Oct 03, 2018
Automotive Tow Bars Market Likely to Recover Owing to Product & Material Innovations, Fact.MR Projects Global Revenue Expansion at < 3% CAGR by 2022
by Team Fact.MR
The global automotive tow bars market, after an initial sluggish growth through 2022, is anticipated to represent a rather modest growth trajectory owing to material innovations translating into new product offerings. The global market for automotive tow bars is also likely to benefit from the sustainability trend that has pushed manufacturers to used environment-friendly polymers and coatings. Novel manufacturing technique like additive manufacturing is anticipated to increase the sales of technologically advanced automotive tow bars over the forecast period of 2017-2022. Moreover, 3D printing will bring more manufacturing finesse in the production of automotive tow bars with more complex designs being made easily for the next generation modern vehicles such as electric and hybrid variants. Fact.MR’s comprehensive analysis of the global automotive tow bars market suggests US$ 2,769.3 Million valuation in terms of revenue share by 2022, with a relatively slow moving CAGR.
Globally, increasing production of vehicles will directly elevate the sales of automotive tow bars, predicts Fact.MR. Growing consumption of compact and mid-size passenger cars- specifically in APEJ and Europe, will contribute to the growth of automotive tow bars market. The compact and mid-size passenger vehicles are likely to hold 31.7 percent and 22.8 percent of the total market share, respectively. The report also records promising growth opportunities for manufacturers of automotive tow bars in the developing nations of APEJ. Moreover, car makers have been focusing on developing nations with low car ownership penetration, hoping to up their zero sum game, thereby, creating a market for component manufacturers.
In terms of product-wise categorization, retractable tow bars segment is projected to nearly 30 percent of the total revenue share, standing at a valuation of US$ 835.2 Million by 2022. The inclination towards retractable tow bars is mainly attributable to its ease of use and safety features. Furthermore, variants such as automatic retractable tow bars are likely to drive the market ahead. Key benefits including easy maintenance, single electric motor to power the unit, stable operations would translate into an increased adoption of automatic retractable tow bars. Manufacturers are also ensuring complete regulations compliance with lightweight technology, further reducing CO2 emissions. A US$ 442 Million opportunity, detachable towbars are anticipated to gain prominence in the coming years owing to its ergonomic design that does not change the appearance of the vehicle.
As per sales channel analysis, aftermarket sales of automotive towbars, specifically those designed and manufactured by key players such as Hayman Reese and Westfalia, is projected to record a comparatively high revenue by the end of assessment period, compared to OEM owing to cost-effective components offered by the former. However, findings also suggest that sales of automotive tow bars through OEM channel will contribute significantly to the market growth, owing to the demand for genuine parts.
Geographically, Europe holds a dominant position, whereas APEJ is likely to emerge as a lucrative market for automotive tow bars manufacturers in the near future owing to the growing consumption of cars.
The report on global automotive towbars market provides an exhaustive description of top players along with a detailed analysis of their product offerings and key financials. Key players such as BOSAL, Westfalia Automotive GMBH, Thule Group, Dixon Bate Limited, David Murphy Towing Brackets Limited, and Brink Group B.V.are profiled in the Fact.MR’s report on global automotive towbars market. While strategic divestments, acquisitions, and partnerships are the likely strategies by key players in order to enhance their product offerings, growing research and development activities on tow bars and materials used for manufacturing these components is also anticipated to drive investment and further innovations. Advancements in technology and the growing penetration of electrification will bring in high potential opportunities in tow bars manufacturing sector. The evolving automotive landscape is likely to change smoothen the OEM-Aftermarket dynamic further translating into strategic collaborations, predicts Fact.MR. For an in-depth analysis of the competitive landscape of global automotive tow bars market, write to Fact.MR.