Publication Month: Jun 2020 | Report Code: TIPRE00008801 | No. of Pages: 191 | Category: Automotive and Transportation | Status: Published
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.
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.
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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.
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.
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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.
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.
The List of Companies - Automotive Tow Bars Market
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