Automotive Tow Bars Market: Industry Expert View on Future Growth and Market Trends
The tow bar is used for towing a broken-down vehicle while ensuring balance to avoid skid. The growing disposable income of various developing countries, together with a high demand for adventure and the use of caravans and motorhomes, has resulted in a high demand for automotive tow bars. Several caravan users are choosing tow bars for towing caravans; there are various types of tow bars available in the market to carry a wide variety of accessories; it is highly popular in the UK. The demand for automotive tow bars is likely to surge owing to the increasing trend for towable recreational vehicles. The electric tow bars are anticipated to grow at a moderate pace during the forecast period due to a growing preference for Sports Utility Vehicles (SUV) and off-road vehicles. As these are operated by a switch, the popularity of electric tow bars is surging at a significant pace. With growing investments to set up factories and expand production houses of automobiles, the demand for passenger vehicles and commercial vehicles would rapidly increase, in turn, anticipated to generate an upward trend in the automotive tow bars market. Thus, these are among the key factors that are expected to boost the growth of the automotive tow bars market from 2020 to 2027.
Furthermore, various companies adopt various market strategies, such as product development and acquisitions, in the automotive tow bars business to stay ahead in the competition. For instance, In March 2020, Curt Manufacturing introduced a new non-binding tow bar—Rambler steel tow bar, the newly launched product features an automatic locking mechanism, three stowing positions, and slide-resistant arms for better control and handling. Hence, such inorganic market strategies propel the growth of the market.
The automotive tow bars market is segmented into product, vehicle type, and geography. Based on product, the market is segmented into a retractable tow bar, fixed system, detachable system, and others. Based on vehicle type, the market is divided into passenger vehicle and commercial vehicle. Geographically, the market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM).
The market players present in the global automotive tow bars are AutoPacific Australia Pty Ltd, Bosal Group, Brink Group, BTA Towing Equipment, CURT Manufacturing LLC, Oris, PCT Automotive Limited, Alois Kober GmbH, North Shore Tow bars and GDW NV. In addition to these players, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global automotive tow bars market and its ecosystem.
About Us:
The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, Chemicals and Materials.
Furthermore, various companies adopt various market strategies, such as product development and acquisitions, in the automotive tow bars business to stay ahead in the competition. For instance, In March 2020, Curt Manufacturing introduced a new non-binding tow bar—Rambler steel tow bar, the newly launched product features an automatic locking mechanism, three stowing positions, and slide-resistant arms for better control and handling. Hence, such inorganic market strategies propel the growth of the market.
The automotive tow bars market is segmented into product, vehicle type, and geography. Based on product, the market is segmented into a retractable tow bar, fixed system, detachable system, and others. Based on vehicle type, the market is divided into passenger vehicle and commercial vehicle. Geographically, the market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM).
The market players present in the global automotive tow bars are AutoPacific Australia Pty Ltd, Bosal Group, Brink Group, BTA Towing Equipment, CURT Manufacturing LLC, Oris, PCT Automotive Limited, Alois Kober GmbH, North Shore Tow bars and GDW NV. In addition to these players, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global automotive tow bars market and its ecosystem.
About Us:
The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, Chemicals and Materials.
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