Press release
Towbars Market Expected to Witness a Sustainable Growth over 2025
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.
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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: 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.
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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.
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