Increasing Automotive Demand to Boost Unit Sales of Automotive Towbars Over Coming Years, States, Fact.MR
Published : 29 Nov 2021 Industry: Automotive
In the latest report on the global automotive towbar market by Fact.MR, a market research and competitive intelligence provider, the industry is anticipated to expand at a CAGR of 3.6% over the forecast period (2021 to 2031).
Increasing automation along with growing population is escalating demand for towbars. Rising demand for commercial vehicles is propelling market growth. Retractable automotive towbars have dominated the revenue share of the market, and the segment is poised to account for around US$ 700 Mn by the end of 2031.
The automotive towbar market is continuously growing due to continuous investments on research & development. Prominent market players are Brink Group B.V, Bosal International N.V, TriMas Corporation, and PCT Automotive Ltd. These companies account for approximately 15% share of the global market.
North America is a prominent regional market, wherein, the U.S holds significant market share of more than 50%. High penetration of the product in the country is due to early adoption of technologies and rising demand for unpowered trailers.
Another factor strengthening market growth is amplifying need for electric vehicles. The electric vehicle sector represents 26% of the global automotive industry, which is propelling market growth of automotive towbars as well.
Key Takeaways from the Market Study
- The global automotive towbar market is projected to rise at a CAGR of a little over 3.5% over the forecast period and reach a market valuation of US$ 1.9 Bn by 2031.
- Under vehicle type, luxury passenger cars are poised to create promising absolute dollar opportunity over the projection period.
- North America is the largest market, followed by Europe, owing to growing demand for electric vehicles and increasing manufacturing of passenger vehicles over the past few years.
- Under sales channel, OEMs are generating highest revenue for the market, poised to capture around 40% market share by the end of the assessment period.
“Increase in sales of high-power engines is accelerating demand for automotive towbars,” says a Fact.MR analyst.
Market Leaders’ Strategy
Leading market participants are constantly involved in product changes for trailer couplings. Development is achieved by adapting the product to the various needs of customers. This helps reduce weight of the product by changing materials and extending the service life of the towbars. This growth strategy is being initiated by frontrunners to expand their consumer base and pave the way for increased revenue generation.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive towbar market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study revels essential insights on the basis of product (retractable, detachable, fixed, and automotive towing brackets & ball plates), sales channel (OEMs, OESs, and IAMs), vehicle (compact passenger cars, mid-sized passenger cars, premium passenger cars, luxury passenger cars, sports utility vehicles (SUVs), light commercial vehicles, and light commercial vehicles), and region (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
Fact.MR’s Domain Knowledge in Automotive Division
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automotive team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant – Automotive Industry