05-Mar-2020 | Facts and Factors
Facts and Factors have authored “Automotive Towbar Market By Product Type (Fixed Towbar, Detachable Towbar, and Others) and By Application (Passenger Vehicles, and Commercial Vehicles): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026”. Based on our analysis, the global automotive towbar market in 2019 is approximately USD 4,964 Million and is anticipated to reach around USD 5,579 Million by 2026. The anticipated CAGR for the automotive towbar market is around 3.07% from 2020 to 2026.
An automotive tow bar is a device attached to the chassis of a vehicle for towing carriers, trailers for both leisure and commercial purposes. They consist of a neck with a towball at one end which helps the towbar to pull the trailers and carrier. Towbars are used whenever the vehicle is not in a working condition and has to be moved from one place to another. The towbars are made of good tensile strength and do not deform because of the pulling force while in operation.
Browse the full “Automotive Towbar Market By Product Type (Fixed Towbar, Detachable Towbar, and Others) and By Application (Passenger Vehicles, and Commercial Vehicles): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026" report at https://www.fnfresearch.com/automotive-towbar-market-by-product-type-fixed-towbar-634
Automotive towbars are available in various types depending on the specifications. Detachable towbars, fixed towbars, retractable towbars, and towing brackets are some automotive towbars. The fixed towbars are attached to a vehicle’s chassis and cannot be disassembled. Bolt-on and flange ball towbars are the two types of fixed towbars. Flange ball towbars are usually used in heavy commercial vehicles, and bolt-on towbars are used in light vehicles. Detachable towbars are not fixed with the vehicle’s chassis and can be detached from the chassis when the towbar is not required. Thereby, detachable towbars are majorly used owing to its flexible features and do not affect the appearance of the car. These automotive towbars are used in both passenger vehicles and commercial vehicles. The passenger vehicle segment is the fastest-growing system for the automotive towbar market. As the growth in a passenger vehicles is growing rapidly, the demand for towbar is also increasing significantly. Generally, in the commercial vehicle segment, the fixed towbars are used owing to its heavy-duty work.
Increased globalization has raised disposable income in developing countries. This has resulted in high demand for vehicles. Hence, vehicle production increased over the past few years and it is contributing to the growth of the global automotive towbar market. Moreover, the rapid advancement in automotive technology is introducing network systems in a vehicle. The manufacturers are investing heavily in designing cars for connected, autonomous, shared, and electrified mobility owing to its consumer awareness towards safety. Thereby, certain factors are increasing the sales of automotive components and it has been anticipated that it will boost the demand for automotive towbars.
The global automotive towbar market has majorly analyzed by considering the following regions including, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America and Europe are the leading regional markets owing to its high availability of automotive and component manufacturers. The Asia Pacific is anticipated to maintain its position in forthcoming years as there is an increase in the production of autonomous vehicles. The demand for passenger cars, light, and heavy vehicles are raising the requirements of automotive components. Thus, the countries in this region are propelling the market growth of the automotive towbar industry. These regions are further analyzed into the major countries includingU.S., UK, Mexico, Canada, Japan, France, China, India, Germany, Italy, Brazil, and Egypt among others.
Some of the major players operating in the automotive towbar market are BOSAL, Horizon Global, PCT Automotive Ltd., MVG, ACS Systems BV, DexKo Global Inc., CURT Manufacturing, and Thule Group among others.
This report segments the Automotive Towbar market as follows:
Global Automotive Towbar Market: By Type Segment Analysis
- Fixed Towbar
- Detachable Towbar
Global Automotive Towbar Market: By Application Segment Analysis
- Passenger Vehicles
- Commercial Vehicles
Global Automotive Towbar Market: Regional Segmentation Analysis
- North America
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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