Press release
Car Towing Service Market by Tow Vehicle Type (Integrated Tow Truck, Wheel Lift Tow Truck, Flat Bed Tow Truck and Hook and Chain Tow Truck), by Service Provider (Motor Insurer, Automotive Club, Auto Manufacturer and Independent Warranty Provider) - Global
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Increasing digitalization process in the automobile domain along with technological upgradation are the key trends observed in the global car towing service market. Extensive development in the shared mobility market is enabling new entrants to provide customers with one stop solution and book and pay for services for all modes of transport globally. This disruption of technology along with rapid evolution of mobility ecosystem is bolstering the growth of global car towing service market.
Based upon tow vehicle type, the car towing service market is subdivided into integrated tow truck, wheel lift tow truck, flat bed tow truck and hook and chain tow truck. The flat bed tow truck segment is projected to witness highest CAGR during the forecast period as among the service providers these are most popular. These tow trucks provide lowest risk of towing a vehicle as once the vehicle is secured on the flat bed the vehicle can be transported without any further damage.
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Europe had a large market share in terms of sales in 2019. This share is attributed towards presence of key automobile manufacturers in the region that are rampantly emphasizing their efforts towards product development.
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Some of the major players in the global car towing service market include AA PLC, RAC Motoring Services, Falck Danmark A/S, Allianz Partners SAS, Access Roadside Assistance, Agero Inc, National General Insurance, SOS International, ARC EUROPE SA, Viking Assistance Group, and THE ALLSTATE CORPORATION.
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