Automotive Tow Bar Market 2021 Industry Size, Trends, Business Growth, Top Companies, Regions and Forecast by 2027
Posted June 6,2021 in Science and Technology.
Global Automotive Tow Bar Market is expected to gain a value of USD 1.9 Billion by 2026, at a CAGR of 4.39% during the forecast period (2020–2026).
The report covers segmentation and market dynamics for a better glimpse of the market in the coming years. A tow bar is a device attached to the chassis of a vehicle for towing. It may be in the form of a tow ball to allow swiveling and articulation of a trailer, or a tow pin, or a tow hook with a trailer loop.
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By Region, the market is segmented as North America, Europe, Asia-Pacific, South America, and the Middle East Africa.
Europe is projected to lead the automotive tow bar market during the forecast period, followed by Asia-Pacific. Europe is one of the prominent markets in the global automotive tow bar market. Countries, including Germany and the UK, significantly contribute to industry expansion. Germany is expected to witness a substantial growth rate in terms of value throughout the forecast period owing to an increase in the number of diesel and gasoline vehicles. It is one of the leading countries in Europe that is significantly using tow bars owing to the rising demand for passenger cars and commercial vehicles in the country. The people in Germany are also engaged in road-side activities during trips and vacations, which also propels the need for tow bars for carrying boats, generators, and vans.
Global Market for Automotive Tow Bars is segmented based on Product Type, Sales Channel, Vehicle Type, and Region.
By Product Type, the global automotive tow bars market is divided into fixed, detachable, swiveling, and others. The detachable segment will account for a considerable share over the projected timeframe. The fixed tow bar segment holds the second-largest share of the global Automotive Tow Bar Market Size. Fixed tow bars are the most commonly used tow bars in automobiles. They are permanently attached to the vehicles and suitable for frequent applications. Such type of tow bar is ideal for towing trailers, caravan, boat trailers, and generators.
Based on Vehicle Type, the automotive tow bar market is segmented into passenger cars, LCV, and HCV. The passenger cars segment holds the dominant share in the global market. The segment primarily includes automobiles with four wheels or more used for the transportation of passengers with a capacity of up to nine people. As disposable income among individuals grows in the global market, automotive OEMs are increasingly focusing on introducing passenger cars with advanced automated systems to gain a significant share in the highly competitive market.
By Sales Channel, the global automotive tow bar market is segmented as OEM and aftermarket. The OEM segment will witness substantial share over the study period. The OEM segment includes the original equipment manufacturers who procure raw materials for manufacturing tow bars for their application in automobiles according to the end-use requirement. Many OEMs install tow bars at the automotive production site to offer inbuilt tow bar facilities for the automobiles being manufactured. As the demand for towing of trailers, boats, generators, and other applications increases in the global market, the OEM segment is expected to witness substantial growth during the forecast period.
Some of the key industry participants of the global automotive tow bar market are Curt manufacturing LLC (US), David Murphy Towing (Ireland), Trimas corporation (US), Acps automotive GmbH (Germany), Horizon global corporation(US), Brink group B.V. (Netherlands), Hayman Reese (Australia), Mccabe Towbars (Ireland), North Shore Towbars (New Zealand), and PCT Automotive Limited (UK). The key players are taking measures for business expansions and market development. The international players may strengthen their presence through acquisitions during the forecast period. It has also been forecasted that improvements in the global economic scenario and the growing automotive tow bar industry in emerging economies would drive market growth, which encourages the players to launch new products and increases their market shares.
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Hayman Reese is focused on investing in RD capabilities to offer advanced products in the global market. For instance, in May 2018, the company introduced a Class 4 tow bar for application in the Skoda Kodiaq NS series vehicles. It has been focusing on expanding its activities to access new markets and strengthen its position in the global market.
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