Excellent Future Growth of Tow Truck Market Key Players- A & A Truck and Auto Center Inc., B&B Industries

Tow Truck Market Outlook – 2027

Tow truck also known as a recovery vehicle is used to move improperly parked, damaged, and impounded motor vehicles from one place to another. Furthermore, brackets are the devices used to lift the vehicle which avoids damaging the front panel of the vehicle. Brackets are installed around the wheels of the vehicle and then are secured in place with steel pins. Tow trucks are designed to safely and quickly transport the motor vehicle. Therefore, the increasing demand to transport a vehicle safely from one place to another is expected to drive the growth of the global tow truck market in near future.

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COVID-19 scenario analysis:

Majority of global tow truck manufacturers are facing issues such as disruption of supply network, unavailability of workforce, and closure of factories due to the lockdown, which further affects the production of the tow trucks as well.
The pandemic has disrupted the demand and supply chain network for the tow trucks in the commercial industry due to the government declared lockdown in the affected countries worldwide.

Due to the lockdowns in the affected areas travelling ecosystem across the world has been affected majorly, owing to the COVID-19 pandemic due to which the towing market has seen a devastating decline.

A major drop in vehicles on the road has been witnessed due to the Corona virus pandemic, which in turn has affected majorly the tow trucks market across the affected countries worldwide.

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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.

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