Automated Tow Tractor Market Segmentation:
Type Segment Analysis
The electric segment is poised to register a dominating revenue share of 47.5% throughout the forecast period. The segment’s profitability is attributed to a sustained push by governments worldwide for decarbonization to adhere to the ambitious net-zero goals by 2050. Furthermore, EVs have comparatively lower maintenance costs in comparison to traditional models, making them lucrative additions to industries pushing for long-term savings. With several economies investing in improving their charging infrastructure and gradually phasing out ICE vehicles, the opportunities to push electric automated tow tractors are expected to be rife by the end of this decade. Two major initiatives that are set to impact the segment’s growth are briefly analyzed below.
End user Segment Analysis
The logistics segment is estimated to account for a 36.4% revenue share by the end of 2035. Two major factors supporting the segment’s expansion are the quantifiable boom in e-commerce and the surge in automation adoption spanning multiple industries. As per the International Trade Administration, by 2027, global B2C e-commerce sales are predicted to reach USD 5.5 trillion at a consistent compound annual growth rate of 14.4%. To maintain profitability, automated tow tractors are essential for use in distribution centers. Moreover, the growth of omnichannel retailing is adding further complexity to supply chains. Automated tow tractors also provide the requisite scalability and flexibility to manage this complexity, particularly when they come equipped with warehouse management systems (WMS) and industrial Internet of Things (IIoT) capabilities.
Our in-depth analysis of the global market includes the following segments:
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