The global towing vehicle market was valued at US$6.935 billion in 2018 and is expected to grow at a CAGR of 4.34% over the forecast period to reach a total market size of US$8.950 billion by 2024. The growth of the market is majorly attributed to the growth of automotive industry worldwide. Rising number of vehicles on road, on account of increasing urbanization and rising disposable incomes in many regions, is driving with it the number of vehicle breakdowns and crashes. Increasing vehicle traffic on roads is also driving up the number of traffic rule violations as vehicle owners tend to park their vehicles in areas other than designated ones for parking. This is increasing the demand for towing vehicles which can get the vehicles off the road, thus boosting the growth of this market. The market growth is also being fuelled by rapid growth of e-commerce and logistics sector worldwide. As these sectors continue to witness an impressive year-on-year growth, business owners across these sectors are investing in expansion of their fleet in order to gain competitive edge over their rivals. As this continues, the market for towing vehicles will continue to witness a solid boost in many regions.
Growing automotive sales
Rising number of vehicle crashes globally
Rising investments by automakers into enhancing the safety and reliability of vehicles
The major players profiled as part of this report are Danco Products, Dual-Tech. Inc., Miller Industries Inc., Global Towing Systems Kft, Johnson's Heavy Towing and Erkin World Power among others.
The global towing vehicle market has been analyzed through the following segments:
Flatbed Tow Truck
Hook and Chain Tow Truck
Wheel Lift Tow Truck
Integrated Tow Trucks
Middle East and Africa