Towbars are also called trailer hitchers and are designed to pull carriers, campers, trailers for both leisure as well as commercial purposes. The campers, trailers, and carriers are attached to a vehicle’s rear with an automotive towbar and pulled forward. Automotive towbars are connected to the vehicle chassis and comprise a neck with a towball on one side to enable the towbar to pull the trailer forward. Automotive towbars are useful when a vehicle is not in a working condition or if the engine breaks down, thereby necessitating the vehicle to be pulled to a nearby service station. The towbar market also serves the aircraft and heavy vehicle industry. Fact.MR’s report offers detailed analysis about the global automotive towbar market for the period 2017-2022, and offers actionable insights on future market direction.
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The report is an overview of the global automotive towbar market. This includes the introduction to the market and a standard definition of the product – automotive towbars. In this section, year-over-year growth and market value is offered to readers. Year-over-year growth gives readers a broader picture on growth patterns during the forecast period.
The next section of the report offers a thorough description of the latest macroeconomic factors that have a bearing on the global automotive towbar market. Considering the interconnectedness of the automotive towbar market to the global automotive industry and, in general, the global economy, readers will get valuable insights on how international developments impact this market.
In a bid to keep readers up-to-date on the latest developments in the global automotive towbar market, the report offers readers a roundup of the latest trends impacting the market. As the sector is ever-evolving, staying abreast with latest trends and developments is paramount to formulating key business strategies. Information on supply chain, cost structure, pricing analysis, raw material sourcing, and list of distributors are offered to readers in this section.
Highlights on Global Automotive Tow Bars Market
- 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
- 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
- IAM and OEM segments by sales channel show similar growth opportunities and both have a revenue share, approximately 1/3rdof 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
- 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
- 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
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.
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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