The global tow tractors market reached USD 3,401.2 million in 2022 and is projected to witness lucrative growth by reaching up to USD 5,100.2 million by 2030. The market is expected to exhibit a CAGR of 5.2% during the forecast period (2023-2030).

Global demand for tow tractors is increasing due to their versatility and wide range of applications across various industries such as aviation, and manufacturing. The global tow tractor market is witnessing a surge in demand from the Asia Pacific due to the growing adoption of automated material handling solutions.

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Tow Tractor Market Trends
Technological advancement of the tow tractor drives the market growth
On January 16th, 2020 German material handling giant Jungheinrich launched the EZS 130, which has been designed for the maneuverable transport of small parts, perfectly suited for the transport of luggage trolleys at airports. Thus, the tow tractor is perfect for moving luggage trolleys through airports. The EZS 130 is able to tow a variety of trailers with a combined weight of up to 3,000 kg because of its 24-V engine's new, more powerful three-phase AC technology.

Tow Tractor Market Segment Analysis
The global tow tractors market is segmented based on product type, load capacity, power source, application and region.

An increase in the product launches of pedestrian towing tractors is expected to drive the segment growth
Tow tractors have been segmented by product type as pedestrian towing tractors, stand-in towing tractors, and rider-seated towing tractors.

The tow tractor market value for the pedestrian towing tractors segment is likely to reach approximately USD 1,173.3 million in 2030, from its recorded value of approximately USD 807.4 million in 2022, exhibiting a CAGR of 4.8% during the forecast period.

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Key Players:-
The major global players include Jungheinrich AG, Toyota Material Handling, Bradshaw Electric Vehicles Polaris Industries, Inc., Hyster-Yale Group, Inc., Linde Material Handling, Motrec International Inc., The Raymond Corporation, JBT, and Godrej Material Handling.

Key Developments
• On October 16, 2020, EasyMile, a company that provides complete solutions and software for driverless mobility and goods transportation in France, launched the first autonomous tow tractor TractEasy dedicated to material handling within a private site. It is specially designed for the factory or a logistics center.
• On April 14, 2021, the Motrec International Inc, a Canada-based electric industrial vehicles manufacturer, launched Motrec MT-160 Stand-Up Tow Tractor, which can do with 50% longer run time and has highly efficient maintenance-free 36V and 48V AC motors.

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