NEW YORK, Aug. 18, 2021 /PRNewswire/ — As per the insights by Fact.MR, the global market for automotive towbar is estimated to expand at a rate of 1.3X, exhibiting a CAGR of approximately 3.5% over the assessment period 2021-2031.
The demand for automotive towbars is particularly surging among youngsters owing to the growing preference for Sports Utility Vehicles (SUV) and off-road vehicles. Among various products, retractable towbars are extensively adopted by automotive manufacturers due to its flexible folding capacity.
This in turn is expected to create positive opportunities for growth of the market. Fact.MR has also estimated that, retractable towbars will account for 2/5 of automotive towbars market share in the coming years.
The rising disposable income of various developing countries is propelling demand for luxury cars, which, in turn is pushing sales of automotive towbars. As per the study, the deployment of automotive towbars for luxury passenger cars is set to expand at a CAGR of nearly 3% by the end of 2031.
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According to the study, the U.S. market for automotive towbar will account for over 50% of the overall market share in 2021. Demand outlook for the U.S. remains fairly positive driven by adoption of novel technologies and increasing demand for caravans and unpowered trailers.
Growth prospects are likely to remain positive in the Germany market owing to the scopious development witnessed in the electric domain. Several noteworthy brands are registering increasing sales of vehicles.
For instance, Skoda and Kia experienced growth of 56% each, while Volkswagen was up by 53%. As a result, optimistic automotive sales are compelling more manufacturers to establish their production facilities in the country.
“Leading players operating in the market are focusing on expanding their portfolio. Remarkable outcomes in the electric domain is compelling several other manufacturers to join the bandwagon. Hence, the market is witnessing a slew of new product launches made using advanced technology. This in turn is creating lucrative opportunities for growth of automotive towbar market,” says a Fact.MR analyst.
Key Takeaways from Automotive Towbar Market Survey
- The U.K. market for automotive towbar is anticipated to register a CAGR of over 4% by the end of 2031.
- Driven by growing demand for caravans, the U.S. market for automotive towbar will account for over 50% of overall market sales in 2021.
- The Germany market for automotive towbar is poised to expand at a rate of 1.3X between 2021 and 2031.
- Based on vehicle, deployment of automotive towbars for luxury passenger cars are forecast to grow at a CAGR of over 3% by the end of 2031.
- Increasing demand for luxury passenger cars along with electric vehicles is fuelling the market growth.
- Rising disposable income along with high demand for eco-tourism is projected to boost the market growth.
- The outbreak of COVID-19 pandemic hindered growth of the automotive towbar market.
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Automotive towbar manufacturers are undertaking acquisitions and collaborations to expand their footprint in the market. Also, other manufacturers are focusing on new product offerings to enhance their product portfolio.
For instance, in 2020, Tow-Trust Towbars announced the launch of its newly designed towbar especially manufactured for Ford’s Focus Hatch and Estate. This newly launched towbar is detachable with a towing capacity of 2100 Kg.
In 2021, DexKo Global Inc announced that its subsidiary AL-KO Vehicle Technology Group GmbH has entered into an agreement with H2 Equity Partners to acquire Brink International, a specialist in automotive towbar solutions. This acquisition allow the companies to augment their product portfolio along with expanding their footprint across new regions.
Some of the leading players operating in the automotive towbar market profiled by Fact.MR are:
- Brink Group B.V
- TriMas Corporation
- Bosal International N.V
- Westfalia-Automotive GmbH
- Weigh Safe
- PCT Automotive Ltd.
- GDW N.V
- Tow-Trust Towbars
- Pulliam Enterprises Inc.
- Horizon Global
- Curt Manufacturing LLC
More Valuable Insights on Automotive Towbar Market
Fact.MR, in its new report, offers an unbiased analysis of the global automotive towbar market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on automotive towbar market with detailed segmentation:
- Retractable Automotive Towbars
- Detachable Automotive Towbars
- Fixed Automotive Towbars
- Automotive Towing Brackets (& Ball Plates)
- Sales Channel
- Automotive Towbar Sales through OEMs
- Automotive Towbar Sales through OESs
- Automotive Towbar Sales through IAMs
- Automotive Towbars for Compact Passenger Cars
- Automotive Towbars for Mid-sized Passenger Cars
- Automotive Towbars for Premium Passenger Cars
- Automotive Towbars for Luxury Passenger Cars
- Automotive Towbars for Sports Utility Vehicles (SUVs)
- Automotive Towbars for Light Commercial Vehicles
- Automotive Towbars for Heavy Commercial Vehicles
Key Questions Covered in the Automotive Towbar Market Report
- The market survey also highlights projected sales growth for automotive towbar market between 2021 and 2031
- The report offers insight into automotive towbar demand outlook for forecast period 2021-2031
- Automotive towbar market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Automotive towbar market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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