In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWS· April 23, 2021: KR CYBERTECH nano series, a subsidiary of KUKA announced a new range of automated vehicles with lowest maintenance requirements.
· March 03, 2021: Jungheinrich AG to build automated vehicles for BLG Logistics Group.
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
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:
Our in-depth analysis of the global automated tow tractor market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing demand for automated vehicles in the manufacturing industries and advancement in technology are the major factors driving the market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2029.
High costs of automated vehicles is a major factor estimated to hamper the market growth.
The market in the Asia Pacific will provide the highest growth opportunities for the market during the forecast period on the back of increasing manufacturing industry and automotive industry in the region.
The major players in the market are 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. and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, automation, capacity, application, and by region.
The medium-duty segment is anticipated to hold the largest market size, during the forecast period on the back of increasing warehouse and storage centers for consumer goods, that require tow tractors to carry goods.
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