Asia Pacific Automotive Tow Bars Market Growth Opportunities and Forecast by 2027

The APAC automotive tow barsmarket was valued at US$ 999.11million in 2019 and is projected to reach US$ 1099.20million by 2027; it is expected to grow at a CAGR of 3.6% from 2020 to 2027.

The economy of the region is performing well due to numerous technological and infrastructural developments. The region has a strong automotive sector, which is supported by the growing automotive manufacturing industry in countries such as India, China, and South Korea. This factor is the key catalyzer for automotive tow bars market in the region.

In the APAC, China is the largest Asia Pacific Automotive Tow Bars market owing to its leading automotive market, also due to the growing sale of automotive components is likely to surge the demand for automotive tow bars. The adoption of advanced technologies and rising demand for using unpowered trailers and caravans would accelerate the growth of the automotive tow bar market. Furthermore, the automotive vehicles demand in APAC, together with the growing passenger cars and commercial vehicle production in China and other countries, would enable the automotive tow bar market players to increase their presence in this region.

In the region, the COVID-19 outbreak has presented several challenges for the automotive sector. China, being the worst affected country in the region by COVID-19, has resulted in the shutdown of automotive plants, and the situation still remains critical and has faced a production loss of more than millions of vehicles, which has directly hindered the sales of automotive tow bars, which is reflecting slow down in the growth of automotive tow bars market in the region.

The adoption of electric vehicles is expected to increase at a noticeable rate in the developing countries of APAC. Owing to this, automotive manufacturers in the region are putting significant efforts to build a sustainable business. The adoption of electric vehicles is expected to surge the demand for automotive tow bars, thereby driving the automotive tow bars market.

Rest of APAC Automotive Tow Bars Market Revenue and Forecasts to 2027 (US$ Million)

APAC Automotive Tow Bars Market–Segmentation

APAC Automotive Tow Bars Market,by Product

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

APAC Automotive Tow BarsMarket,by Vehicle Type

• Passenger Vehicles
• Commercial Vehicle

APAC Automotive Tow BarsMarket,by Country

• Australia
• China
• India
• Japan
• South Korea
• Rest of APAC

APAC Automotive Tow Bars Market -Companies Mentioned

• BOSAL Group
• Brink Group
• BT Towing Equipment
• North Shore Tow Bars

Asia Pacific Automotive Tow Bars Report Scope