Global Automotive Towbar Market is Poised to Grow 1.3X in Terms of Value by 2030 end

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New technologies and advancements in material science have resulted in boom in the global automotive tow bars market. These developments have enabled the manufacturers to use metals or polymers with higher tensile strengths which could significantly improve the functionality of the tow bar as well as its operational life.

The major factor driving the growth of the global automotive tow bar market is the rapid development in the manufacturing techniques o tow bars as well as their materials. Additionally, 3D printing has opened many paradigms which allow the key players to manufacture the extremely complex tow bar material with ease, enhancing their operational functionality. Moreover, the global automotive tow bar market growth is directly associated with the growth of the automotive industry, and as it grows, the use of tow bars increases, thereby impacting the market in a positive way. Europe region is the most lucrative for the tow bar market as it shows higher market attractiveness.

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The global automotive tow bars market is poised to reach a value of about US$ 6,800 Mn by the end of 2024 and is anticipated to grow at a steady CAGR during the forecasted period of 2017 to 2024.

Key Segments of the Automotive Tow Bar Market

Fact.MR’s study on the automotive tow bar market offers information divided into three key segments— product, sales channel, vehicle and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.

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5 Forecast 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 2024 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 1/3^rd of the automotive tow bars market. This value is equivalent to almost US$ 2 Bn by the end of the forecasted period (2023). 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 2024
• 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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The report has also profiled leading players in the global market for automotive tow bars, which would remain active through 2024. These include companies like Brink Group B.V., David Murphy Towing Brackets Limited, Dixon Bate Limited, Thule Group, Westfalia Automotive GMBH and Bosal International N.V.

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