Automated Tow Tractor Market size is poised to witness lucrative growth rate during the forecast period i.e., between 2024-2036.
The growth of the automated tow tractor 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.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
Regional Scope |
|
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.
Our in-depth analysis of the global market includes the following segments
|
By Type |
|
|
By Automation |
|
|
By Capacity
|
|
|
By Application
|
|
APAC Market Statistics
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. Asia Pacific industry is poised to dominate majority revenue share by 2036, on the back of industrial development, coupled with 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.
Europe Market Analysis
The automated tow tractor 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.
· 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.
Author Credits: Saima Khursheed
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?