North America Automotive Tow Bars Market Size and Competitive Analysis by 2027

The North America automotive tow barsmarket was valued at US$ 1,538.99million in 2019 and is projected to reach US$ 1,710.55million by 2027; it is expected to grow at a CAGR of 3.9% from 2020 to 2027.

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 populations attract several technological developments due to high spending powers. The region has one of the largest automotive manufacturing hubs in the globe. The presence of prominent automotive manufacturers and component manufacturers is propelling the automotive tow bars market value.

The growing sales of passenger cars and commercial vehicles are raising the demand for automotive tow bars. In 2019, the production of passenger cars and commercial vehicles were 16,783,398 units. A foremost opportunity in the North America automotive tow bars market is the use of light-weight materials in order to design tow bars, which would reduce the weight of vehicles and enhance fuel efficiency. Several technological advancements in material science have resulted in a boom in the automotive tow bars market. The developments have allowed the manufacturers to use polymers or metals with higher tensile strengths, which could substantially enhance the functionality of the tow bar and its operational life. The major factor propelling the growth of the automotive tow bars market is the swift development in the manufacturing techniques of tow bars and their materials.

The coronavirus pandemic has had a rapid and severe impact on the North America automotive industry. Symptoms include the closure of assembly plants across the region. Due to this pandemic, the production of passenger and commercial vehicles has stopped, which has affected the market revenues of several manufacturers in the region. The closure of assembly plants has also impacted on the manufacturing of tow bars, which is reflecting negative impact on automotive tow bars market. However, the impact of COVID-19 is short-term; in the next three or four years, the automotive tow bars market is likely to grow at a swift pace.

Mexico Automotive Tow Bars Market Revenue and Forecasts to 2027 (US$ Million)

North America Automotive Tow Bars Market–Segmentation

North America Automotive Tow Bars Market,by Product

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

North America Automotive Tow BarsMarket,by Vehicle Type

• Passenger Vehicles
• Commercial Vehicle

North America Automotive Tow BarsMarket,by Country

• US
• Canada
• Mexico

North America Automotive Tow Bars Market -Companies Mentioned

• BOSAL Group
• Brink Group
• CURT Manufacturing LLC
• ORIS

North America Automotive Tow Bars Report Scope