Automotive Towbar Market Projected to be Dominated by the Passenger Car Segment Through 2027
The increasing deployment of automotive towbar in both
passenger and lightweight commercial cars is primarily driving the growth of
the global automotive towbar market in the coming years.
According to TechSci Research report on, “Automotive
Towbar Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast, 2017-2027”,
the
global automotive towbar market is anticipated to witness robust CAGR
over the forecast period 2023-2027. The market growth can be attributed
to the rapidly flourishing automotive industry. After the Covid-19, a major
recovery has been witnessed in the automotive sector. Moreover, the inflating
disposable income of the consumers has also pushed the demand for passenger and
lightweight commercial vehicles. For instance, according to a report by KEBA, a
federal motor transport authority, approximately 230, 625 new passenger cars
were registered in May 2021, which is almost 37 percent increase as compared to
May 2020. Such promising sales in the automotive sector are providing the huge
potential to automotive component manufacturers in the global automotive towbar
market. Automotive towbars are made from high-strength aluminum, steel, and
polycarbonates, which are light in weight but have high thermal strength. This
helps in reducing the overall weight of the vehicle, improving fuel efficiency,
and hence minimizing carbon emissions. This is acting as one of the major
factors in driving the growth of the global automotive towbar market.
Furthermore, several vehicle component manufacturers are introducing
retractable towbar equipment. These towbars are invisible in every type of car
and can be stored behind the bumper of the car. Apart from this, the growing
preference for electric cars over ICE engine cars is also providing a positive impact
to the market growth. Several companies have formulated favorable policies
aimed at uplifting the adoption of electric vehicles. According to a report by
the U.S. Department of Energy (DoE), sales of plug-in electric vehicles accounted
for 1.4 million units from 2011 to 2019. As a result, the automotive towbars are
expected to find more find widespread deployment in the future.
Browse over XX market data Figures
spread through 110 Pages and an
in-depth TOC on "Global Automotive Towbar Market"
The
global automotive towbar market is segmented by vehicle type, type, sales
channel, competitive landscape, and regional distribution. Based on the vehicle
type, the market is divided into two-wheeler, passenger cars, light commercial
vehicles (LCV), and medium & heavy commercial vehicles (M&HCV). Among
these, the passenger car segment is expected to hold a prominent market share
in the coming years. With the expanding automotive sector, the production and
demand for passenger cars have increased. Moreover, passenger cars have gained
immense traction among consumers over recent years due to their features such
as compact size, economic value, stylish design, etc. These vehicles have
become an essential part of people’s daily mode of commuting.
By
type the market is segmented between fixed systems, detachable system, and
electric systems. Among these, the electric system segment is anticipated to
hold a significant market share in the coming years due to the increasing
preference for Sports Utility vehicles (SUVs) and off-roading vehicles.
Electric towbar system is operated by a switch, therefore, the ease of use
associated with the electric system is surging its demand at a rapid pace.
Based
on the sales channel, the market is fragmented into OEM, OES and IAM. Among
these, the OEM segment is projected to hold a prominent market share in the
coming years because majority of vehicles contain OE standards fitted
towbars.
A
list of major market players of the global automotive towbar market includes:
- Brink Group B.V.
- PCT Automotive Ltd.
- Bosal International N.V.
- Curt Manufacturing LLC.
- David Murphy Towing
- Trimas Corporation
- Horizon Global Corporation
- Hayman Reese
- ACPS Automotive GmbH
- McCabe Towbars
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“North
America has the largest automotive manufacturing hub in the world. Moreover,
the presence of prominent automotive manufacturers and components manufacturers
such as Horizon Global Corporation and Curt Manufacturing LLC. in the region is
also propelling the growth of automotive towbar market in the region. In
addition to this, rising disposable income of the consumers and the rapid
economic growth in the region are impacted the sales of passenger and
lightweight commercial vehicles. Moreover, several leading market players are
enhancing their production capabilities across the automotive equipment space
to cater to the growing demands of the consumers for more comfortable and
satisfactory vehicle accessories and components such as towbars, which is
projected to provide a positive outlook to the global automotive towbar market
in the coming years.” said Mr. Karan Chechi, Research Director, TechSci
Research, a research based global management consulting firm.
“Automotive towbar Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Vehicle Type
(Two-Wheeler, Passenger Car, Light Commercial Vehicle (LCV), Medium & Heavy
Commercial Vehicle (M&HCV)), By Type (Fixed System, Detachable System,
Electric System), By Sales Channel (OEM, OES, IAM), and By Region” has
evaluated the future growth potential of global automotive towbar market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global automotive towbar market.
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