Europe Automotive Tow Bars Market is expected to reach US$ 1,465.05million by 2027

In terms of product, detachable tow bar segment to Dominate Europe automotive tow barmarketduring 2020–2027

According to our new market research study on “EuropeAutomotive Tow Bars Market to 2027 – Regional Analysis and Forecast by product, vehicle type, and country,”the market is expected to reach US$ 1,465.05millionby 2027 from US$ 1,296.26 million in 2019; it is estimated to grow at a CAGR of 4.1% from 2020 to 2027.Increasing disposable income across European individuals result in increased purchasing power parity. This helps consumers to purchase technologically advanced vehicles and accessories. Western Europe is comprised of numerous well-developed countries such as the UK, Germany, France, Italy, Switzerland, and many others, which consist of a high percentage of millionaires,  who tend towards purchasing luxurious cars. As a result, there is an increasing demand for passenger cars across the region, which further demand for automotive tow bars.

The region is the leading producer of passenger vehicles, and several premium passenger vehicle manufacturers are based in the region such as Ford of Europe, Hyundai Motor Europe, Iveco, and Volkswagen. The automotive sector is crucial for the region’s prosperity. In 2019, the production of commercial and passenger vehicles were 4,371,499 units. The growing production of commercial and passenger vehicles is likely to surge the demand for automotive tow bars.In the region, caravans are becoming increasingly popular with holidaymakers; by sourcing a caravan tow bar, one can then have the option of towing an additional trailer, for instance, which could house anything, such as sports equipment, motorbikes, larger electrical goods, and smaller vehicles. Thus, this factor is fueling the growth of the market.

BOSAL Group, Brink Group, ORIS, and Alois Kober GmbH, are among the leading companies in theEurope automotive tow barsmarket. The companies are focused on adopting inorganic growth strategies such as mergers and acquisitions to sustain their position in the dynamic market. For Instance, in 2017, DexKo Global Inc. signed an agreement to acquire Aguti Produktentwicklung & Design GmbH. This acquisition would enable AL-KO Vehicle Technology to expand its portfolio to include seats and seating system solutions for commercial and leisure vehicles.

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Europe Automotive Tow Bars Market 2027 Product, Vehicle Type, and Country | The Insight Partners

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Europe 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

The report segments the Europe automotive tow bars marketas follows:

ByProduct

• Detachable Tow Bars
• Fixed Tow Bars
• Retractable Tow Bars
• Others

By Vehicle Type

• Passenger Vehicle
• Commercial Vehicle

By Country

• France
• Germany
• Italy
• UK
• Russia
• Rest of Europe

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