Automated Tow Tractor Market

Automated Tow Tractor Market Segmentation by Type (Stand-in, Rider Seater, and Others); by Automation (Partial Automation, Driver Assistance, High Automation, and Others); by Capacity (Light, Medium, and High-Duty); by Application (Industrial, General Manufacturing, Supermarket, Airport & Railways, and Others) – Global Demand Analysis & Opportunity Outlook 2029

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Report ID: 3063 | Published On: Feb 01, 2022

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Despite Inflation & Recession News, Businesses Across the Globe Expected to Do Better in 2023

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.


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.


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.

Global Automated Tow Tractor 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.

Automated Tow Tractor Market

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


Global Automated Tow Tractor Market
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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


Automated Tow Tractor Market
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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.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the automated tow tractor market?

Ans: Growing demand for automated vehicles in the manufacturing industries and advancement in technology are the major factors driving the market growth.

2) What would be the CAGR of automated tow tractor market over the forecast period?

Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2029.

3) What are the challenges affecting the automated tow tractor market growth?

Ans: High costs of automated vehicles is a major factor estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of automated tow tractor market in future?

Ans: 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.

5) Who are the major players dominating the automated tow tractor market?

Ans: 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.

6) How are the company profiles selected?

Ans: 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.

7) What are the segments in the global automated tow tractor market?

Ans: The market is segmented by type, automation, capacity, application, and by region.

8) Which segment captures the largest market size in the capacity segment in the automated tow tractor market?

Ans: 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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