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2024 U.S. Industry Statistics & Market Forecast - Auto Towing & Road Service
Market Size & Industry Statistics
The total U.S. industry market size for Auto Towing & Road Service:
Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.
In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.
Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.
| Statistics | 2019 2020 2021 2022 2023 | |
|---|---|---|
| Market Size (Total Sales/Revenue) |
Order at top of page | |
| Total Firms | ||
| Total Employees | ||
| Average Revenue Per Firm | ||
| Average Employees Per Firm | ||
| Average Revenue Per Employee | ||
Market Forecast
Market forecasts show the long term industry outlook and future growth trends. The following extended five-year forecast projects both short-term and long-term trends.
| Forecast / Industry Outlook | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|
| Market Forecast ($ millions) | ||||||
| Projected Industry Growth Rate (%) | ||||||
Industry Insights
The automobile towing and road service industry is facing a number of key trends that are shaping its current and future operations. One of the main trends is the growing demand for on-demand roadside assistance services, fueled by the rise of the gig economy and the growing popularity of ride-hailing services. This trend is driving companies to develop more flexible and agile roadside assistance services, such as mobile apps and digital platforms that allow customers to request and schedule services on-the-go.Another important trend is the increasing adoption of advanced technologies, such as telematics, IoT sensors, and artificial intelligence, to improve operational efficiency, safety, and customer satisfaction. For example, telematics systems can provide real-time data on vehicle location, speed, and diagnostic information, enabling service providers to dispatch the nearest truck and prioritize urgent requests. Artificial intelligence and machine learning algorithms can help improve service quality and reduce downtime, by predicting maintenance needs and identifying potential problems before they occur.
Additionally, the rise of electric and autonomous vehicles is poised to transform the industry by changing the nature of breakdowns and repairs. Electric cars require specialized towing equipment and charging services, while autonomous vehicles may require remote troubleshooting and software updates. As a result, service providers are investing in new training, equipment, and services to adapt to these emerging technologies and provide the highest level of support to all types of vehicles.
Product & Services Breakdown
Research products and services in the Auto Towing & Road Service industry generating sales. Note that products are broken into categories with different levels of classification.| Product Description | Number of Companies | Sales ($ millions) | Percent of Total Sales |
|---|---|---|---|
Industry Total |
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Maintenance And Repair And Related Services For Transportation Equipment |
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Towing Services |
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Other Products |
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U.S. Geographic Distribution: Revenue Statistics by State
Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.
Income Statement (Average Financial Metrics)
Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.| Industry Average | Percent of Sales (Industry Benchmark) | |
|---|---|---|
| Total Revenue | Order at top of page |
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| Operating Revenue | ||
| Cost of Goods Sold | ||
| Gross Profit | ||
Operating Expenses | ||
| Pension, profit sharing plans, stock, annuity | ||
| Repairs | ||
| Rent paid on business property | ||
| Charitable Contributions | ||
| Depletion | ||
| Domestic production activities deduction | ||
| Advertising | ||
| Compensation of officers | ||
| Salaries and wages | ||
| Employee benefit programs | ||
| Taxes and Licenses | ||
| Bad Debts | ||
| Depreciation | ||
| Amortization | ||
| Other Operating Expenses | ||
| Total Operating Expenses | ||
| Operating Income | ||
| Non-Operating Income | ||
| EBIT (Earnings Before Interest and Taxes) | ||
| Interest Expense | ||
| Earnings Before Taxes | ||
| Income Tax | ||
| Net Profit Net Income | ||
Financial Ratio Analysis
Financial ratio information can be used to benchmark how a Auto Towing & Road Service company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.| Profitability & Valuation Ratios | Industry Average |
|---|---|
| Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Auto Towing & Road Service industry is performing. | |
| Profit Margin Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues. |
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| Return on Equity (ROE) Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings). |
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| Return on Assets (ROA) Return on Assets (ROA) is net income relative to total assets. The market research on Auto Towing & Road Service measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets. |
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| Liquidity Ratios | Industry Average |
|---|---|
| Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability. | |
| Current Ratio Measures a firm's ability to pay its debts over the next 12 months. |
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| Quick Ratio (Acid Test) Calculates liquid assets relative to liabilities, excluding inventories. |
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| Efficiency Ratios - Key Performance Indicators | Industry Average |
|---|---|
| Measure how quickly products and services sell, and effectively collections policies are implemented. | |
| Receivables Turnover Ratio If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections. |
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| Average Collection Period Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover |
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| Inventory Turnover A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. |
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| Fixed-Asset Turnover Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue. |
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Compensation & Salary Surveys for Employees
Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.| Title | Percent of Workforce | Bottom Quartile | Average (Median) Salary | Upper Quartile |
|---|---|---|---|---|
| Management Occupations | 5% | Order at top of page |
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| Chief Executives | 0% | |||
| General and Operations Managers | 4% | |||
| Office and Administrative Support Occupations | 21% | |||
| Material Recording, Scheduling, Dispatching, and Distributing Workers | 9% | |||
| Dispatchers | 9% | |||
| Dispatchers, Except Police, Fire, and Ambulance | 9% | |||
| Installation, Maintenance, and Repair Occupations | 7% | |||
| Vehicle and Mobile Equipment Mechanics, Installers, and Repairers | 6% | |||
| Transportation and Material Moving Occupations | 62% | |||
| Motor Vehicle Operators | 51% | |||
| Driver/Sales Workers and Truck Drivers | 50% | |||
| Heavy and Tractor-Trailer Truck Drivers | 46% | |||
| Material Moving Workers | 7% | |||
Auto Towing & Road Service Competitor Landscape & Key Companies [PREMIUM]
The most influential companies in the Auto Towing & Road Service industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Auto Towing & Road Service industry and adjacent sectors:| Market Leaders: Direct Competitors Companies with the largest market share, focused in this industry |
Market leaders: Diversified Competitors Largest companies that have diversified operations in this and other industries |
| Innovators: Direct Competitors Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry. |
Innovators: Diversified Competitors Innovators and Disruptors in adjacent industries that may also affect the Auto Towing & Road Service industry. |
Source:
Innovation News
- Dec 12, 2023: Menzel Enterprises Inc. D/B/A Prairie Land Towing trademarks "PRAIRIE LAND TOWING" - Vehicle towing
- Nov 28, 2023: Norwalk Raceway Park trademarks "NITRO AMERICA" - Hats; Hoodies; Overalls; Scarves; Shirts; Sweaters; Tank tops; Tank-tops; Collared shirts; Outer jackets; Skull caps; Sweat shirts; Tee-shirts
- Oct 13, 2023: Alpine Towing trademarks "POWERED BY FAMILY!" - Towing, lockout, parking enforcement, vehicle transport, freight transport, and vehicle storage services
- Sep 16, 2021: Autosled raises $5 million in funding.
- Feb 16, 2021: Autosled raises $1 million in funding.
- Jul 10, 2020: Autosled raises $2 million in funding.
Recent Federal Contracts for Auto Towing & Road Service- Mar 20, 2024: CITY TERRACE SERVICE INC. (Los Angeles, CA) awarded $4,500
- Mar 19, 2024: SIMPSON CAR CARE L.L.C (Bossier City, LA) awarded $21,865
- Mar 12, 2024: GATCH TOWING & RECOVERY (Brunswick, GA) awarded $3,750
- Mar 12, 2024: ONE COMMUNITY AUTO, LLC (Albuquerque, NM) awarded $7,416
- Mar 12, 2024: KELLEY'S TOWING & RECOVERY (Woodbine, GA) awarded $2,500
- Mar 06, 2024: BEACH & SON TOWING (El Centro, CA) awarded $6,720
- Mar 20, 2024: CITY TERRACE SERVICE INC. (Los Angeles, CA) awarded $4,500
- Mar 19, 2024: SIMPSON CAR CARE L.L.C (Bossier City, LA) awarded $21,865
- Mar 12, 2024: GATCH TOWING & RECOVERY (Brunswick, GA) awarded $3,750
- Mar 12, 2024: ONE COMMUNITY AUTO, LLC (Albuquerque, NM) awarded $7,416
- Mar 12, 2024: KELLEY'S TOWING & RECOVERY (Woodbine, GA) awarded $2,500
- Mar 06, 2024: BEACH & SON TOWING (El Centro, CA) awarded $6,720
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