Tow Tractor Market is Segmented By Product Type (Pedestrian Towing Tractors, Stand-In Towing Tractors, Rider-Seated Towing Tractors), By Load Capacity (Light-duty Tow Tractors, Medium-duty Tow Tractors, Heavy-duty Tow Tractors), By Power Source (Electric, Fuel), By Application (Railway Stations, Airports, Warehouses, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Tow Tractor Market Size
The global tow tractors market reached USD 3,401.2 million in 2022 and is projected to witness lucrative growth by reaching up to USD 5,100.2 million by 2030. The market is expected to exhibit a CAGR of 5.2% during the forecast period (2023-2030).
Global demand for tow tractors is increasing due to their versatility and wide range of applications across various industries such as aviation, and manufacturing. The global tow tractor market is witnessing a surge in demand from the Asia Pacific due to the growing adoption of automated material handling solutions.
Tow Tractor Market Summary
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Metrics |
Details |
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CAGR |
5.2% |
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Size Available for Years |
2021-2030 |
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Forecast Period |
2023-2030 |
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Data Availability |
Value (US$) |
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Segments Covered |
Type, Herd Size and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle East & Africa |
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Fastest Growing Region |
Europe |
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Largest Region |
North America |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Tow Tractor Market Trends
Technological advancement of the tow tractor drives the market growth
On January 16th, 2020 German material handling giant Jungheinrich launched the EZS 130, which has been designed for the maneuverable transport of small parts, perfectly suited for the transport of luggage trolleys at airports. Thus, the tow tractor is perfect for moving luggage trolleys through airports. The EZS 130 is able to tow a variety of trailers with a combined weight of up to 3,000 kg because of its 24-V engine's new, more powerful three-phase AC technology.
Rising urbanization and rising per capita disposable income are driving market expansion.
According to the report published by OECD in 2023, household income per capita income grew by 0.2% in 2022. The rise in compensation and personal income receipts from assets was the main driver of the current-dollar personal income increase in November 2022 so the sales for the tow tractors increased with respect to the disposable income. Increases in private wages and salaries in both industries that produce goods and services were reflected in the increase in compensation, thereby driving the global tow tractors market expansion.
Tow Tractor Market Segment Analysis
The global tow tractors market is segmented based on product type, load capacity, power source, application and region.
An increase in the product launches of pedestrian towing tractors is expected to drive the segment growth
Tow tractors have been segmented by product type as pedestrian towing tractors, stand-in towing tractors, and rider-seated towing tractors.
The tow tractor market value for the pedestrian towing tractors segment is likely to reach approximately USD 1,173.3 million in 2030, from its recorded value of approximately USD 807.4 million in 2022, exhibiting a CAGR of 4.8% during the forecast period. Global pedestrian towing tractors accounted for approximately 4.3% share in 2022. An increase in the product launches by the major key players boost the segment growth. For instance, Bradshaw offers a range of pedestrian tow tractors offers a towing capacity of up to 4 tons and a payload capacity of up to 500kg.
Source: DataM Intelligence Analysis (2023)
Global Tow Tractor Market Geographical Share
North America held the largest market share due to the rise in awareness about the benefits of tow tractors
By region, the global tow tractors market is segmented into North America, South America, Europe, Asia-Pacific, Middle-east and America.
The North America tow tractor market was valued at US$ 1,263.3 million in 2022 and is projected to grow at a CAGR of 5.2% over the forecast period to reach US$ 1,895.2 million by 2030, due to rising exports and domestic demand for tow tractors which drives the growth of the tow tractors market in this region. The high labor cost is another factor responsible for the region's increased demand for tow tractors. Furthermore, factors such as expansion of the railway sector increase in air traffic and expansions of supermarkets in developed countries such as the United States and Canada drive tow tractor market growth in the region. For instance, according to preliminary data filed with the Bureau of Transportation Statistics (BTS), the U.S. airlines carried 5.6% more scheduled service passengers in January 2020 than in January 2019.
Thus, owing to these factors, the demand for tow tractors in countries such as the U.S., Canada and Mexico has increased which ultimately increased the imports of tow tractorsthe in U.S. For instance, in January 2020, according to export genius, the U.S. imported 24 tow tractors from India which valued almost USD 216,378 and weighted 10,905.45. In January 2020, according to export genius, the U.S. imported eight tow tractors from Germany, three tow tractors from China and five tow tractors from Japan. In March 2020, according to export genius, Mexico imported one tow tractor from the United States of America which valued around USD 6,500.
Source: DataM Intelligence Analysis (2023)
Tow Tractor Companies
The major global players include Jungheinrich AG, Toyota Material Handling, Bradshaw Electric Vehicles Polaris Industries, Inc., Hyster-Yale Group, Inc., Linde Material Handling, Motrec International Inc., The Raymond Corporation, JBT, and Godrej Material Handling.
COVID-19 Impact on Tow Tractor Market
Covid Impact
The Covid-19 pandemic and the global lockdown severely impacted various industries globally, by affecting the sales of tow tractors market. The impact is negative on the market, owing to the supply chain crisis, a ban on import-export, ban on travelling and restrictions on the supply of the products. During the lockdowns and social restrictions enforced to curb the virus, the trend of work-from-home surged, leading to less travel, less air traffic, rail expansion and, less demand for tow tractors, which negatively impacted the market.
Artificial Intelligence Impact Analysis
The new artificial intelligence system uses a range of sensors, including Lidar, cameras, and ultrasonic, to picture the environment around the tug and then plot the most efficient, safe route. This technic allows them to operate safely inside facilities with no GPS signal and without requiring extensive infrastructure. For instance, in November 2022, Fusion Processing and Bradshaw Electric Vehicles announced a partnership to develop fully autonomous tow tractors.
Key Developments
- On October 16, 2020, EasyMile, a company that provides complete solutions and software for driverless mobility and goods transportation in France, launched the first autonomous tow tractor TractEasy dedicated to material handling within a private site. It is specially designed for the factory or a logistics center.
- On January 19, 2021, the Raymond Corporation, which offers forklifts, warehouse products, and software-based, data-powered solutions in the United States, launched the Raymond Courier 3220 automated tow tractor. This tractor tows up to 15,000 pounds and it is integrated with vision-guided technology with a heavy-duty towing capacity, further expanding Raymond’s end-to-end intralogistics solutions.
- On April 14, 2021, the Motrec International Inc, a Canada-based electric industrial vehicles manufacturer, launched Motrec MT-160 Stand-Up Tow Tractor, which can do with 50% longer run time and has highly efficient maintenance-free 36V and 48V AC motors.
Why Purchase the Report?
- To visualize the global tow tractors market segmentation based on product type, load capacity, power source, application and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of tow tractors market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global tow tractors market report would provide approximately 69 tables, 64 figures and 195 Pages.
Target Audience 2023
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
