Retractable Automotive Towbars to Yield 40% of Overall Market Demand: Fact.MR Study
Published : 27 Jul 2021 Industry: Automotive
The automotive towbar market is set to increase 1.3x in value by the end of the 2021-2031 forecast period, expanding at a CAGR of around 3.5%, according to a recently published report by Fact.MR. Demand is poised to increase amid a surging market for electric vehicles and luxury passenger cars.
Historically, the market for automotive towbars experienced moderate incline, recording just under 3% CAGR from 2016 to 2020. A sluggish automotive industry due to prolonged recession is attributed as the key reason behind this stunted growth. Further crunches were experienced amidst the COVID-19 pandemic.
However, as Q4 2020 dawned, restrictions imposed to curb the spread of the pandemic were gradually lifting, restoring growth projections of conventional and electric automobiles. According to the International Energy Agency, over 10 million electric cars were on global roads, with battery electric models driving expansion. This trend is expected to continue in 2021 and beyond. Likewise, ownership of luxury cars surged significantly in countries like Germany, with giants such as Volkswagen, Skoda and Kia witnessing inclines of 53% and 56% each respectively.
Key Takeaways from Automotive Tow Bars Market Study
- By product, sales of retractable automotive towbars likely to account for over 40% of total demand
- Automotive towbars for luxury passenger cars to experience growth exceeding 3% CAGR through 2031
- U.S to yield over half of the global revenue in the market for automotive towbars by 2031
- German automotive towbar market likely expand 1.3x its market value
- U.K to emerge as an important growth destination, expanding at nearly 4% CAGR
- China, India and Japan to collectively emerge as highly lucrative markets, amid extensive developments in the automotive sector
“Manufacturers are gradually shifting their focus towards emerging nations to strengthen their footprint. Considering this, emphasis on mergers and acquisitions will continue growing in the market” says an analyst at Fact.MR.
To expand their geographical footprint and income generation sources in previously unexplored regions, key market players are pursuing inorganic growth strategies such as mergers and acquisitions.
Key manufacturers in the Automotive Tow Bars market include David Murphy Towing, LCI Industries, TowerBrook Capital Partners (UK) LLP, PCT Automotive, Westfalia-Automotive GmbH, Horizon Global Corp., ACPS Automotive GmbH, Brink Group BV, MVG.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive towbar market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study indulges essential insights on the market on the basis of product (retractable towbar, detachable towbar, fixed towbar and towing brackets (& ball plates)), sales channel (OEM, OES and IAM) and vehicle (compact passenger cars, mid-sized passenger cars, premium passenger cars, SUVs, light commercial vehicles and heavy commercial vehicles), across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
About the Automotive Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automobile 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 analyzed 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 - Industrial Goods and Automotive