What is Automotive Tow Bars Market?
More than 50% of the automotive tow bars sales come from North America and Europe. The US, being the worst affected country by COVID-19, has resulted in the shutdown of automotive plants and situation in the EU still remains critical and has faced a production loss of more than 1.5 million vehicles, which has directly impeded the sales of automotive tow bars.
Highlights from Automotive Tow Bars Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Curt manufacturing LLC (United States), David Murphy Towing (Ireland), Parkside Towbars (Trimas corporation) (Australia), Acps automotive GmbH (Germany), Horizon global corporation (United States), Brink group B.V. (Netherlands), Hayman Reese (Australia), Mccabe Towbars (Ireland), North Shore Towbars (New Zealand) and PCT Automotive Limited (United Kingdom) |
The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market in the near future. Players are anticipated to focus on the development of new compounds, which is likely to encourage the growth of the global market throughout the forecast period.
Curt manufacturing LLC (United States), David Murphy Towing (Ireland), Parkside Towbars (Trimas corporation) (Australia), Acps automotive GmbH (Germany), Horizon global corporation (United States), Brink group B.V. (Netherlands), Hayman Reese (Australia), Mccabe Towbars (Ireland), North Shore Towbars (New Zealand) and PCT Automotive Limited (United Kingdom) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Anker and York Towbars (United Kingdom), Bosal Group (Belgium), BTA Towing Equipment (Australia) and Alois Kober GmbH (Germany). Automotive Tow Bars Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Compact Passenger Cars, Luxury Passenger Cars, Sports Utility Vehicle (SUV), Light Commercial Vehicles and Heavy Commercial Vehicles |
Type | Retractable Tow Bars, Detachable Tow Bars, Fixed Tow Bars and Towing Brackets |
Sales Channel | IAM,OEM,OES |
On the basis of geography, the market of Automotive Tow Bars has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The economic growth of North America has positively impacted the sale of commercial vehicles and passenger cars
Market Growth Drivers:
Growing disposable income of various developing countries, together with a high demand for adventure and use of caravans and motorhomes
Challenges:
COVID-19 outbreak has created multiple challenges for the automotive industry
Restraints:
Unknown in many regions
Opportunities:
The presence of prominent automotive manufacturers and component manufacturers is propelling the automotive tow bars market value
Key Target Audience
Automotive Tow Bars Manufacturers, Automotive Tow Bars Raw material suppliers, Automobile Enterprises, Research Institutes, Suppliers and Distributors and Government Associations
Market Leaders & Development Strategies
In July 2021, DexKo Global, a global leader in the highly engineered trailer running gears, chassis assemblies, and related components, announced that its subsidiary AL-KO Vehicle Technology Group GmbH had signed an agreement with H2 Equity Partners to acquire Dutch towbar manufacturer Brink International ("Brink "). Financial terms of the deal were not disclosed. This transaction is subject to customary closing conditions and regulatory approvals.