The towing industry is a vital part of the transportation industry, providing essential services to drivers in need of assistance. But what do we really know about the towing industry? How many tow trucks are there in the United States? How much money do tow truck drivers make?
What are the most common services provided by tow truck companies? In this blog post, we’ll take a look at some of the latest towing industry statistics and explore the answers to these questions and more.
Towing Industry: The Most Important Statistics
The global towing vehicle market is projected to grow at a CAGR of 5.41% from 2020 to 2027, reaching a total market size of US$9,207.664 million.
The global towing software market is expected to reach US$ 766.8 million by 2032, exhibiting a CAGR of 5% from 2022-2032.
Towing Industry Statistics Overview
The motor vehicle towing industry has a higher rate of work-related injury and death compared to other industries, with 191 reported deaths from 2011 to 2016.
Thus, we can see a need for increased safety measures in the motor vehicle towing industry. The high rate of injury and death suggests that the industry needs to take steps to reduce the risk of injury and death for employees. This could include implementing better safety protocols and training, as well as providing better safety equipment and resources.
The towing industry has a double the nonfatal injury rate and 15 times the fatality rate of all other industries, with the majority of fatalities caused by motor vehicle accidents, contact with equipment and objects, and overexertion or bodily reaction.
The average Tow Truck Driver salary in the US is $57,620 as of February 27, 2023, with a range of $50,882 to $66,076.
This provides a range of salaries to help employers determine a fair and competitive wage for their employees. Additionally, it gives job seekers an idea of what to expect when looking for a job in the towing industry.
Tow Truck Drivers earn an average total compensation ranging from $14.67 to $17.44 depending on their experience level.
The global towing vehicle market is expected to grow at a CAGR of 4.34% over the forecast period to reach US$8.950 billion by 2024. This growth is being driven by the rapid growth of e-commerce and logistics sectors, which are investing in expansion of their fleets to gain competitive edge.
The global towing vehicle market is projected to grow at a CAGR of 5.41% from 2020 to 2027, reaching a total market size of US$9,207.664 million.
This is largely driven by the increasing number of road crashes worldwide, which highlights the need for towing services. This growth in the market can be beneficial for towing companies as it could lead to increased demand for their services.
The global towing software market is expected to grow from USD 6.27 Billion in 2018 to USD XX Billion by 2030, due to the increasing demand for cloud-based tow truck software and the growing trend of vehicle automation.
On this, we can see that the demand for towing software is increasing, which means that businesses in the towing industry need to invest in cloud-based tow truck software and vehicle automation in order to stay competitive.
The global towing software market is expected to reach US$ 766.8 million by 2032, exhibiting a CAGR of 5% from 2022-2032.
The average towing cost in the US increased by 3.7% to $109, with a range between $50 and $150 and an average towing distance of 7.5 miles.
The maximum base charge for towing services increased by $17 in 2018, from $88 to $105.
The cost of towing services has increased, which can affect the profitability of towing companies and the prices that customers are willing to pay for towing services.
Conclusion
The towing industry is an important part of the transportation industry and is a major contributor to the economy. Towing industry statistics show that the industry is growing and is expected to continue to do so in the future.
The industry is also becoming more competitive and is expected to become even more so in the coming years. With the right strategies and investments, the towing industry can continue to be a major player in the transportation industry.
References
1 - https://www.cdc.gov/niosh/research-rounds/resroundsv4n8.html
2 - https://www.pgjlaw.com/study-injury-and-death-risks-high-in-the-towing-industry/
3 - https://www.salary.com/research/salary/posting/tow-truck-driver-salary
4 - https://www.payscale.com/research/US/Job=Tow_Truck_Driver/Hourly_Rate
5 - https://www.researchandmarkets.com/reports/4835374/global-towing-vehicle-market-forecasts-from
6 - https://www.knowledge-sourcing.com/report/global-towing-vehicle-market
7 - https://dataintelo.com/report/towing-software-market/
8 - https://www.futuremarketinsights.com/reports/towing-software-market
9 - https://abdalslam.com/towing-statistics
10 - https://www.cga.ct.gov/2018/rpt/pdf/2018-R-0310.pdf
