Press release
Automotive Towbar Market to Expand at a Healthy CAGR of 3% through 2030
Automotive Towbar Market
"Innovations in the field of material sciences has pushed automotive towbar manufacturers to experiment with varied metals and polymers, with the aim of boosting tensile strength, and increasing the durability of product offerings. In addition, developments in production processes, have improved performance with the development of complex components, supporting market growth in the near future," says the FACT.MR study.
Automotive Towbar Market- Key Takeaways
Retractable automotive towbars are popular among vehicle owners owing to higher ease of application.
Passenger car applications account for major market share, aided by large scale sales of personal vehicles.
Europe is a major automotive towbars market bolstered by the presence of major automotive industry players.
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Automotive Towbar Market- Driving Factors
Investments into research for material and design improvements for automotive towbars is a key market driver.
Tech innovations in towbar production processes such as 3D printing tools are creating lucrative growth opportunities.
Higher parc of vehicles operating on roads, and positive prospects of new vehicle sales in the near future are likely to aid market growth.
Automotive Towbar Market- Major Restraints
Strict regulations associated with the production of automotive components is a restraint to market growth.
Regular maintenance requirements for automotive towbars hinders adoption rates.
COVID-19 Impact on Automotive Towbar Market
The automotive components industry was largely caught by surprise with the coronavirus outbreak. Supply chain and production teams have been put under substantial pressure to keep up with market demand. Disruption of supplies, and the declining sales of automobiles are negatively affecting the automotive towbar market during this crisis period. In addition, health concerns for workers in towbar production plants will hinder market developments in the near term. On the other hand, strong demand for personal vehicles post pandemic, will aid a steady recovery by 2021.
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Competitive Landscape
Automotive towbars market players are seeking to consolidate their presence through mergers, acquisitions, and product launches. In addition, research into material and design have also gained traction. For instance, Semcon has developed a new automotive towbar system which uses a cloud-based app to enable an automated towing process, with minimal human intervention. Curt Manufacturing LLC, Brink Group B.V., Tow-Trust Towbar, TriMas Corporation, PCT Automotive Ltd., Westfalia-Automotive GmbH, and Weigh Safe are some of the top automotive towbar manufacturers in the global market.
About the Report
This study offers readers a comprehensive market forecast of the automotive towbars market. Global, regional and country-level analysis of the top industry trends impacting the automotive towbars market is covered in this FACT.MR study. The report offers insights on the automotive towbars market on the basis of product (retractable towbar, detachable towbar, fixed towbar, and towing brackets), sales channel (OEM, OES, and IAM) and vehicle (compact passenger cars, mid-sized passenger cars, premium passenger cars, luxury passenger cars, sports utility vehicle, light commercial vehicle, and heavy commercial vehicles), across six regions (North America, Latin America, Europe, Japan Asia Pacific excluding Japan, and MEA).
Press Release: https://www.factmr.com/media-release/1525/automotive-tow-bars-market-trends
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