Vehicle towing services are seeing a boom in demand due to the rising number of aging vehicles on the roads. As a result, the global vehicle towing market is seeing a boom in demand over time.
According to the Research and Markets report, the global vehicle towing market stood at US$6.935 billion in 2018. And it is expected to witness a growth at a CAGR of 4.34% during 2019-24 to reach the size of US$8.950 billion by 2024.
Owing to the growth of the automotive industry, companies offering vehicle towing services are seeing a boom in their demand. People are now looking for trustworthy and reliable services to keep their vehicles safe during the towing process.
Not just for towing, people are hiring shipping services for transporting their cars. In the US, car shipping and towing services are enjoying a good demand. As a result, Alaska car shipping services are being consulted by people to transport their cars to a new location.
Rising vehicles, increasing urbanization, and increasing disposable income are responsible for a surge in demand for car shipping and towing services. In addition, an increase in road traffic is also a contributing factor to the growth of the car towing market.
The growth of the logistics and e-commerce sectors is also responsible for the global vehicle towing and shipping market. Besides, people are shifting to new locations to hire car shipping services to relocate their cars safely and easily. Due to the rising disposable income of people, they are going for car shipping services on a large scale.