Tow Truck Market Top Manufacturers, Product Types, Sales and Demand 2020-2027
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North America (the U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and The Middle East and Africa
Major players analyzed include A & A Truck and Auto Center Inc., B&B Industries Inc., Carlinville Truck Equipment, Danco Products, Dual-Tech, Dynamic, Godwin, Jerr-Dan, Kilar, and Ledwell & Son.
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Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Increase in vehicle traffic on the road, rapid growth of e-commerce & logistics sector, and growth in number of sales of the vehicles are driving the growth of the market. However, rise in investments by automakers into enhancing the safety and reliability of vehicles is expected to hamper the growth of the market. On the contrary, increase in urbanization in many regions across the world is expected to create an opportunity for the market investments.
The global tow trucks market trends are as follows:
Rapid growth of the e-commerce & logistics sector
The e-commerce and logistics sector have witnessed an impressive growth in the recent years due to an upsurge requirement for transportation of packages from one place to another. Business owners are investing majorly in e-commerce and logistics for the expansion of the taskforce in order to gain a competitive edge over their rival companies. For instance, Walmart one of the world’s largest retailer has invested $16 billion in Flipkart (Indian e-commerce company). Therefore, increase in investment in the e-commerce and logistics sector is anticipated to boost the tow trucks market growth during the forecast period.
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Increase in vehicle traffic on the road
Increase in vehicle traffic on the road has led to major congestions on the highway, which in turn delays the commuters travel time and due to late arrival, many drivers tend to improperly park the vehicle. For instance, around 65% of employees regularly complain about traffic congestions during office hours. Therefore, rise in vehicle traffic is expect to boost the growth of the tow truck market.
Key benefits of the report:
1 This study presents the analytical depiction of the tow truck industry along with the current trends and future estimations to determine the imminent investment pockets.
2 The report presents information related to key drivers, restraints, and opportunities along with challenges of the tow truck market.
3 The current market is quantitatively analyzed from 2019 to 2027 to highlight the tow truck market growth scenario.
4 We can also determine tow truck will remain a significant revenue shareholder in the global tow truck market through the predictable future.
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