Scope of Automotive Tow Bars Market Report: Size, Trends, Share, Demand and Growth Forecast till 2022
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Rapid advancements in both the manufacturing techniques coupled with towbar materials have led to a boom in the automotive towbar market. Newer technologies and material science have allowed key stakeholders to use either polymers or metals with a high tensile strength that has considerably improved the operational life of automotive towbars. In addition to this, manufacturing processes such as 3D printing have allowed companies to produce extremely complex towbar components in the shortest possible timeframe. The automotive towbar market is directly linked to the growth of the automotive sector that has a bright future, particularly in under-penetrated, rapidly growing emerging economies.
Another name for an automotive towbar is a tow hitch. As the name suggests, an automotive towbar is meant to tow a vehicle that is not in a working condition or has broken down for some reason. Towbars effectively transport the broken down vehicle to the nearest service center as they attach it to another vehicle that tugs the former along.
Retractable Towbars Largest Segment in Automotive Towbars Market
The retractable towbar segment comprises more than a quarter revenue share in the automotive towbar market by product type and is poised to be worth almost US$ 1.9 billion by end 2022. Even though Europe represents the largest region in this segment, companies are advised to target Latin America also as this dynamic, fast-growing region is estimated to record the highest CAGR.
Detachable Towbars to Gain Popularity in Automotive Towbars Market
Detachable towbars account for a slightly lesser contribution in terms of product type in the automotive towbars Market. APEJ is anticipated to push past Europe by the end of the forecast period and be worth just over US$ 442 million. However, Europe cannot be ignored at the cost of APEJ and key stakeholders in the automotive towbars Market are advised to devise their long-term strategies accordingly.
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IAM and OEM Segment Have Similar Market Opportunity
The IAM and OEM segment have a similar market as both have a revenue share of approx. 1/3rd in the automotive towbar market. This equates to a market value of nearly US$ 2.4 billion by the end of the study period, making them extremely lucrative opportunities in the automotive towbar market. Along with Europe, companies could look at targeting either North America or APEJ as these regions have the greatest potential in the automotive towbar market.
Close Call Between Compact and Mid-sized Passenger Cars
It is a closely fought battle between compact cars and mid-sized passenger cars in the automotive towbar market with the former currently leading. Companies that wish to focus on the compact segment in the automotive towbar market are recommended to focus on either Europe or APEJ as these two regions are on track to exceed half a billion dollars by end 2022.
The Fact.MR report on the automotive towbar market has profiled active companies’ in the automotive towbar market which include Bosal International N.V., Westfalia Automotive GMBH, Thule Group, Dixon Bate Limited, David Murphy Towing Brackets Limited, and Brink Group B.V.
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Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized Automotive Market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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