Research Nester published a report titled “Global Automated Tow Tractor Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global automated tow tractor marketin terms of market segmentation by type, automation, capacity, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global automated tow tractor market is anticipated to garner a significant CAGR over the forecast period, i.e., 2021–2029. The market is segmented on the basis of capacity, into light, medium, and heavy-duty tow tractors, out of which, the medium-duty segment is foreseen to hold a considerable share during the forecast period, owing to the demand for tow tractors in the manufacturing industry and supermarket, to handle goods. By application, the market is segmented into industrial, general manufacturing, supermarket, airport & railways, and others, out of which, the supermarket segment is expected to hold a notable share in the market during the forecast period owing to the increasing number of supermarkets opening in various countries, with more than 40,000 supermarkets opened up globally in 2018 itself, backed by the growing number of consumers and high disposable income. Moreover, these tractors are deployed to efficiently manage the goods at warehouses, and other storage units.
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The global automated tow tractor market is estimated to grow on the back of increasing demand for goods handling solutions amongst the consumer goods manufacturers, to manage their goods in the storehouses. Moreover, advances in the robotics and automation technology, is estimated to boost the market growth. Additionally, growing demand for tow tractors at various applications, such as, airports, railway stations, warehouses, manufacturing, and others, is projected to promote the market growth.
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 owing to the ongoing economic and industrial development in the region, with growing industries, especially automotive and manufacturing, which is estimated to increase the demand for automated tow tractors for management of goods, among other purposes. Japan is one of the largest producers of automobiles, with more than 7 million automobiles manufactured per year, as of 2019, along with Korea and China. Moreover, the presence of major manufacturing companies in the region, is estimated to boost the market growth. Similarly, the market in the Europe region is estimated to hold a notable share during the forecast period owing to the need for smart goods handling solutions, supported by the industrialization in the region.
Increasing Demand for Material Handling Solutions in Supermarkets and Storehouses to boost the Market Growth
The total sales from supermarkets crossed USD 700.2 billion in the year 2018, and is expected to witness up-surge in the forthcoming years.
With the rise in global population, the production of consumer goods has increased immensely, which is generally hoarded in storehouses. There is an increasing demand for automated tow tractors, to handle these goods, ranging from edibles, and textiles, to furniture, construction material, and others. This is estimated to significantly boost the market growth.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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However, lack of technical knowledge among workers, and high cost of these vehicles are expected to operate as key restraint to the growth of global automated tow tractor market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global automated tow tractor marketwhich includes company profiling of Hyster-Yale Materials Handling, Inc. (NYSE: HY), Jungheinrich AG (ETR: JUN3), KUKA Aktiengesellschaft (ETR: KU2), SPAN Trading LLC. (BOM: 524727), Toyota Industries Corporation (TYO: 6201), Godrej & Boyce Manufacturing Co. Ltd., Linde Material Handling GmbH, Motrec International Inc., Polaris Inc. (NYSE: PII), and Alkè s.r.l. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automated tow tractor marketthat will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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