Global Tow Bar Market – Industry Trends and Forecast to 2029

Market Analysis and Size

Towbars are widely being utilized for towing vehicles, when an engine breakdown occurs. They are also used when a vehicle is not in a working condition. These devices assist in effective moving of the broke down vehicle to the nearby service station.

Global Tow Bar Market was valued at USD 5622.08 million in 2021 and is expected to reach USD 7873.57 million by 2029, registering a CAGR of 4.30% during the forecast period of 2022-2029. “Retractable Automotive Towbars” is expected to witness high growth in the product type segment owing to the high convenience and easy maintenance cycles. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Market Definition

A tow bar refers to a device that is attached to the chassis of a vehicle for the purpose of towing. It may be in the form of a tow ball to enable articulation of a trailer, or a tow hook with a trailer loop. The tow is utilized for large or agricultural vehicles where slack in the pivot pin enables similar movements.

Report Scope and Market Segmentation

Tow Bar Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Rise in graph of recreational vehicles

The rise in graph of recreational vehicles across the globe acts as one of the major factor driving the growth of tow bar market. Also, increase in the participation in adventure tourism and off-roading leisure activities has a positive impact on the market.

• Increase in demand for luxury cars

The increase in demand for luxury cars amid surging disposable income accelerate the market growth. Modern luxury cars are equipped with the latest components such as airbags and towbars to be standalone for enhancing safety while driving.

• Government Initiatives

The surge in government initiatives towards tow bars and airbags through publicity and promotions, or through implementation of regulations. These activities encourage customer to focus on robust safety systems that further expands the market.

Additionally, expansion of the automotive sector, surge in investments and increased disposable income positively affect the tow bar market.

Opportunities

Furthermore, novel manufacturing processes, such as additive manufacturing extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, surge in investments emission further escalate the growth of tow bar market.

Restraints/Challenges faced by the Tow Bar Market

On the other hand, high cost associated with the product is expected to obstruct market growth. Also, fluctuations in raw materials are projected to challenge the automotive tie rod assembly market in the forecast period of 2022-2029.

This tow bar market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the tow bar market contact Data Bridge Market Research for an Analyst Brief. Our team will help you take an informed market decision to achieve market growth.

COVID-19 had a Major Impact on Tow Bar Market

The COVID-19 had a negative impact on the tow bar market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand for tow bar. The supply chain got hampered during the pandemic along with delay logistics activities. However, the tow bar market is expected to regain its pace during the post pandemic scenario due to the easing on the restrictions.

Global Tow Bar Market Scope

The tow bar market is segmented on the basis of product type, vehicle and sales channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Retractable Automotive Towbars
• Detachable Automotive Towbars
• Fixed Automotive Towbars
• Automotive Towing Brackets and Ball Plates

Vehicle

• 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

Sales Channel

• OEM Automotive Towbar Sales
• OES Automotive Towbar Sales
• IAM Automotive Towbar Sales

Tow Bar Market Regional Analysis/Insights

The tow bar market is analyzed and market size insights and trends are provided by country, product type, vehicle and sales channel.

The countries covered in the tow bar market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC)  in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

Europe dominates the tow bar market because of the rise in demand for off-road activities and use of tow bars in passenger cars and commercial vehicles within the region.

Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increase in demand for SUVs and commercial vehicles for towing unpowered caravans in developing regions.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Tow Bar Market Share Analysis

The tow bar market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to tow bar market.

Some of the major players operating in the tow bar market are

• Curt Manufacturing LLC (US)
• David Murphy Towing (Ireland)
• Trimas corporation (US)
• Acps automotive GmbH (Germany)
• Horizon global corporation(US)
• Brink group B.V. (Netherlands)
• Hayman Reese (Australia)
• Mccabe Towbars (Ireland)
• North Shore Towbars (New Zealand)
• PCT Automotive Limited (UK)

SKU-68500