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NEW YORK, Dec. 3, 2021 /PRNewswire/ — Fact.MR’s latest market analysis on the automotive towbar market divulges compelling insights of the market in terms of product type, sales channel, and vehicle type across seven major regions. The report highlights current trends, drivers, restraints, and opportunities prevailing in the market to help the readers gain a comprehensive outlook of the market scenario.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global automotive towbar market size is expected to reach US$ 1.3 Bn in 2021, as per a recent market survey by Fact.MR. Increasing demand for retractable towbars is expected to enable sales at 3.6% CAGR, pushing the market size to US$ 1.9 Bn in 2031.
Growing demand for advanced and lightweight automobile components is propelling sales in the market. Stringent regulations pertaining to carbon emissions are also expected to boost the sales of lightweight and electronic vehicles. Reduction in vehicle weight significantly improves fuel efficiency and reduces emissions.
As per the International Energy Agency, sales of electric cars reached US$ 2.1 Mn globally in 2019. This trend is expected to continue in the forthcoming years. Also, automotive towbars offer high thermal strength and are light in weight as they are made from plastics, including polycarbonate. These factors are expected to give tailwinds to sales of automotive towbars over the forecast period.
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Further, growing demand in the U.S., Spain, Switzerland, Germany, and the U.K. is anticipated to create growth opportunities for players. These countries have a robust automotive market, along with the presence of leading manufacturers, which is expected to facilitate the expansion of the automotive towbar market.
“Growing demand for lightweight automotive components in luxury passenger vehicles is expected to propel sales in the market. Besides this, growing trend of recreational driving is resulting in high demand for rentals and caravans, which is expected to create growth opportunities for the market in the forthcoming years,” says a Fact.MR analyst.
Key Takeaways:
- Based on product, sales of retractable towbars are expected to account for 2/5th of the total market share.
- Demand in the luxury passenger cars segment is poised to grow at a 3% CAGR through 2031.
- The U.S. is expected to account for nearly 80% of the North America market share over the forecast period.
- Sales in the U.K. automotive towbar market are projected to increase at a 4% CAGR through 2031.
- Germany automotive towbar market is expected to grow by 1.3x in value over the assessment period.
Growth Drivers:
- Growing emphasis on safety features in sports utility vehicles (SUVs) is expected to boost sales in the market.
- Expansion of distribution networks through online channels is anticipated to augment the growth of the market.
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Competitive Landscape
Leading players operating in the global automotive towbar market are investing in mergers, acquisitions, and collaborations to improve their distribution networks and expand their production facilities. Besides this, players are investing in research and development to diversify their product portfolios.
For instance, in June 2021, DexKo Global Inc. signed an agreement to acquire Brink International, a company specializing in automotive towbar solutions. The acquisition is aimed at expanding the DexKo range to include designed towing and transport solutions.
Key Players in the Automotive Towbar Market Include:
- Brink Group B.V
- Bosal International N.V
- Westfalia-Automotive GmbH
- PCT Automotive Ltd.
- GDW N.V
- Tow-Trust Towbars
- Pulliam Enterprises Inc.
- Horizon Global
- Curt Manufacturing LLC
More Valuable Insights on Automotive Towbar Market
Fact.MR provides an unbiased analysis of the automotive towbar market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global automotive towbar market with a detailed segmentation on the basis of:
Product Type:
- Retractable Automotive Towbars
- Detachable Automotive Towbars
- Fixed Automotive Towbars
- Automotive Towing Brackets & Ball Plates
Sales Channel:
- OEM Automotive Towbar Sales
- OES Automotive Towbar Sales
- IAM Automotive Towbar Sales
Vehicle:
- Compact Passenger Cars
- Mid-sized Passenger Cars
- Premium Passenger Cars
- Luxury Passenger Cars
- Sports Utility Vehicles (SUVs)
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Regions:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
Key Questions Covered in Automotive Towbar Market Report
- The report offers insight into the automotive towbar market demand outlook for 2021-2031.
- The market study also highlights projected sales growth for automotive towbar market between 2021 and 2031.
- Automotive towbar market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
- Automotive towbar market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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