Global Automated Tow Tractor Market Highlights over 2020-2029
The global automated tow tractor market is estimated to gain a significant CAGR over the forecast period, i.e., 2021–2029. The growth of the market can be attributed to the technological advancement and new breakthroughs in robotics and automation technology. Moreover, automated tow tractors are more efficient and cost effective in the long term, as they reduce the requirement of human involvement in the working, which significantly lowers the labor costs. Furthermore, the increasing need for proper management at airports, railway stations, supermarkets, and others, is estimated to boost the growth of the market.
The global automated tow tractor market is segmented by application into industrial, general manufacturing, supermarket, airport & railways, and others, out of which, the supermarket segment is anticipated to hold a notable share in the market during the forecast period on account of increasing supermarkets backed by the growing number of consumers. In the year 2018, total sales through supermarkets globally, amounted to over USD 700.2 billion, with over 40,000 new stores launched in the same year. Moreover, automated tow tractors are the most efficient way to manage space and stock at such supermarkets. On the basis of capacity, the market is segmented into light, medium, and heavy-duty tow tractors, out of which the medium-duty segment is anticipated to hold the major share during the forecast period, on the back of growing acceptance of automated vehicles and machines in the commercial space, whereas the construction industry and other major industries rely on the no automation tow tractors. CLICK TO DOWNLOAD SAMPLE REPORT
Global Automated Tow Tractor Market Regional Synopsis
Regionally, the global automated tow tractor market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of industrial development, coupled with the growing automotive industry in the region. Moreover, growing manufacturing industry in the countries, such as, Japan, Korea, and China, with Japan alone manufacturing more than 7 million automobiles annually, as of 2019, is estimated to boost the demand for automated tow tractor in the distribution centers and warehouses, which is expected to boost the market growth.
The market in the Europe Region is also projected to gain notable market share over the forecast period on the back of growing demand for enhanced material handling solutions, fueled by the rising number of industries in the region.
The global automated tow tractor market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global automated tow tractor market includes the following segments:
By Type
- Stand-in
- Rider Seater
- Others
By Automation
- Partial Automation
- Driver Assistance
- High Automation
- Others
By Capacity
- Light-Duty
- Medium-Duty
- Heavy-Duty
By Application
- Industrial
- General Manufacturing
- Supermarket
- Airports & Railways
- Others
Growth Drivers
- Growing Technical Advancements in Robotics and Automation
- Increasing Need for Material Handling Solutions in Warehouses
Challenges
- Lack of Knowledge and Scientific Temperament among Workers
- Higher Cost of Automated Tow Tractors
Top Featured Companies Dominating the Market
- Hyster-Yale Materials Handling, Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Jungheinrich AG
- KUKA Aktiengesellschaft
- SPAN Trading LLC.
- Toyota Industries Corporation
- Godrej & Boyce Manufacturing Co. Ltd.
- Linde Material Handling GmbH
- Motrec International Inc.
- Polaris Inc.
- Alkè s.r.l.
