Global automotive towbars market valued USD XX million in 2019 and is expected to grow at a CAGR of 3.6% to reach USD XX million by 2027.
Increasing demand for caravans is propelling the demand for global automotive towbars market. Moreover, Caravanning holidays is one of the most popular pastimes in the world especially in the United States and Europe.
For instance, according to The Caravanning Industry Association (CIVD) study, the European caravanning industry registered sales growth amounting to more than 4% in 2019. Collectively, Europe and North America are estimated to account for more than 50% of the total automotive towbar market share in 2020. The adoption of newer technologies and increasing demand for using unpowered trailers and caravans will bolster the growth of the automotive towbar market. Global automotive Retractable Towbar holds 39.5% of the total automotive towbar market and is expected to dominate the market during the forecast period 2020 to 2027. The retractable towbar is widely used in the world due to its advantages such as it is completely invisible in almost every type of car since it is stored behind the bumper and unlike the detachable towbar, not have to dismount this towbar and store it in a different location. However, retractable towbars are not suitable for all types of cars since it cannot be applied to every car having to do with the construction of the car. Not every car offers sufficient room behind the bumper to fold away the towbar.
Market Dynamics
Drivers
- Growing demand for towing caravans and trailers
- Increasing demand for SUVs is propelling the demand for automotive towbar market
Restraints
- COVID-19 pandemic effect is expected to hinder the automotive towbar market
Growing demand for towing caravans and trailers
Increasing demand for caravans is propelling the demand for the global automotive towbars market. Moreover, Caravanning holidays is one of the most popular pastimes in the world especially in the United States and Europe. For instance, according to The Caravanning Industry Association (CIVD) study, the European caravanning industry registered sales growth amounting to more than 4% in 2019. The more than 210,000 new motor caravans and caravans sold over the course of the year represent the second-best result in the industry’s history. Germany holds the majority of market share of total Europe caravan sales revenue in 2019 with 80,863 newly registered vehicles. Moreover, the German caravanning sector not only registered robust sales growth amounting to 13.6%, but also had the third best year in its history. The sales of caravans also recorded its highest value in the countries such as Switzerland, Belgium and Austria, where sales of new motor caravans and caravans reached 6,929, 6,202 and 2,684 units respectively. In addition, the sales were also increased in the Netherlands, Denmark, and Finland, by 5.9%, 12.4% and 11.4% respectively. Thus, the increase in sales of caravans will boost the automotive towbars market in the world especially in Europe during the forecast period 2020 to 2027.
Geographical Analysis
North America automotive towbars market was valued USD XXmillion in 2019 and is expected to reach USD XX million by 2027 with a CAGR of 3.39% during the forecast period 2020 to 2027. North America holds 24% of the global automotive towbar market in 2019 and is expected to contribute significant market share during the forecast period 2020 to 2027. The United States holds the highest market share in 2019 with 65% of the North American Automotive Towbars market which is followed by Mexico and Canada with 24% and 11% respectively. The adoption of newer technologies and increasing demand for commercial vehicles is expected to drive the growth of the automotive towbar market in this region. The United States is a major revenue contributor in this region. Commercial vehicles and SUVs are the major end users of automotive towbars in this country. The production of automotive has declined in 2020 due to the COVID-19 pandemic which has affected the sales of towbars in North America. The US is a major affected country in this region. The automotive industry in the US registered a sharp drop in March 2020: vehicle sales were down 38% year-on-year. In 2019, just under 17 million light vehicles were sold in the U.S. However, the automotive industry is recovering in the United States which will have a positive impact on the North American towbars market over the forecast period.
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