Global Towing Vehicle Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Flatbed Tow Truck, Hook And Chain Tow Truck, Wheel Lift Tow Truck, Integrated Tow Trucks), And By Geography - Forecasts From 2022 To 2027

  • Published : Nov 2022
  • Report Code : KSI061610392
  • Pages : 130

The global towing vehicle market is projected to grow at a CAGR of 5.41% during the forecast period, reaching a total market size of US$9,207.664 million in 2027 from US$6,365.955 million in 2020.

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 fleets 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 of the global towing vehicle market owing to growing traffic congestion and an increasing number of road accidents.  

Increased road accidents

One of the major factors that are 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 fleets is also increasing, which is positively impacting the growth of the global towing vehicle market. The rising number of vehicles on the road owing to increasing urbanization and purchasing power is driving with it the number of vehicle breakdowns and crashes.

Even after improvements in passive safety features such as seat belts, airbags, and lighting, the number of car accidents and fatality rates 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 costs most countries 3% of their GDP, resulting in the loss of both human lives and public property, as well as massive financial losses for 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 percent by 2020. This continuous rise in the number of car crashes is majorly attributed to the 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 percent of fatal road crashes whereas drunk driving contributes to between 10 percent and 30 percent 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 into North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. Asia Pacific’s 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, the number 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 of the global towing vehicle market owing to high disposable incomes and living standards coupled with the rising number of road accidents in the region.  

Competitive Insights

The players in the global towing vehicle market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive positions and strategies. 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.

Market Developments

  • In September 2021, Bridgestone Americas invested in Wrench, a technology and mobile car services firm. The collaboration enhanced both firms' capacity to address automobile owners' demands with best-in-class technology in the fast-developing mobile vehicle inspection market. Roadside towing, car detailing, on-site automobile servicing, and the Lemon Squad used-vehicle inspection service are among the services available.

Product Offerings

  • Railcare Group, a maker of devices that maintain trains safe and clean, provides a battery-powered version of their Multi-Purpose Vehicle for rail maintenance applications. The machine is utilized to suction rubbish, stones, and other obstructions off the rails, and ballast wagons during track repair, melt snow and serve as a towing vehicle

Global Towing Vehicle Market Scope:

 

Report Metric Details
 Market Size Value in 2020  US$6,365.955 million
 Market Size Value in 2027  US$9,207.664 million
 Growth Rate  CAGR of 5.41% from 2020 to 2027
 Base Year  2020
 Forecast Period  2022–2027
 Forecast Unit (Value)  USD Million
 Segments Covered  Type, And Geography
 Regions Covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies Covered 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, Jost's Engineering Company Limited
 Customization Scope  Free report customization with purchase

 

Segmentation

  • By Type
    • Flatbed Tow Truck
    • Hook and Chain Tow Truck
    • Wheel Lift Tow Truck
    • Integrated Tow Trucks
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • United Kingdom
      • Italy
      • France
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Indonesia
      • Thailand
      • Taiwan
      • Others  

Frequently Asked Questions (FAQs)

The global towing vehicle market is projected to reach a total market size of US$9,207.664 million in 2027.
The towing vehicle market is projected to grow at a CAGR of 5.41% over the forecast period.
Towing Vehicle Market was valued at US$6,365.955 million in 2020.
One of the major factors that are driving the towing vehicle market growth is the rising number of road crashes worldwide.
North America and Europe together account for a major share of the global towing vehicle market owing to high disposable incomes and living standards coupled with the rising number of road accidents in the region.

1. INTRODUCTION

1.1. Market Overview

1.2. COVID-19 Scenario

1.3. Market Definition

1.4. Market Segmentation

 

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Assumptions

 

3. EXECUTIVE SUMMARY

3.1. Research Highlights

 

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Force Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

 

5. GLOBAL TOWING VEHICLE MARKET, BY TYPE

5.1. Introduction

5.2. Flatbed Tow Truck

5.3. Hook and Chain Tow Truck

5.4. Wheel Lift Tow Truck

5.5. Integrated Tow Trucks

 

6. GLOBAL TOWING VEHICLE MARKET, BY GEOGRAPHY

6.1. Introduction

6.2. North America

6.2.1. United States

6.2.2. Canada

6.2.3. Mexico

6.3. South America

6.3.1. Brazil

6.3.2. Argentina

6.3.3. Others

6.4. Europe

6.4.1. Germany

6.4.2. United Kingdom

6.4.3. Italy

6.4.4. France

6.4.5. Others

6.5. Middle East and Africa

6.5.1. Saudi Arabia

6.5.2. UAE

6.5.3. Others

6.6. Asia Pacific

6.6.1. China

6.6.2. Japan

6.6.3. India

6.6.4. South Korea

6.6.5. Indonesia

6.6.6. Thailand

6.6.7. Taiwan

6.6.8. Others

 

7.  COMPETITIVE ENVIRONMENT AND ANALYSIS

7.1. Major Players and Strategy Analysis

7.2. Emerging Players and Market Lucrativeness

7.3. Mergers, Acquisitions, Agreements, and Collaborations

7.4. Vendor Competitiveness Matrix

 

8. COMPANY PROFILES

8.1. Danco Products

8.2. Dual-Tech. Inc.

8.3. Miller Industries Inc.

8.4. Global Towing Systems Kft

8.5. Johnson's Heavy Towing

8.6. Fiault SAS 

8.7. MONZA J. ESTEBAN, S.L

8.8. Erkin World Power 

8.9. Jost's Engineering Company Limited


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

Jost's Engineering Company Limited