Global Automotive Tow Bar Market in terms of value is estimated to register 4.39% CAGR during the forecast period.
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. The tow bar is often used for large or agricultural vehicles where slack in the pivot pin allows similar movements. There are usually four types of tow bars, such as detachable, fixed, swiveling, and others used in automotive.
Industry players either manufacture or assemble to transform the raw materials and components into automotive tow bars, which get delivered to the end-users. Manufacturers initiate the process by designing the solutions, based on the requirements of the process. At this stage, manufacturers often work in close coordination with the clients to ensure their requirements and working conditions are met. This stage is crucial, where most of the time, the product is custom made and is impacted by the specific need of the client in terms of size, specifications, and the materials being used. The specifications are communicated to the raw material and component suppliers, who, in turn, make the required materials and components available to automotive tow bar manufacturers.
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 is expected to account for a considerable market share during the projected timeframe. Fixed tow bars are the most commonly used tow bars in automobiles. They are permanently attached to the vehicles and ideally suitable for frequent use 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 a 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 larger market 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 account for a significant market share during the study period. The segment includes the original equipment manufacturers who procure raw materials for manufacturing tow bars for their applications 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.
Geographic analysis of the Global Automotive Tow Bar Market spans across North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Europe accounts for a significant share of the global automotive tow bars market in 2019. It is one of the prominent regions for the application of tow bars across the world. The rising demand for off-road activities and the use of tow bars in passenger cars and commercial vehicles in Europe primarily influences the demand for tow bars from OEMs and aftermarket players in the region. Additionally, the need for towing unpowered vehicles during emergencies such as accidents and breakdown fuels the demand for tow bars in the region.
In 2019, the Asia-Pacific held the second-largest market share. Countries, including China, India, and Japan, primarily contribute to the growing demand for automotive tow bars. The demand for tow bars in Asia-Pacific is expected to grow significantly owing to the rising demand for vehicles and the growing off-road activities and touring in the region. The rising demand for SUVs and commercial vehicles for towing unpowered caravans and trailers also results in the growth of the automotive tow bar market in this region.
Global Market for Automotive Tow Bars has been segmented on the basis of Product Type, By Vehicle Type, By Sales Channel, and Region. The global automotive tow bar market is highly competitive, with key industry players adopting various strategies, such as product developments, partnerships, and acquisitions. Most companies in the market are focused on expanding operations across regions, enhancing their production capabilities, and building and maintaining strong partner relations.
The key players of the global automotive tow bars 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).
Key Questions Addressed by the Report
|Market Size||2027: Significant Value|
|CAGR||4.39% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, Vehicle Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||Growing demand for automotive tow bars|
|Key Market Drivers||Growing demand for commercial and passenger vehicles|
Frequently Asked Questions (FAQ) :
The global automotive tow bar market is predicted to grow at a 4.39% CAGR between 2020- 2026.
The global automotive tow bar market is predicted to reach USD 1.9 billion by 2026.
Europe will lead the automotive tow bar market.
Growing demand for commercial and passenger vehicles is driving the global automotive tow bar market growth.
Key contenders profiled in the global automotive tow bar market include 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).