Automotive Tow Bars Market Size Report - Growth & Forecast 2030

Automotive Tow Bars Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Product (Fixed Tow Bars, Detachable Tow Bars, Retractable Tow Bars, and Others) and Vehicle Type (Passenger Cars and Commercial Vehicle)

Publication Month : Oct 2023

  • Report Code : TIPRE00008801
  • Category : Automotive and Transportation
  • Status : Published
  • No. of Pages : 139
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[Research Report] The automotive tow bars market was valued at US$ 5,110.98 million in 2022 and is projected to reach US$ 7,318.05 million by 2030; it is expected to record a CAGR of 4.6% during 2022–2030.

Analyst Perspective:

The tow bar is used for towing a broken-down vehicle while ensuring balance to avoid a skid. The global automotive tow bars market has been segmented into five major regions—North America, Europe, Asia Pacific, the Middle East and Africa, and South and Central America. Growing popularity of adventure sports and recreational vehicles (RVs) propels the demand for automotive tow bars. The increasing sales of passenger vehicles also support the growth of the Automotive Tow Bars Market. According to the European Automobile Manufacturers’ Association, or ACEA, Europe and North America account for about 34.6% share of the total automotive cars manufactured across the world. Europe is expected to register the highest CAGR in the automotive tow bars market, followed by North America and APAC.

The demand for automotive tow bars is directly related to the sales of passenger vehicles. Thus, the growing sales of passenger cars in developed regions such as Europe and North America support the growth of the automotive tow bars market.

Mostly, caravan users choose tow bars for towing caravans. There are various types of tow bars available in the market to carry a wide variety of accessories, and it is highly popular in the UK. The electric tow bar is gaining popularity, which would create opportunities for the companies operating in the automotive tow bars market to gain a strong customer base in the coming years.

Market Overview:

The growing disposable income of various developing countries, high inclination toward adventure activities, and rising use of caravans and motorhomes propel the automotive tow bars market growth. The demand for automotive tow bars is likely to surge owing to the increasing trend for towable recreational vehicles. Electric tow bars can be operated by a switch. Therefore, demand for electric tow bars is anticipated to grow at a moderate pace during the forecast period due to growing preference for Sports Utility Vehicles (SUV) and off-road vehicles. Increasing investments to set up factories and expand production houses of automobile would propel the demand for passenger vehicles and commercial vehicles. Thus, these key factors are predicted to drive the automotive tow bars market growth during 2020–2027.

Furthermore, various companies in the automotive tow bars market adopt many strategies such as product development and acquisition to stay ahead of the competition. In March 2020, Curt Manufacturing introduced a new non-binding tow bar—Rambler steel tow bar. The newly launched product features an automatic locking mechanism, three stowing positions, and slide-resistant arms for better control and handling. Hence, inorganic market strategies propel the automotive tow bars market growth.  

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Automotive Tow Bars Market: Strategic Insights

automotive-tow-bars-market
Market Size Value inUS$ 5,110.98 million in 2022
Market Size Value byUS$ 7,318.05 million by 2030
Growth rateCAGR of 4.6% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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Market Driver:

Increased Automotive Production Drives Automotive Tow Bars Market Growth

In the past few years, the increase in automotive production, particularly in the advanced regions such as 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 across the world bolsters the demand for tow bars in the automotive sector. Electric vehicles and hybrid electric vehicles are gaining traction in 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 encouraged by several government initiatives such as the payment of incentives and tax benefits to green vehicle adopters. Thus, the rapidly increasing adoption rates of electric and hybrid vehicles drive the automotive tow bars market growth.

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Segmental Analysis:

Based on product, the automotive tow bars market is segmented into retractable tow bars, fixed tow bars, detachable tow bars, and Others.

A retractable tow bar is a slim, swan neck shaped tow bar, which can spin beneath the bumper. The retractable tow bar is easy to retract or extend as needed; in the retracted position, the tow bar is completely concealed. The tow ball and tow bar neck for the retractable product are all in one piece, and one can effortlessly rotate it by hand in seconds, where it will be placed in the space between the rear panel and bumper of the vehicle. This tow bar provides convenience and ease of use. It can easily be folded; it is user-friendly and ready to use in seconds. It works electrically or through a conveniently positioned release mechanism. The retractable tow bar automatically rotates out from below the bumper and can be used immediately. Retractable tow bars offer a discrete appearance; their added complexity might potentially cause issues in the future. However, proper maintenance and servicing would mitigate any potential reliability issues. Further, the growing number of passenger cars and commercial vehicles in several potential regions is likely to boost the demand for retractable tow bars during the forecast period.

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Regional Analysis:

The automotive tow bars market share is segmented into five major regions: North America, Europe, APAC, the MEA, and SAM.

The US, Canada, and Mexico are among the major economies in North America. Technological advancements have led to a highly competitive market in North America as the increasing population attracts several technological developments due to high spending power. The region has one of the largest automotive manufacturing hubs across the world. The presence of prominent automotive manufacturers and component manufacturers is propelling the market value. The economic growth of North America has increased the sale of passenger cars and commercial vehicles. Tow bars are used by passenger cars, light commercial vehicles, and heavy commercial vehicles; they are strong enough that they do not disintegrate when they are used to pull trailers. The growing passenger car and commercial vehicle sales are raising the demand for automotive tow bars. The European Automobile Manufacturers’ Association, or ACEA, stated in 2021 that the production of passenger cars and commercial vehicles was 13.58 million units in Europe. The use of lightweight materials to design tow bars can reduce the weight of vehicles and enhance fuel efficiency, which would offer lucrative opportunities for the automotive tow bars market in the coming years. Several technological advancements in material science have resulted in a boom in the automotive tow bars market. The developments have allowed manufacturers to use polymers or metals with higher tensile strengths, which could substantially enhance the functionality of tow bar and its operational life. Major factor propelling the automotive tow bars market growth is the swift development in the manufacturing techniques of tow bars and their materials. Further, advancements in electric tow bars are anticipated to grow at a moderate speed in North America during the forecast period, owing to rising SUVs demand, which encourages manufacturers to increase the production of SUVs.

Key Player Analysis:

AutoPacific Australia Pty Ltd, Bosal Group, Brink Group, BTA Towing Equipment, CURT Manufacturing LLC, Oris, PCT Automotive Limited, Alois Kober GmbH, North Shore Tow bars, and GDW NV are among the key automotive tow bars market players operating in the market.

Recent Developments: 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the global automotive tow bars market. A few recent developments by key automotive tow bars market players are listed below: 

Year

News

November 2020

Bosal, an exhaust and touring equipment brand, announced the rebuild of its towbar division to serve aftermarket and dealer fitment on new vehicles.

March 2020

Curt Manufacturing introduced a new non-binding tow bar “Rambler” steel towbar. The newly launched product features an automatic locking mechanism, three stowing positions, and slide-resistant arms for better control and handling.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Product, and Vehicle Type

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


Who are the major vendors in the automotive tow bars market?

Bosal Group, Brink Group, CURT Manufacturing LLC, Oris, and PCT Automotive Limited are the key market players operating in the global automotive tow bars market.

Which region to dominate the automotive tow bars market in the forecast period?

The US, Canada, and Mexico are major economies in North America. Technological advancements have led to a highly competitive market in the region as the increasing population attracts several technological developments due to high spending power. The region has one of the largest automotive manufacturing hubs in the globe.

What are reasons behind automotive tow bars market growth?

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.

What are market opportunities for the automotive tow bars market?

Smart tow bars equipped with wireless connectivity and remote-control capabilities make it easier for users to manage towing tasks. Users can control the tow bar from their smartphone or tablet, eliminating the need for manual adjustments and simplifying the hitching and unhitching process.

What is the future trend for the automotive tow bars market?

Prominent market vendors have launched electrically operated tow bars for both OEMs and the aftermarket segments of the automotive sector. These tow bars are designed to improve the functionality of conventional tow bars and offer users convenience in terms of operability.

The List of Companies - Automotive Tow Bars Market 

  1. AutoPacific Australia Pty Ltd
  2. Bosal Group
  3. Brink Group
  4. BTA Towing Equipment
  5. CURT Manufacturing LLC
  6. Oris
  7. PCT Automotive Limited
  8. Alois Kober GmbH
  9. North Shore Tow bars
  10. GDW NV

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. 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.

  1. 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:

Research Methodology

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.

  1. 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.

  1. 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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