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Global Automotive Tow Bars Market : Size, Trends, and Forecast (2023-2032)
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COVID-19 Impact analysis
The COVID-19 outbreak has hit manufacturing and sales of automotive tow bar badly. Manufacturers are investing in new product developments and diversification of facilities to sustain operations.
The automotive components industry was hugely impacted by sudden coronavirus outbreak. Supply chain and manufacturing teams have been put under substantial pressure to keep up with the demand. Disruption of supplies and falling sales of automobiles are negatively impacting the automotive tow bar market during the pandemic. However, significant recovery is expected in upcoming years, owing to increase in disposable income and demand for vehicles.
Top Impacting Factors
Government rules, such as regulation (EU) No 1005/2010 in Europe, require all motor vehicles to have towing devices such as tow bars Adoption of such regulations in developing and developed countries is expected to drive the global automotive tow bar market.
Rise in roadside assistance services across the globe act as a lucrative opportunity for the global automotive tow bar market.
However, the coronavirus pandemic has led to a deadly blow to industries globally. Original equipment manufacturers (OEMs) have also halted their production, which has further decreased demand for automotive tow bars market.
Rise in disposable income and user demand for off-road and touring activities is prospected to boost demand for tow bars globally.
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Market Trends
Cost friendly aftermarket tow bars to boost the demand
The global automotive industry is in good shape than it was from last five years, especially in the US, where profits and sales have regaining following the recent economic crisis, and in China, where growth remains strong. This progress is expected to continue. It was prospected that the global profits for automotive OEMs will rise by almost 50 %with increase in Chinese landscape. Global automotive tow bar market in the same aspect is growing steadily. But some restraints like diverging market and complexity and cost-efficient nature of automotive tow bar market are hampering growth areas. Diverging market is forcing OEMs to adapt changing regional and segment patterns of supply and demand with respect to their production and supply base footprints, supply chains, and product portfolios. Shifting industry landscape from European OEMs to China's cost friendly aftermarket is also acting as an obstacle for sales of high-quality tow bars.
Fierce competition among players
Global automotive tow bars market is experiencing high competition in the presence of several local and international players. Bosal International N.V.,Weigh Safe, Brink Group B.V, Westfalia-Automotive GmbH, PCT Automotive Ltd, and Tow-Trust Towbar are leading market holders with good market size. Manufacturers are creating different strategies such as portfolio expansion, product diversification, new product development, and launch to increase their market penetration and presence. Companies are entering into strategic partnerships, collaborations, mergers, and acquisitions to boost demand for the global automotive tow bars market.
Key benefits of the report:
This study presents the analytical depiction of the automotive tow bar industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with challenges of the automotive tow bar market.
The current market is quantitatively analyzed to highlight the automotive tow bar market growth scenario.
The report provides a detailed clutch disk market analysis based on competitive intensity and how the competition will take shape in coming years.
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Questions answered in the automotive tow bar market research report:
Which are the leading market players active in the automotive tow bar market?
What would be the detailed impact of COVID-19 on the market?
What current trends would influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the automotive tow bar market?
What are the projections for the future that would help in taking further strategic steps?
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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