Automotive Tow Bars Market Size Share Opportunities and Forecast 2022

Automotive Tow Bars Market Size Share Opportunities and Forecast 2022

“DataM Intelligence”
Global Automotive Tow Bars Market is estimated to reach at a high CAGR of 3.79% during the forecast period (2022-2029).

Market Overview

A tow bar is an outside device attached to the chassis of a car so that it can be towed through any other car. A tow bar is particularly designed to optimize the right load distribution and swiveling of the towed vehicle. The rise in the graph of recreational cars and participation in journey tourism and rancid roading entertainment activities are important elements that contribute to the market boom of the automobile tow bars market. Tow bars are particularly available in five differing types inside the worldwide market, among which foldable tow bar holds the most important proportion in income due to convenience and compactness. Most motors contain OE standard geared up tow bars and hence, the authentic system producers (OEMs) segment holds a main share in the marketplace. Tow Bar is without difficulty available and may be installed in the aftermarket. Furthermore, the rise in the call for car accessories and the appearance of e-trade propels sales of the tow bar.

 

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Market Insights

Tow Bars Serve as an Optimum Towing Equipment

Tow bars are regularly deployed in the car region as a superior towing system especially because of the advantages in their application. Towing couples two or greater gadgets collectively so they can be pulled through a designated strength source or supply. The source for towing can be a motorized land car, or a vessel and the burden is anything that can be pulled. These can be joined with the assistance of a chain, bar, hitch, 3-factor, 5th wheel, rope, coupling, incorporated platform, drawbar, or other means of keeping the gadgets collectively even as in motion. Trailer operators, SUVs, and flat-mattress pickup trucks use tow bars as they may be easily mounted on cars’ rear bumper with minimal installation time and labor necessities. Additionally, tow bars for vehicles are compact in form and mild in weight, which provides for their fee proposition. Also, the supply of numerous kinds of tow bars available on the market helps cater to the customers evolving needs while assembly the automotive producers tailored requirements.

 

Market Segmentation:

By Type

    • Flange Towbar
    • Swan Neck Towbar
    • Fixed Towbar
    • Detachable Towbar

By Sales Channel

    • OEM
    • Aftermarket

By Vehicle Type

    • Passenger Cars
    • Commercial Vehicles

 

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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, Tow-Trust Towbar are the leading market players with the prominent market size. Companies are using different strategies such as portfolio expansion, product diversification, 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.”

 

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