Introduction of smart trailers with integration of IoT and telematics, and growth in sales of electric and hybrid vehicles provide lucrative market growth opportunities during the forecast period.
WILMINGTON, Del., April 21, 2025 /PRNewswire/ -- Allied Market Research published a report, titled, "Tow Truck Market by Type (Flatbed, Integrated, and Hook and Chain), Vehicle Type (Light-Duty Tow Truck, Medium-Duty Tow Trucks, and Heavy-Duty Tow Trucks), and Application (Roadside Assistance, Breakdown and Accident Towing, Vehicle Impoundment, Illegal Parking Towing, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the tow truck market was valued at $2.3 billion in 2023, and is estimated to reach $3.9 billion by 2033, growing at a CAGR of 5.4% from 2024 to 2033.
Prime determinants of growth
The global tow truck market has experienced significant growth and transformation, driven by increase in vehicle traffic and congestion on the road, rise in roadside assistance services, and growth in car sales.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2024-2033 |
Base Year | 2023 |
Market Size in 2023 | $2.3 Billion |
Market Size in 2033 | $3.9 Billion |
CAGR | 5.40 % |
No. of Pages in Report | 280 |
Segments Covered | Type, Vehicle Type, Application, and Region. |
Drivers | Increase in vehicle traffic and congestion on the road |
Rise in roadside assistance services | |
Growth in car sales | |
Opportunities | Introduction of smart trailers with integration of IoT and telematics |
Growth in sales of electric and hybrid vehicles | |
Restraints | Strict regulation and safety standards |
High initial cost |
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The hook and chain segment to dominate the market by 2023.
By type, the tow truck market is categorized into flatbed, integrated, and hook and chain. The hook and chain segment dominated the market share in 2023, owing to increase in demand for flatbed tow trucks as more car owners prefer flatbeds to avoid any risk to their cars. Moreover, many insurance companies and roadside assistance services recommend flatbed towing as it is the safest method, further driving the market demand.
The light-duty tow truck segment to maintain its leadership throughout the forecast period.
By vehicle type, the tow truck market is categorized into light-duty tow truck, medium-duty tow truck, and heavy-duty tow truck. The light-duty tow truck segment dominated the global market in 2023, owing to increase in vehicle ownership, rise in traffic congestion, and stricter parking regulations across the world. In addition, light-duty tow trucks are extensively used for towing small vehicles and growth in instances of vehicle breakdown and minor accidents is creating high demand for quick towing services.
The roadside assistance segment to maintain its leadership throughout the forecast period
By application, the global tow truck industry is segmented into roadside assistance, breakdown and accident towing, vehicle impoundment, illegal parking towing, and others. The roadside assistance segment dominated the global market in 2023, owing to car manufacturers around the world having mandated roadside assistance as part of their package or as a standard or optional feature. Moreover, growth in mobile-based roadside assistance features has made it easier for drivers to access help instantly through mobile applications, thus reducing wait times and improving the efficiency of service providers.
Asia-Pacific is expected to dominate the market in 2033.
By region, Asia-Pacific held the highest market share in terms of revenue in 2023, owing to rapid expansion in car sales, especially in countries such as China, India, and Japan. According to the International Organization of Motor Vehicle Manufacturers (OICA), China alone registered over 26 million new vehicles in 2024, making it the world's largest automobile market. Moreover, with rising urban populations and increasing traffic congestion, breakdowns and accidents have surged in Asia-Pacific, thus driving the demand for tow trucks and roadside assistance services. Furthermore, major cities such as Shanghai, Mumbai, and Tokyo are facing severe traffic congestion, making quick vehicle clearance a necessity. In addition, governments in the region are increasingly investing in the development of road infrastructure and expanding its highway networks, which requires extensive use of tow trucks for accident management and emergency roadside assistance.
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Leading Market Players: -
- Miller Industries, Inc.
- JERRDAN, LLC
- Dynamic Towing Equipment & Manufacturing.
- Stellar Industries
- B&B Industries Inc.
- A & A Truck and Auto Center Inc.
- NRC Industries
- Metro Tow Trucks
- Chevron Inc
- Boniface Engineering
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The report provides a detailed analysis of these key players in the global tow truck market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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