow truck market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps?

Tow Truck Market Report Highlights

Aspects Details
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By Type
  • Light-Duty Tow Truck
  • Medium-Duty Tow Trucks
  • Heavy-Duty Tow Trucks
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By Application
  • Machine Building Industry
  • Metallurgical Industry
  • Furniture Industry
  • Appliance Industry
  • Others
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, UK, Russia, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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By Sales Channel
  • Direct Channel
  • Distribution Channel
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Key Market Players

A & A Truck and Auto Center Inc., Dynamic, Godwin, B&B Industries Inc., Danco Products, Jerr-Dan, Kilar, Dual-Tech, Ledwell & Son., Carlinville Truck Equipment

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Tow Truck Market

Global Opportunity Analysis and Industry Forecast, 2023-2032