Automotive Tow Bars Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DM3126 | Last Updated On: Oct 07 2022 | Available Formats

> Global Automotive Tow Bars Market Expected to reach a high CAGR 3.4% By 2029: DataM Intelligence

Global Automotive Tow Bars Market is segmented By Type (Flange Towbar, Swan Neck Towbar, Fixed Towbar, Detachable Towbar), By Sales Channel (OEM, Aftermarket), By Vehicle Type (Passenger Cars, Commercial Vehicles (Light Commercial Vehicles (LCV), Medium Commercial Vehicles (MCV), Heavy Commercial Vehicles (HCV))), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

[150 Pages Report] Global Automotive Tow Bars Market is estimated to reach at a high CAGR of 3.4% during the forecast period (2022-2029).

Automotive Tow Bars Market - Strategic Insights

Metrics

Details

Market CAGR

3.4%

Segments Covered

By Type, By Sales Channel, By Vehicle Type and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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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.  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 XX % 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, does not have to dismount the towbar and is stored in a different location.

However, retractable towbars are not suitable for all types of cars since they cannot be applied to every car has to do with the construction of the car. Not every car offers sufficient room behind the bumper to fold away the towbar.

Market Dynamics

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 year represent the second-best result in the industry’s history. Germany holds the majority of the market share of total European 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 their 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 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.

Market Segmentation Analysis

Based on type, the automotive towbars market is classified into Retractable Towbar, Fixed Towbar, Detachable Towbar, Towing Brackets, and Others.

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, does not have to dismount the towbar and stored in a different location. However, retractable towbars are not suitable for all types of cars since they cannot be applied to every car has to do with the construction of the car. Not every car offers sufficient room behind the bumper to fold away the towbar. In addition, a retractable towbar offers the same security and strength as compared to a fixed towbar. The ball on which you connect your bike carrier, trailer, caravan, boat trailer, or horsebox, always remains fixed to the car. This means it can never break loose during driving. Also, this towbar is maintenance-free. Growing caravan culture in the European countries and the United States is expected to increase the sales of retractable towbars during the forecast period 2021 to 2028

Based on vehicle type automotive tow bars are classified into Passenger Cars and Commercial Vehicles

The demand for towbars is high for passenger cars, especially mid-sized ones such as SUVs. Sports Utility Vehicles (SUVs) are more in demand due to rapidly changing choices among youngsters around the globe. Retractable towbars are widely used for passenger cars owing to their advantages such as stronger and safer solutions, for instance, tongue weight, the weight with which the trailer presses down on the vehicle’s tow. In addition, these type of towbars are not visible in almost every passenger car and has features of dismounting stores in different locations. The sales of passenger cars are directly proportional to the sales of automotive towbars for passenger cars. The sales of passenger cars declined in 2019 and Q1 of 2020 due to the COVID-19 pandemic. According to a recent study by Statista, global car sales fall by over 3 million in 2019 and global passenger car sales dropped to 67.15 million in 2019 from 70.50 million in 2018, the first annual decline since 2009 The sector experienced a downward trend in the back of a slowing global economy and the advent of the coronavirus pandemic in all key economies. South America and Europe were among the hardest-hit regions, with auto sales in these regions contracting by about one-fourth year-on-year.

China held the majority of passenger car sales in 2019. China was the largest automobile market based on sales with around 21 million units in 2019. However, monthly car sales in China were in free fall in February 2020 due to the coronavirus outbreak in the country and fears of a looming recession. However, post-pandemic situation, the automobile industry gaining growth and is expected to have positive growth in 2021. Thus, increasing sales of passenger cars during the forecast period will generate the demand for the automotive towbars market.

Geographical Analysis

North American automotive towbars market was valued at USD XX million 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 XX% 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 XX% and XX% respectively. The adoption of newer technologies and increasing demand for commercial vehicles are 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 automobiles has declined in 2020 due to the COVID-19 pandemic which is 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 recovering in the United States will have a positive impact on the North American towbars market over the forecast period.

Competitive Landscape

The global automotive towbars market is witnessing high competition with the presence of several local and international players. Brink Group B.V, Bosal International N.V., Westfalia-Automotive GmbH, Weigh Safe, PCT Automotive Ltd, and Tow-Trust Towbar are the leading market players with prominent market sizes. Companies are using different strategies such as portfolio expansion, product diversification, and new product launch to increase their market penetration. The companies are entering into collaborations, mergers, strategic partnerships, and acquisitions to increase the demand for the automotive towbars market across the globe.

For instance, in November 2019, the Distribution agreement has been signed between TAG Towbars and the Brink Group, which means TAG Towbars will now distribute Brink’s range of European Towbars throughout Australia and New Zealand. Also, manufacturers are focusing on introducing new and advanced technology products, which are cost-effective and have high safety levels. For instance, in 2020, Curt Manufacturing introduced a new non-binding towbar Rambler steel towbar. The newly launched product features an automatic locking mechanism, three stowing positions, and slide-resistant arms for better control and handling.  In August 2019, weigh safe, the U.S.-based manufacturer and service provider for automotive towbars introduced a new product in the market, named “Weigh Safe Drop Hitch.”

Why Purchase the Report?

  • Visualize the Global Automotive Tow Bars Market's composition in terms of various types of Type and Sales Channel highlighting the key commercial assets and players.
  • Identify commercial opportunities in Global Automotive Tow Bars Market by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of the Global Automotive Tow Bars Market-level 4/5 segmentation.
  • A PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Product mapping in excel for the key product of all major market players

Target Audience

  • Service Providers/ Buyers
  • Industry Investors/Investment Bankers
  • Education & Research Institutes
  • Research Professionals
  • Emerging Companies
  • Manufacturers

FAQ

What is the Automotive Tow Bars Market growth?

The market is growing at a CAGR of 3.4%.

What is Automotive Tow Bars Market size in 2021

The Automotive Tow Bars Market size was valued at USD YY million in 2021.

Who are the key players in Automotive Tow Bars Market?

TriMas Corporation, Bosal International N.V., Westfalia-Automotive GmbH, Weigh Safe, PCT Automotive Ltd, GDW NV.

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