Global Towing Vehicle market is projected to grow at a CAGR of 3.98% during the forecast period, reaching a total market size of US$9,190.542 million in 2025 from US$7,270.833 million in 2019. One of the major factors that is driving the growth of the global towing vehicle market is the rising number of road crashes worldwide. As the number of road accidents is rising even after imposing strict road safety regulations, the demand for towing vehicle fleet is also increasing which is positively impacting the growth of global towing vehicle market. Rising number of vehicles on road owing to increasing urbanization and purchasing power is driving with it the number of vehicle breakdowns and crashes. Since vehicle traffic on roads is rising, there has also been an uptick in the number of drivers violating traffic rules as vehicle owners tend to park their vehicles in areas other than designated ones for parking. This is also encouraging governments and municipalities to expand their towing vehicle fleet to get the vehicles off the road, thus boosting the growth of this market. Another factor that is fuelling the growth of the global towing vehicle market is the rapidly growing e-commerce and logistics sector worldwide. Geographically, Asia Pacific accounts for a substantial share in the global towing vehicle market owing to growing traffic congestion and increasing number of road accidents.
Even after improvements in passive safety features such as seat belts, air bags, and lighting, the number of car accidents and fatality rate associated with them is rising worldwide. According to the World Health Organization (WHO), around 1.35 million people die in road accidents each year. This cost most countries 3 per cent of their gross domestic product (GDP), causing loss to both human lives and public property and thus, leads to huge financial losses incurred by the economy. Moreover, a report by WHO and the World Bank states that the condition is expected to get worse, with the number of people killed in auto-related accidents expected to rise by 65 per cent by 2020. This continuous rise in number of car crashes is majorly attributed to inattention and preoccupation of drivers. For example, according to the U.S. National Traffic Safety Administration, driver fatigue accounts for around 100,000 accidents annually in the country. In Canada, drunk driving continues to be a leading cause of road crashes despite the tightening of legislation on fines, driver suspensions, and possible jail time if they cause bodily harm. According to the International Transport Forum, all countries report that speeding accounts for 15 to 35 per cent of fatal road crashes whereas drunk driving contributes to between 10 per cent and 30 per cent of fatal road crashes in most countries. This increased number of road crashes is significantly boosting the demand for towing vehicles across different regions/countries to tow the vehicle involved in the accident.
Asia Pacific to witness a substantial CAGR during the forecast period
By geography, the global towing vehicle market is segmented as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. Asia Pacific towing vehicle market is projected to witness a substantial CAGR during the forecast period owing to the rising population coupled with the increasing disposable income in countries like China and India, supported by the booming automotive industry. For instance, according to the National Bureau of Statistics of China, possession of private vehicles in the country (in 10,000 units) has increased from 16,330 in 2016 to 22,513 in 2019. In addition, North America and Europe together account for a major share in the global towing vehicle market owing to high disposable incomes and living standards coupled with the rising number of road accidents in the region.
Key market players in the global towing vehicle market include Danco Products, Dual-Tech. Inc., Miller Industries Inc., Global Towing Systems Kft, Johnson's Heavy Towing, Fiault SAS , MONZA J. ESTEBAN, S.L, Erkin World Power, Falkom B.V., andJost's Engineering Company Limited. The players in the global towing vehicle market are implementing various growth strategies to gain a competitive advantage over its competitors in this market. Major market players in the market have been covered along with their relative competitive position and strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the global towing vehicle market.