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I AgreeAnalysis of Automotive Towbar market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global automotive towbar market, which is expected to progress at a CAGR of 3.6% over the forecast period (2021 to 2031), and surpass a valuation of US$ 1.9 Bn. The global automotive towbar market holds 2% share of the global towbar market.
Automotive Towbar Market Size (2021) |
US$ 1.3 Bn |
Market Forecasted Value (2031) |
US$ 1.9 Bn |
Global Market Growth Rate (2021-2031) |
3.6% CAGR |
Market Share of Top 5 Automotive Towbar Suppliers |
25% |
Retractable automotive towbars account for a significant market share by value. Retractable towbar equipment is gaining attraction due to its advantages such as invisibility in every type of car and easy storage (can be stored behind the bumper).
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According to the latest report by Fact.MR, the global automotive towbar market has seen major contribution from countries such as Switzerland, the U.S., Spain, Germany, and U.K., as these countries have a potential automotive market and the presence of leading manufactures.
Sales of automotive towbars increased at under 3% CAGR from 2016-2020. Overall sluggishness in the global automotive sector restricted sales to a larger extent. Prospects further dipped in 2020 as the COVID-19 pandemic took firm hold. Stringent lockdowns to contain the virus led to cessation of manufacturing operations in the automotive domain, crippling sales across the first three quarters of 2020.
Substantial improvements were noted since Q4 2020, with lockdowns easing across several countries. This permitted resumption of automotive industry operations, restoring demand. From 2021 to 2031, global demand for automotive towing services is expected to witness a V-shape recovery and rise at promising growth rate of above 3% through 2031.
North America is poised to generate the largest market value due to the established automotive market in the region. The North America automotive towbar industry is anticipated to capture more than 35% of global share owing to growth in demand for commercial vehicles and high adoption of new technology in the region.
Growing demand of caravans is propelling overall towing market demand in Europe. According to the Caravanning Industry Association, there will be more than 4% rise in the European caravanning industry during the forecast period.
Upsurge in sales of automobile components is propelling demand of automotive towbars. The driving factor that is providing an opportunity for automotive towbars is their light weight and high thermal strength. This high thermal strength is due to manufacturing with plastics, which include polycarbonate. This is helping in the reduction of vehicle weight and improving fuel efficiency, thereby reducing emissions.
After the pandemic effect, the global automotive industry is exhibiting signs of recovery, particularly in the United States. Significant progress has been recorded in the market for electric vehicles.
It is expected that this progress will continue and manufactures of automotive towbars can leverage the megatrend of electric vehicles. Global profits for car manufacturers are projected to soar by around 51%, with China leading in the short term. Consequently, this is aiding the global market for automotive towbars and tow straps.
Moving business from European OEMs to the inexpensive aftermarket in China is also is reorienting the revenue ecosystems towards the Asian region.
It is anticipated that the U.S. will account for over 80% of the overall market share in North America towbars for automotive. Deployment of new technologies and growing demand for unpowered trailers and caravans will likely strengthen market growth over the coming years.
Growth prospects are abound across the EV segment. As per the U.S Department of Energy (DoE), sales of plug-in electric vehicles (PHEVs) totalled 1.4 million units from 2011 to 2019. Hence, automotive towbars for these vehicles is likely to find widespread deployment in the future.
Sales of automotive towbar equipment in the U.K. are expected to increase at a CAGR of around 4% through 2031. Increasing penetration of the luxury automotive sector is likely to pivot demand for automotive towbars across the country.
In recent years, the country has experienced an increase in recreational driving. Consequently, companies offering rental cars and caravans have surged, providing enough room for expansion to the market for automotive towbars.
By the conclusion of the predicted period of 2021-2031, the Germany automotive towbar devices market is set to expand 1.3X in value. Extensive development of the automotive segment, especially with regards to the electric revolution, is broadening market prospects.
According to the KBA federal motor transport authority, a total of 230,625 new passenger cars were registered in May 2021. This represents an increase of 37% compared to May 2020. Prominent brands such as Skoda and Kia experienced an increase of 56% each, while Volkswagen was up by 53%.
Such promising automotive sales are definitely providing room for manufacturers of automotive towbars to establish a firm base in Germany.
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By product, over 2/5 of automotive towbar demand is anticipated to be fuelled by retractable automotive towbars. Demand is strong amid high convenience and easy maintenance cycles.
Several premium and luxury car brands such as BMW and Audi offer retractable automotive towbars. As these can be folded away when not in use, they are highly preferred by automotive manufacturers.
By vehicle, deployment of automotive towbars for luxury passenger cars is likely to increase at above 3% CAGR through 2031. Increasing demand for these cars amid surging disposable income is widening growth prospects.
Modern luxury cars are equipped with the latest components, ranging from shock absorbers to airbags and towbars. Luxury vehicles are equipped with towbars to be standalone to enhance safety while driving.
As the COVID-19 pandemic unfurled, the global automotive industry slipped into further recession. Imposition of mandatory lockdowns to curb infection rates was attributed as the primary growth decelerator.
In the initial quarters of 2020, automotive giants experienced severe gaps in supply and demand. As logistics were disrupted, adequate raw material availability, such as iron and steel, to manufacture automotive towbars, was constrained. Hence, production shortfalls were encountered.
Fortunately, countries have implemented favourable policies aimed at uplifting the global automotive sector. Massive stimulus was received with increasing demand for electric vehicles, especially across China, the United States, and Germany.
Furthermore, since Q4 2020, a gradual recovery in the automotive sector is being witnessed, which has provided favourable ground for expansion of automotive towbar sales.
According to the market research analysis, top manufacturers of automotive towbars are Brink Group B.V, Bosal International N.V, PCT Automotive Ltd, and Curt Manufacturing LLC.
To increase their profit margins, leading market players are opting for organic and inorganic growth strategies, which are enhancing their product portfolios and boosting sales of the product. These strategies include collaborations, partnerships, and product launches. These help in keeping up with the current trends in the automotive towbar industry.
Similarly, recent developments related to companies manufacturing automotive towbars have been tracked by the team at Fact.MR, which are available in the full report.
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Attribute |
Details |
Forecast Period |
2021-2031 |
Historical Data Available for |
2016-2020 |
Market Analysis |
‘’000 Units for Volume and US$ Mn for Value |
Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Global market value from the sales of automotive towbars is estimated to reach US$ 1.9 Bn by 2031.
Sales of automotive towbars are projected to increase at a CAGR of 3.6% during 2021 – 2031.
Automotive towbar industry analysis showcases an absolute dollar opportunity of around US$ 1 Bn for the decade.
Increasing demand for electric vehicles and luxury passenger cars are jointly driving sales of automotive towbars.
Top 5 manufacturers of automotive towbars account for around 25% share in the market, mainly dominated by manufacturers in the United States.
The U.S., U.K., Germany, France, and Spain are among the top countries as far as demand for automotive towbars is concerned.
North America accounted for over 35% of global automotive towbar demand in 2020.
The Europe automotive towbar market is projected to expand at a CAGR of close to 4% during 2021 – 2031.
The U.S. market is set to expand at over 4% CAGR, accounting for more than 80% share in North American market.