Worldwide sales of automotive tow bar reached ~ 5.6 Bn in 2019, unveils the new research study by Fact.MR. According to the report, the automotive tow bar market is estimated to grow by ~ 3.1% Y-O-Y in 2019, primarily influenced by the prominent players enhancing their manufacturing capabilities in the global automotive tow bar market landscape.
According to the report, increasing focus on sustainable solutions, advanced technology, and cost-effective tow bars is contributing to the build-up of automotive tow bar market by the end of 2029. Increasing demand for towing caravans and unpowered trailers around the globe will also continue to provide a fillip to the sales of automotive tow bar in 2019 and beyond.
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Retractable tow bar is used in passenger vehicles due to its advantages of a stronger and safer solution, for instance, tongue weight, the weight with which the trailer presses down on the vehicle’s tow. In addition, this type of automotive tow bar is entirely invisible in almost every car and has features of dismounting stores in different locations. As of now, retractable tow bars have more demand with ~ 43% of market share around the globe.
According to Fact.MR report, the market share for independent aftermarket (IAM) was ~ 35% in 2018, and it will reach to ~ 37% over the forecast period. The demand for automotive tow bars used in compact passenger cars is higher than the mid-sized passenger cars. Nowadays, Sports Utility Vehicles (SUV’s) are more in demand due to rapidly changing choices among youngsters around the globe. The automotive tow bar market is also gaining traction with the increasing demand for SUVs, as it is expected to grow at a CAGR of ~ 3.5 % over the forecast period.
Market Players to Make More Investments in APEJ Countries
Historically rising income levels across the globe have driven vehicle sales. Despite the enthusiasm, traditional automakers around the globe are shifting their preferences towards newer technologies. Car manufacturers are making more investments in developing countries such as India and China due to massive traffic densities. Automotive tow bar prominent players are also expanding their business in APEJ countries to go with the trends and innovate cost-effective products. In the current scenario, the sale of automotive tow bar in APEJ region is less than North America and Europe. In the coming years, the APEJ automotive tow bar market is expected to gain momentum with a CAGR of about ~ 3.7%. The factor behind the fast growth in the region is due to an increase in demand for towed trailers and the consumer mindset towards purchasing premium and luxury vehicles.
North America is foreseen to witness an incremental opportunity of ~ US$ 519 Mn along with Europe to the tune of ~ US$ 582 Mn during the forecast period. The European region is having a large number of key players in automotive tow bar market. In secondary research, it has been found that around 25% of vehicles across Europe have tow bar fitted but this trend is more common in countries such as Benelux and Scandinavia. In Sweden, about 2.2 million out of 4.3 million cars (just over 50%) have the automotive tow bar. In the UK, the automotive tow bar market is gaining traction due to its caravanning culture and market share for caravans is about 72% as compared to camper vans and motorhomes.
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According to the report, the automotive tow bar manufacturers are also focusing on the implementation of new and advanced technology which offers more safety features in the product that would not only help in integrating automotive tow bar sales but also bolster the revenue of companies in developing economies.
This study underlines the key future prospects in the automotive tow bar market and finds that the market would exhibit growth at a value CAGR of ~ 3.3% in the forecast period.
FactMR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that’s why we publish multi-industry global, regional, and country-specific research reports.