Tow Tractors Market Research Report for Complete Analysis of Current Scenario March 23, 2022
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 ongoing 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.
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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