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The automotive tow bars market was valued at US$ 4,827.66 million in 2019 and is projected to reach US$ 5,236.76 million by 2027; it is expected to grow at a CAGR of 3.6% from 2019 to 2027.
In the past few years, the increase in automotive production, particularly in the advanced regions, including North America and Europe, has driven the growth of the automotive tow bars market. The tow bar for automobiles is available as a standard filament or as an additional feature with most premium passenger car models launched by automotive giants such as Audi, Range Rover, BMW, and Ford Motor Company. The rapid growth of automotive production in advanced economies around the globe has contributed directly to the rising demand for the tow bar market in the automotive sector. For instance, electric vehicles and hybrid electric vehicles are gaining traction on the market. Sustainable development and subsequent demand for green cars have led to the emergence of electric vehicles and other renewable energy sources, including solar, wind, and biofuels. Moreover, the use of these vehicles is further encouraged by several government initiatives such as the payment of incentives and tax benefits to green vehicle adopters and users of green vehicles. Thus, the rapidly increasing adoption rates of electric and hybrid vehicles will drive the automotive tow bar market during the forecast period.
North America accounts for the largest share of the global automotive tow bars market. The growth of this market is primarily attributed to increasing popularity of RVs in the US and Canada. Increasing sales of passenger vehicles, is the major factor driving the automotive tow bars market in North America.
Impact of COVID-19 Pandemic on Automotive tow bars Market
The US is the worst-hit country in North America region, with around 2,007,531 active cases. Increasing number of infected individuals has forced the government to impose lockdown across the nation’s borders. The majority of the manufacturing plants are shut down, municipalities are functioning slowly compared to the past, and the automotive industry is at a halt, which is negatively impacting the automotive tow bars market. In terms of patient count and death toll, Canada and Mexico are still at a nascent stage in comparison to the US. However, the manufacturing plants, automotive industry, and several other businesses are functioning slowly, which is negatively impacting the automotive tow bars market. Additionally, North America is responsible for a major portion of sales of automotive tow bars, and declining sales of tow bars in North America might affect the overall growth of the automotive tow bars industry. The COVID-19 outbreak will have a limited short-term impact on the automotive tow bars market.
Lucrative Regions for Automotive Tow Bars Market
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Market Insights
Tow Bars Serve as an Optimum Towing Equipment
Tow bars are often deployed in the automotive sector as superior towing equipment mainly because of the advantages of their application. Towing couples two or more objects together so that they can be pulled by a designated power source or source. The source for towing may be a motorized land vehicle, a vessel and the load is anything that can be pulled. These may be joined with the help of chain, bar, hitch, three-point, fifth wheel, rope, coupling, integrated platform, drawbar, or other means of keeping the objects together while in motion. Trailer operators, SUVs, and flat-bed pickup trucks use tow bars as they can be easily mounted on vehicles' rear bumper with the minimal installation time and labor requirements. Additionally, tow bars for automobiles are compact in shape and light in weight, which adds to their value proposition. Also, the availability of several types of tow bars on the market helps cater to the customers 'evolving needs while meeting the automotive manufacturers' tailor-made requirements.
Product Market Insights
Based on product, the automotive tow bars market has been segmented into detachable tow bar, retractable tow bar, fixed tow bar, and others. The detachable tow bar segment accounted for the largest share of the market in 2019, and is expected to grow at the highest CAGR during the forecast period. Detachable tow bars are also called as the removable tow bars; it has become a popular choice with drivers. It also comes with a swan neck or flange type towballs. Most of these are tend to be of the swan neck variety though one can get detachable mounting flanges for flange type towballs. They use a lockable quick-release mechanism, which enables the towball to be simply detached and reattached without using any tools. Several caravan users are choosing the detachable tow bar, where the towball can be readily removed without the use of additional tools.
Automotive Tow Bars Market, by Product – 2019 and 2027
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Vehicle Type- Market Insights
With the growing demand for adventure sports and increasing demand for towable recreational vehicles, the demand for tow bars is growing across the passenger vehicle segment. Moreover, companies operating in the market are focusing on offering a wide range of towbars option for passenger vehicles of various brands. Additionally, passenger vehicle manufacturers such as Audi and BMW offer an option of company fitted tow bars to their customers. Moreover, the demand for passenger vehicles is growing, which is expected to support the increasing demand for tow bars across the passenger vehicles segment.
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Automotive Tow Bars Market: Strategic Insights
Market Size Value in US$ 4,827.66 Million in 2019 Market Size Value by US$ 5,236.76 Million by 2027 Growth rate CAGR of 3.6% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Automotive Tow Bars Market: Strategic Insights
| Market Size Value in | US$ 4,827.66 Million in 2019 |
| Market Size Value by | US$ 5,236.76 Million by 2027 |
| Growth rate | CAGR of 3.6% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Inorganic growth strategies are the commonly adopted strategies by companies to expand their market reach. Curt Manufacturing, Bosal Group, and Brink Group are among the market players implementing this strategy to enlarge the customer base and gain significant market share globally, which in turn permits them maintain their brand name in the global market.
Automotive Tow Bars Market–Segmentation:
Automotive Tow Bars Market–By Product
- Retractable Tow bar
- Fixed System
- Detachable System
- Others
Automotive Tow Bars Market–By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
Automotive Tow Bars Market–Company Profiles
- Anker and York Towbars
- Bosal Group
- Brink Group
- BTA Towing Equipment
- CURT Manufacturing LLC
- Oris
- PCT Automotive Limited
- Alois Kober GmbH
- North Shore Towbars
- GDW NV.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product ; Vehicle type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Detachable tow bar segment led the automotive tow bar segment in 2019. Detachable tow bars are also called as the removable tow bars; it has become a popular choice with drivers. It also comes with a swan neck or flange type tow balls. Most of these tend to be of the swan neck variety though one can get detachable mounting flanges for flange type tow balls. They use a lockable quick-release mechanism, which enables the tow ball to be simply detached and reattached without using any tools. Several caravan users are choosing the detachable tow bar, where the tow ball can be readily removed without the use of additional tools. Numerous manufacturers of detachable tow bars are present in the market, which includes Brink, Witter, MVG, GDW Group, and many more.
In the past few years, the increase in automotive production, particularly in the advanced regions, including North America and Europe, has driven the growth of the automotive tow bars market. The tow bar for automobiles is available as a standard filament or as an additional feature with most premium passenger car models launched by automotive giants such as Audi, Range Rover, BMW, and Ford Motor Company. The rapid growth of automotive production in advanced economies around the globe has contributed directly to the rising demand for the tow bar market in the automotive sector.
The automotive tow bars market was dominated by North America, as companies in the region are highly integrating tow bars with the vehicles. For instance, Tesla, a US-based electric vehicle company, is planning to have a tow bar for its upcoming Tesla Model Y. Its Model Y would come with a dedicated towing mode, such as its Model X. The tow bar for Tesla's Model X comprises a 2-inch hitch receiver, which would able to tow up to 5,000lb on 20-inch wheels, or 3,500lb on 22-inch wheels. Hence, this factor is surging the demand for automotive tow bars in the region.
The List of Companies - Automotive Tow Bars Market
- Alois Kober GMBH
- Anker and York Towbars
- BOSAL Group
- Brink Group
- BTA Towing Equipment
- CURT Manufacturing LLC
- GDW NV
- North Shore Towbars
- ORIS
- PCT Automotive Limited
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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