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Automotive Tow Bars Market : Future Forecast Indicates Impressive Growth Rate | Major Players - Westfalia Automotive GMBH, Dixon Bate Limited, David Murphy Towing Brackets Limited, Brink Group B.V.Siemens
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Manufacturers Converging On Product Innovations to Develop Efficient Tow Bars
In line with the ever evolving automotive landscape coupled with new standards and requirements by all kinds of vehicles including passenger and utility vehicles, manufacturers have sped up their innovation process to produce high-quality automotive tow bars that are reliable, efficient, and easily retrofitted. Moreover, increasing demand for discreet designing without interfering with the visual appearance of the vehicles, advanced functionality, accurate fit, and simplified installation is pushing manufacturers to develop original-equipment quality tow bars with vehicle-specific solutions.
Automotive Tow Bars Market to Witness Modest Growth in APEJ through 2022
After initial sluggishness in 2015, the automotive tow bars market is expected to grow at a moderate pace through 2022, specifically in APEJ region. Increasing demand for cars in developing nations of APEJ is likely to drive the automotive tow bars market in the region. The growth is expected to speed up to 3.7 percent in 2022, from a mere 2.8 percent in 2015. Additionally, rising sale of automotive components has translated into product portfolio diversification and competitive with high demand for safety and reliability.
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Competitive Insights: Global Automotive Tow Bars Market
Manufacturers of automotive tow bars are focusing on developing an innovative range of tow bars—also accelerated by the growing demand for electric and hybrid vehicles. For instance, BOSAL, a leading manufacturer of towbars, holds more than 200 patents and is developing high-quality towbars, with a major focus on safety and fitability with reduced installation time. As a part of its strategic measures ‘Grow-Fix-Divest’, earlier this year, BOSAL Group announced the divestment of its Automotive Carrier and Protection Systems (ACPS)-division and its Aftermarket towbars- division—with an aim to drive organizational growth through innovations and strategic partnerships and acquisitions. Thule Group, in its end of 2016 report, highlighted its success in the sports and cargo carriers category, specifically in Europe with the launch of two very high volume-driving bike carriers. The company hopes to achieve its sustainability goals by 2020 with 100 percent electricity from renewable sources. The report on aircraft tow tractors market includes analysis of the super players, business overview, product offerings, and critical future market strategies. Westfalia Automotive GMBH, Dixon Bate Limited, David Murphy Towing Brackets Limited, and Brink Group B.V.Siemens are amongst the key players.
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