Automotive Towbar Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2020 to 2030

Published on : Apr-2020 | List of Tables : 82 | List of Figures : 128 | No. of Pages : 170 | Report Code : FACT151MR |

Automotive Towbar Market Insights

The automotive towbar market is poised to grow 1.3X in terms of value, at a CAGR of ~3% by the end of the forecast period 2020-2030. The COVID-19 crisis has affected multiple industries and the effect of the pandemic is expected to have a negative impact on the sales of automotive towbars. The automotive towbar market is directly related to the production of automobiles. With plummeting sales of automobiles globally, market for automotive towbars is set to experience a decline in the first three quarters of 2020.

Automotive Towbar Trends

Demand for automotive towbars is anticipated to soar, on the back of the growing trend for towable recreational vehicles. The emergence of fully electric swiveling towbars is anticipated to gain traction over the forecast period. In addition, with the resumption of automobile production in multiple countries, the demand for passenger cars will swiftly increase which is expected to generate an upward trend in the automotive towbars market.

Automotive Towbars Product Analysis

Amongst all the product types, the retractable towbar is estimated to account for nearly 42% of the automotive actuators market. Amid the COVID-19 outbreak, the automotive industry has been a highly affected sector, hampering sales of automotive towbars. Existing vulnerabilities like declining sales of vehicles will affect the retractable towbar market by the end of 2020. However, widespread usage in passenger vehicles owing to their compact construction coupled with stronger and safer solutions is expected to boost the demand for automotive towbar market in the post-pandemic period. Moreover, automotive retractable towbars are offered as a standard feature in premium and luxury cars such as BMW and Audi and increasing demand for such cars in the future will push manufacturers to ramp up production of retractable towbar.

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Global Automotive Towbar Regional Market Analysis

Collectively, Europe and North America are estimated to account for more than 50% of the total automotive towbar market share in 2020. The adoption of newer technologies and increasing demand for using unpowered trailers and caravans will bolster the growth of the automotive towbar market. Moreover, all the top manufacturers of automotive towbars are situated in Europe. The demand for towing unpowered vehicles is more in these regions compared to others. For instance, in the United Kingdom, the popularity of caravans has led to a large proportion of four-wheelers (SUVs) being fitted with the automotive towbars. This, in turn, is poised to drive the market growth. On the other hand, with the presence of leading automotive as well as components manufacturers, North America will pave way for significant opportunities for the automotive towbar manufacturers in the future.

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Automotive Towbar Leading Manufacturers

The automotive towbar market is fragmented as large number of local and regional players are involved in the manufacturing of automotive towbar across the globe. Some of the prominent market players are, Brink Group B.V, TriMas Corporation, Bosal International N.V., Westfalia-Automotive GmbH, Weigh Safe, PCT Automotive Ltd, Tow-Trust Towbar, Curt Manufacturing LLC, among others. These manufacturers are focusing on introducing new and advanced technology products, which are cost-effective and having high safety levels. For instance,

In 2020, Curt Manufacturing introduced a new non-binding towbar Rambler steel towbar. The newly launched product features with 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 towbar introduced a new product in the market, named “Weigh Safe Drop Hitch.” This product is now available in steel hitch along with aluminum drop hitch consisting of adjustable ball mount with a built-in scale that measures tongue weight, resulting in a much more enjoyable and safer towing experience.

COVID-19 Impact Insights:

The COVID-19 outbreak has presented multiple challenges for the automotive industry. The outbreak came at a time when the automotive industry was already under a prolonged slowdown, causing disruption in the production of automobiles. More than 50% of the automotive towbar sales comes from North America and Europe. USA, being the worst affected country by COVID-19, has resulted in the shutdown of automotive plants and situation in EU still remains critical and has faced a production loss of more than 1.5 Mn vehicles which has directly impeded the sales of automotive towbar.

Furthermore, with the situation stabilizing in Asian countries, manufacturers are likely to invest in this region. The automotive vehicles demand in developing countries of Asia coupled with the resumption of production in China and other countries will enable the automotive towbar manufacturers to increase their presence in this region. Prominent players are optimistic that the production of vehicle will pick up by the end of 2020, in turn, creating demand for automotive towbars.  

Analyst Viewpoint

The COVID-19 outbreak has brought several challenges on the supply side, demand side and financials of leading manufacturers, causing delay in the development of products. However, the upcoming development in the automotive industries and resumption of production activities in Asian countries is anticipated to propel the demand for automotive towbars.

Global Automotive Towbar Market Report Scope

The recent global automotive towbar market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on the key drivers, restraints, opportunities, and threats to the expansion of the global automotive towbar market. A detailed segmental analysis, based on product type, sales channel, and vehicle type has been provided in the report.

Regional analysis in terms of supply chain analysis, business execution and market value analysis provides an in-depth perspective about the future scope of the global motorcycle market. In addition, a separate section on the market structure has also been provided. The section provides a detailed analysis of key market players and the strategies for expansion in the automotive towbar market.

Global Automotive Tow Bar Market - Scope of the Report

Fact.MR recently published a market study on the global market for automotive tow bar. The study provides a detailed assessment on the key market dynamics, including drivers, trends, opportunities, restraints, and detailed information about the automotive tow bar market structure. The market study presents exclusive information about how the automotive tow bar market will grow during the forecast period of 2020-2030.

Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, value chain, supply chain analysis, and Compounded Annual Growth Rate (CAGR) are explained in Fact. MR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the automotive tow bar market in the forecast period.

The study is relevant for stakeholders in the automotive tow bar market, including manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the automotive tow bar market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in the Fact.MR study.

The study also includes statistics as well as facts related to macro as well as microeconomic factors that are impacting developments in the automotive tow bar market. It also offers actionable insights based on future trends in the automotive tow bar market. Furthermore, small businesses and new entrants in the automotive tow bar market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.

Key Segments of the Automotive Tow Bar Market

Fact.MR’s study on the automotive tow bar market offers information divided into three key segments— product, sales channel, vehicle and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.

Product

Sales Channel

Vehicle

Region

Retractable Towbar

OEM

Compact Passenger Cars

North America

Detachable Towbar

OES

Mid-sized Passenger Cars

Latin America

Fixed Towbar

IAM

Premium Passenger Cars

Europe

Towing Brackets (& Ball Plates)

 

Luxury Passenger Cars

Japan

 

 

Sports Utility Vehicle (SUV)

APEJ

 

 

Light Commercial Vehicles

Middle East & Africa (MEA)

 

 

Heavy Commercial Vehicles

 

Key Questions Answered in Fact.MR’s Automotive Tow Bar Market Report

  • Which regions will continue to remain the most profitable regional markets for automotive tow bar market players?
  • Which factors will induce a change in the demand for automotive tow bar during the assessment period?
  • How will changing trends impact the automotive tow bar market?
  • How can market players capture the low-hanging opportunities in the automotive tow bar market in developed regions?
  • Which companies are leading the automotive tow bar market?
  • What are the winning strategies of stakeholders in the automotive tow bar market to upscale their position in this landscape?

Automotive tow bar Market: Research Methodology

In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the automotive tow bar market, and reach conclusions on future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of conclusions.

Secondary resources referred to analysts during the preparation of the automotive tow bar market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who have contributed to the development of this report as a primary resource.

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Automotive Towbar Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2020 to 2030