Report : Asia Pacific Automotive Tow Bars Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product (Detachable Tow Bar, Retractable Tow Bar, Fixed Tow Bar, and Others); Vehicle Type (Passenger Vehicle and Commercial Vehicle); and Country
In terms of product, detachable tow bar segment to DominateAPAC automotive tow barmarketduring 2020–2027
According to our new market research study on “APAC automotive tow barMarketto 2027 – Regional Analysis and Forecast by product, vehicle type, and country,”the market is expected to reach US$ 1099.20millionby 2027 from US$ 999.11 million in 2019; it is estimated to grow at a CAGR of 3.7% from 2020 to 2027.The governments of most of the economies in the APAC region are focusing on the manufacturing of automobiles and their components in the country itself. Such as, through Made in China, the government of China is supporting the local companies to compete with foreign carmakers and to compete globally. Furthermore, initiatives by the Indian government, such as “Make in India” which focus on the manufacturing of automobiles in the country and Automotive Mission Plan 2016-26, providing government support to the country’s growing automotive sector.
The continuous growth in the economies of developing countries such as India and China, and the presence of huge disposable incomes in Japan and Australia, among others, have facilitated the rapid growth of the automotive industry in this region. The auto manufacturers in APAC, focusing on the development of technologically advanced products to gain a strong market position. Also, automotive manufacturers prefer integrating cutting-edge solutions in their vehicles to attract a strong customer base and generate more revenues. Therefore, a strong automotive sector and increasing disposable incomes of people are supporting the growth of the automotive tow bars market in the region.
BOSAL Group, Brink Group, BTA Towing Equipment, and North Shore Tow Bars, are among the leading companies in theAPAC automotive tow barsmarket. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For Instance, in 2017, Bosal launched a comprehensive new web catalog, which uses the up-to-date vehicle definitions and product information, features enhanced search functionality designed to make it easier and quicker to find the right products.
The report segments the APAC automotive tow bars marketas follows:
By Vehicle Type