Automotive Tow Bars Market Prospects And Estimations Forecasted During 2017-2022

The study begins with a detailed overview of the market for Global automotive towbars, including the definition, classification, and industry chain structure of Automotive Tow Bars Market, and move forward to cover every aspect of this market, counting several criteria based on which the market is classified. Focusing specifically on the key trends, it further evaluates the overall performance of this market during the assessment period. With Automotive industry undergoing a phase of technological disruption, innovations in products are likely to shape the future of the Global Automotive TowBars Market.

Rapid advancements in both the manufacturing techniques coupled with towbar materials have led to a boom in the automotive towbar market. Newer technologies and material science have allowed key stakeholders to use either polymers or metals with a high tensile strength that has considerably improved the operational life of automotive towbars. In addition to this, manufacturing processes such as 3D printing have allowed companies to produce extremely complex towbar components in the shortest possible timeframe. The automotive towbar market is directly linked to the growth of the automotive sector that has a bright future, particularly in under-penetrated, rapidly growing emerging economies.

Another name for an automotive towbar is a tow hitch. As the name suggests, an automotive towbar is meant to tow a vehicle that is not in a working condition or has broken down for some reason. Towbars effectively transport the broken down vehicle to the nearest service center as they attach it to another vehicle that tugs the former along.

Fact.MR has studied the automotive towbar market for a five-year period and it is anticipated to record a modest CAGR of 2.8% and grow to just over US$ 6.8 billion by end 2022.

Retractable Towbars Largest Segment in Automotive Towbars Market

The retractable towbar segment comprises more than a quarter revenue share in the automotive towbar market by product type and is poised to be worth almost US$ 1.9 billion by end 2022. Even though Europe represents the largest region in this segment, companies are advised to target Latin America also as this dynamic, fast-growing region is estimated to record the highest CAGR.

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Detachable Towbars to Gain Popularity in Automotive Towbars Market

Detachable towbars account for a slightly lesser contribution in terms of product type in the automotive towbars Market. APEJ is anticipated to push past Europe by the end of the forecast period and be worth just over US$ 442 million. However, Europe cannot be ignored at the cost of APEJ and key stakeholders in the automotive towbars Market are advised to devise their long-term strategies accordingly.

IAM and OEM Segment Have Similar Market Opportunity

The IAM and OEM segment have a similar market as both have a revenue share of approx. 1/3rd in the automotive towbar market. This equates to a market value of nearly US$ 2.4 billion by the end of the study period, making them extremely lucrative opportunities in the automotive towbar market. Along with Europe, companies could look at targeting either North America or APEJ as these regions have the greatest potential in the automotive towbar market.

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Close Call Between Compact and Mid-sized Passenger Cars

It is a closely fought battle between compact cars and mid-sized passenger cars in the automotive towbar market with the former currently leading. Companies that wish to focus on the compact segment in the automotive towbar market are recommended to focus on either Europe or APEJ as these two regions are on track to exceed half a billion dollars by end 2022.

5 Forecast Highlights on Global Automotive Tow Bars Market

1. The retractable tow bars segment by product type seems to be the largest segment compared to other segments in product type. It is anticipated to grow and reflect a value of about US$ 2 Bn by 2022 end. The key manufacturers are advised to focus on APEJ region owing to higher potential in this region, apart from Europe in this particular segment.

2. The detachable tow bars segment have started to gain popularity in the recent months. The APEJ region is poised to surpass Europe region in this segment and is expected to be a worth over US$ 440 Mn. Europe also shows good attractiveness in this respect.

3. IAM and OEM segments by sales channel show similar growth opportunities and both have a revenue share, approximately 1/3rd of the automotive tow bars market. This value is equivalent to almost US$ 2 Bn by the end of the forecasted period (2022). Along with Europe region, the key companies can also shift their focus on the North America and Asia Pacific excluding Japan (APEJ) region which show good opportunities and a high potential in the automotive tow bars market.

4. The compact passenger cars segment by vehicle type experience higher growth rate and is poised to register a CAGR of 3.1% during the period of forecast. The mid-sized passenger cars segment reflects sluggish growth rate during the period of forecast and also has low market share by revenue as compared to the compact passenger cars segment.It is also expected by the compact passenger cars segment to gain additional BPS by the end of 2022

5. Europe region shows higher market attractiveness and is more lucrative than other regions followed by Asia Pacific excluding Japan (APEJ) region. The APEJ region is anticipated to show higher growth in the coming years

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Competition Dashboard

The Fact.MR report on the automotive towbar market has profiled active companies’ in the automotive towbar market which include Bosal International N.V., Westfalia Automotive GMBH, Thule Group, Dixon Bate Limited, David Murphy Towing Brackets Limited, and Brink Group B.V.

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This release was published on openPR.