Press release
Towbars Market to Record CAGR of 5.9% Rise in Growth by 2025
Towbars Market
According to a report by Persistence Market Research, the global towbars market size was valued at USD 2.12 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.9% from 2023 to 2025. The market is driven by the increasing demand for recreational vehicles, the need for commercial transportation, and the rise in e-commerce activities.
Towbars are devices used to connect trailers, caravans, and other vehicles to the towing vehicle. They are essential components of towing vehicles, and their demand has increased over the years due to the rise in outdoor recreational activities and the need for commercial transportation. Towbars can be divided into four categories: fixed, detachable, retractable, and swan neck. This report provides an overview of the towbars market, including market size, growth prospects, key players, and trends.
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The Asia Pacific region is expected to have the highest CAGR during the forecast period due to the rising demand for towbars in countries such as China, India, and Japan. The increasing urbanization, growing middle-class population, and rising disposable income are the primary factors driving the growth of the towbars market in the region.
Towbars Market: Dynamics
Research and development on towbars and the materials used for its manufacturing are progressing, with an aim to develop more sophisticated towbars, which can be mounted with perfection on vehicles. Moreover, the advancement in material science and technology has enabled the manufacturers to use metals and polymers, with high tensile strength, which increases the operational life of the towbars considerably.
Furthermore, novel manufacturing processes, such as additive manufacturing, have enabled manufacturers to produce complex towbars components easily within a shorter time. Also, the market for towbars has witnessed growth as a result of the development and growth in the global automotive sector. The market comprises of rental companies that offer services to the vehicles in case of emergency situations.
Towbars Market: Segmentation
By product type
• Fixed System
• Detachable System
• Electric System
By sales channel
• Original Equipment Manufacturers
• Independent Suppliers
By vehicle type
• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles
• Others
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Towbars Market: Regional Outlook
People in North America and Europe lead a high standard of living along with significant disposable incomes, this has led to a substantial rise in the number of automobiles in these regions, which signifies the demand for towbars. The consumers are readily accepting the services from rental towing companies when struck in emergency situations.
The state traffic and highway agencies in almost all the countries proffer services to the consumers. These factors are expected to act as catalysts for the growth of the global towbars market over the forecast period.
Towbars, which are essential for towing the vehicles to service stations, usually possess a good replacement rate in automobiles, thus the global towbars market is expected to witness rapid growth. Developing nations such as India and China in the APAC region, which are the target markets for a majority of automobile manufacturers will play significant roles in the growth of towbars market over the forecast period.
Towbars Market: Market Participants
Some of the examples of market participants in the global towbars market identified across the value chain include:
• BOSAL
• Westfalia-Automotive
• STEINHOF Sp. z o.o. Sp.K.
• Witter Towbars
• PCT Limited
• Camex Automotive
• David Murphy Towing
• North Shore Towbars
• Cavotec SA
• McCabe Towbars
The report covers exhaust analysis on:
• Market Segments
• Market Dynamics
• Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies involved
• Technology
• Value Chain
Regional analysis includes:
• North America (U.S., Canada)
• Latin America (Mexico. Brazil)
• Western Europe (Germany, Italy, France, U.K, Spain)
• Eastern Europe (Poland, Russia)
• Asia Pacific (China, India, ASEAN, Australia & New Zealand)
• Japan
• Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
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Report Highlights:
• Detailed overview of parent market
• Changing market dynamics in the industry
• In-depth market segmentation
• Historical, current, and projected market size in terms of volume and value
• Recent industry trends and developments
• Competitive landscape
• Strategies of key players and products offered
• Potential and niche segments, geographical regions exhibiting promising growth
• A neutral perspective on market performance
• Must-have information for market players to sustain and enhance their market footprint
Related reports:
Boat Steering System Market: https://www.persistencemarketresearch.com/market-research/boat-steering-system-market.asp
Train Seat Materials Market: https://www.persistencemarketresearch.com/market-research/train-seat-materials-market.asp
Contact us:
Persistence Market Research
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NY 10007 United States
U.S. Ph. - +1-646-568-7751
USA-Canada Toll-free - +1 800-961-0353
Sales - sales@persistencemarketresearch.com
About us:
The Automotive and Transportation division of PMR provides exclusive coverage and actionable insights about the automotive and transportation industry encompassing the automotive, aviation, shipping and marine, and railway sectors. Market findings and competition intelligence of OEM, aftermarket, services, and technology landscape have helped numerous industry stakeholders' right from automakers, component manufacturers, channel partners, and service providers in taking informed decisions and keeping them up-to-date with market behavior.
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