TechSci Research has projected a robust CAGR for the global automotive towbar market in the forecast period 2023-2027, according to their report titled “Automotive Towbar Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”. The growth of the market is attributed to the flourishing automotive industry, which has witnessed a major recovery after Covid-19. Furthermore, the rising disposable income of consumers has increased the demand for passenger and lightweight commercial vehicles, leading to promising sales in the automotive sector. This provides huge potential for automotive component manufacturers in the global automotive towbar market.
Automotive towbars are constructed from high-strength materials such as aluminum, steel, and polycarbonates, which have high thermal strength but are light in weight. This reduces the overall weight of the vehicle, thereby improving fuel efficiency and minimizing carbon emissions. This is a significant factor driving the growth of the global automotive towbar market. In addition, retractable towbar equipment is being introduced by several vehicle component manufacturers, which are invisible in every type of car and can be stored behind the bumper of the car.
The growing preference for electric cars over ICE engine cars is also positively impacting market growth. Favorable policies aimed at promoting the adoption of electric vehicles have been formulated by several companies. Sales of plug-in electric vehicles have reached 1.4 million units from 2011 to 2019, according to a report by the U.S. Department of Energy (DoE). Therefore, the automotive towbars are expected to witness widespread deployment in the future.
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TechSci Research report on the "Global Automotive Towbar Market - Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027" divides the market into segments based on vehicle type, type, sales channel, competitive landscape, and regional distribution.
The vehicle type segment includes two-wheelers, passenger cars, light commercial vehicles (LCV), and medium & heavy commercial vehicles (M&HCV). It is anticipated that the passenger car segment will hold a significant market share in the coming years due to the expanding automotive sector and the increased demand for passenger cars. Additionally, these vehicles have gained immense popularity among consumers due to their features such as compact size, economic value, and stylish design.
The market is segmented by type into fixed systems, detachable systems, and electric systems. The electric system segment is expected to hold a significant market share in the coming years, owing to the increasing preference for Sports Utility Vehicles (SUVs) and off-roading vehicles. The electric towbar system is operated by a switch, and this ease of use is driving its demand at a rapid pace.
Furthermore, the market is segmented by sales channel into OEM, OES, and IAM. The OEM segment is projected to hold a prominent market share in the coming years because a majority of vehicles contain OE standards fitted towbars.
A list of major market players of the global automotive towbar market includes:
- Brink Group B.V.
- PCT Automotive Ltd.
- Bosal International N.V.
- Curt Manufacturing LLC.
- David Murphy Towing
- Trimas Corporation
- Horizon Global Corporation
- Hayman Reese
- ACPS Automotive GmbH
- McCabe Towbars
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“North America has the largest automotive manufacturing hub in the world. Moreover, the presence of prominent automotive manufacturers and components manufacturers such as Horizon Global Corporation and Curt Manufacturing LLC. in the region is also propelling the growth of automotive towbar market in the region. In addition to this, rising disposable income of the consumers and the rapid economic growth in the region are impacted the sales of passenger and lightweight commercial vehicles. Moreover, several leading market players are enhancing their production capabilities across the automotive equipment space to cater to the growing demands of the consumers for more comfortable and satisfactory vehicle accessories and components such as towbars, which is projected to provide a positive outlook to the global automotive towbar market in the coming years.” said Mr. Karan Chechi, Research Director, TechSci Research, a research based global management consulting firm.
“Automotive towbar Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Vehicle Type (Two-Wheeler, Passenger Car, Light Commercial Vehicle (LCV), Medium & Heavy Commercial Vehicle (M&HCV)), By Type (Fixed System, Detachable System, Electric System), By Sales Channel (OEM, OES, IAM), and By Region” has evaluated the future growth potential of global automotive towbar market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global automotive towbar market.
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