Trend for Caravanning as a Recreational Activity Increasing the Demand for Automotive Tow Bar
Automotive tow bar or tow hitch is an equipment attached to the chassis of a vehicle for towing. Numerous automakers have been working hard on innovations in self-propelling devices, and automotive tow bar is one of them. Rapid increase in road vehicles around the globe will create ample opportunities for the growth of the automotive tow bar market. There is a huge choice of tow bars designed for towing caravans in the market. By the turn of the 21st century, ‘caravanning’ for leisure had become an increasingly popular recreational activity, which has helped to foster the demand for automotive tow bar over the forecast period.
The global automotive tow bar market is fragmented as a large number of manufacturers are involved in the production of automotive tow bars around the globe. Some of the top manufacturers are supplying their products to OEMs including, – Brink group B.V and Bosal International NV. They are truly global, with immense entrenched capabilities to serve the automotive tow bar market to consumers around the world. Adventure tourism is rapidly growing in popularity, as tourists seek different kinds of vacations for which they are using different cars to tow multiple unpowered vehicles such as recreational vehicles, travel trailers, and mobile homes. Much of the news coming out of the automotive industry these days concerns a new wave of advanced design and technology. Moreover, top automobile factories are changing their strategies, as demand for electric and autonomous vehicles is increasing, so many companies and suppliers prepare strategically and operationally for these changes. On the same prospect, automotive tow bar manufacturers are focusing on introducing new and advanced technology products, which is cost-effective and having high safety levels.
For instance, in August 2019, Weigh safe, the U.S.-based manufacturer and service provider for automotive tow bar 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.
Similarly, in 2019, Pulliam Enterprises, Inc. designed and manufactured fifth wheel hitches, short-bed truck hitches, and travel trailer hitches. Recently, General Motors launched new ¾ and 1 ton Silverado and Sierra trucks with a new installed towing kit, that include gooseneck and punk mounts. For that, PullRite, introduced two new products in the market “#3900 super 5th” and “#2600 SuperLite.”
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Rising Demand for Motoring Organizations Hastens Market Growth
Many organizations across the globe work to carry out recovery of disabled vehicles, for instance, recovery operators and motoring organizations. When an engine breakdown occurs or whenever the car is not in working condition, the tow bar is used for vehicle recovery. Generally, commercial vehicles are known as the recovery vehicle, tow trucks, or spectacle lift. In USA and European region, the demand for motoring organization is still growing, which drives the growth of the automotive tow bar market in the coming years.
Motoring organizations are those that help to carry out the recovery of disabled vehicles, which are not in working condition. Rising adoption of these towing methods among motoring organizations will boost the demand for automotive tow bar market in the forecast period.
Automotive technology is rapidly moving forward in introducing network systems in a vehicle. Original equipment manufacturers (OEMs) have invested many billions of dollars in designing cars for autonomous, connected, shared, and electrified mobility. Many thousands of Pounds, Dollars, and Euros have gone in researching effects on a vehicle when it is being towed as vehicle safety is paramount for all manufacturers. The behavior and correct control of towed caravan/trailers is equally essential in contributing to a safer road environment. There are lots of manufacturers majorly in the USA and the U.K. offering electric towing equipment, as well as, some providing installation services for tow bar mounting.
Fact.MR finds that the market share for independent aftermarket (IAM) was ~ 35% in 2018, and it will reach to ~ 37% by defeating OEMs over the forecast period. The demand for automotive tow bars used in compact passenger cars is higher than the mid-sized passenger cars. Nowadays, Sports Utility Vehicles (SUV’s) are more in demand due to rapidly changing preferences among consumers around the globe. The automotive tow bar market is also gaining traction by the increasing demand for SUVs, as it is expected to grow at a CAGR of ~ 4% over the forecast duration. Fact.MR also analyzes that the increasing demand for automotive tow bar used in luxury & premium vehicles are in trend, and many top manufacturers are focusing on producing retractable and detachable types of automotive tow bars. Retractable tow bars are used in more passenger vehicles due to their advantages of stronger and safer solutions. In addition, this type of automotive tow bar is entirely invisible in almost every car and has features of dismounting stores in different locations. As of now, retractable tow bars have greater demand holding ~ 43% of the global market share.
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European and North American Countries to Witness Greater Profitability
North America is one of the largest automotive manufacturing hubs in the world. The presence of leading automotive manufacturers, as well as component manufacturers, are driving the market value. The U.S. auto industry marked the sale of 17.3 million new vehicles in the year 2018. The U.S. market has a massive interest in digital technology and innovative mobility concepts. The electric car market in North American countries is on-trend, and many of the automotive device manufacturers launch their new product fitments for these vehicles, and the automotive tow bar is one of them. The adoption of new technology and increasing demand for using unpowered trailers and caravans is bolstering the growth of the automotive tow bar market. The trade war between U.S. and China focused, is already weighing globally on the earnings of carmakers. This factor somehow affects the growth of automotive tow bar market in the coming years. Currently, the market share for North America is ~ 24%, and it will grow by 12 BPS over the forecast period finds Fact.MR.
The European region has a number of key players in automotive tow bar market. In a secondary research it has been found that around 25% of vehicles across Europe have a tow bar fitted but it is more common in countries like- Benelux and Scandinavia. In Sweden, about 2.2 million cars out of 4.3 million (just over 50%) have an automotive tow bar. In the UK, the automotive tow bar market is gaining traction due to the caravanning culture. In the UK, the market share for caravans is ~ 72% as compared to a camper van and motorhome. Europe leads the automotive tow bar market with an incremental opportunity of ~ US$ 583 Mn finds Fact.MR. The key trend for automotive tow bar market growth in Europe is that almost all the top manufacturers of automotive tow bar are located in the European Countries and the demand for towing unpowered vehicles are more as compared to other regions. In the United Kingdom, the popularity of caravans is responsible for a large proportion of four-wheel drive (SUVs) vehicles being fitted with the automotive tow bar.
The automotive vehicle demand in developing nations such as India and China is on the rise and many automotive manufacturers are likely to invest in both the countries. The automotive tow bar sale is not as much as the sale of automotive vehicles, but in the near future the automotive tow bar market will grow by a CAGR of ~ 4% in the APEJ region. There are a number of economic trends, which could help in meeting the target including rapid urbanization, increasing traffic, and growing recreational activities. The incremental growth for APEJ region is about ~ US$ 486.7 Mn over the forecast period.
A complete view of the automotive tow bar market has led our analysts to conclude that, the market is growing at a significant rate, with North America, Europe, and APEJ witnessing significant sales in the global automotive tow bar market. The upcoming development in automotive industries and increasing traffic densities in developing countries such as India and China are also propelling the automotive tow bar demand. Automotive tow bars used in compact vehicles have more market demand than other types of self-propelled vehicles around the globe and it will continue to surge the demand in the forecast period as well. Independent after-market (IAM) services are gaining more demand among the OEMs and OES, as there are a large number of after-market players available in the market and they continue to offer low-cost products with very meagre installation charges. A retractable and detachable automotive tow bar is the center of attraction for the OEMs due to its modern technology and more safety features.
Request research methodology of this report.
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 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 2019-2029.
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 the Fact.MR 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 automotive tow bar 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 study on the automotive tow bar market offers information divided into four important segments - product, vehicle, sales channel, and regional analysis. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
Retractable Tow Bar
Compact Passenger Cars
Detachable Tow Bar
Mid-sized Passenger Cars
Fixed Tow Bar
Premium Passenger Cars
Towing Brackets (& Ball Plates)
Luxury Passenger Cars
Sports Utility Vehicle (SUV)
Light Commercial Vehicles
Heavy Commercial Vehicles
Key Questions Answered in Fact.MR 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.MRs 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 accuracy and reliability of conclusions.
Secondary resources referred to analysts during the production 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 contributed to the development of this report as a primary resource.
1. Global Automotive Tow Bar Market - Executive Summary
1.1. Global Market Overview
1.2. Global Automotive Tow Bar Market – Market Share Analysis
1.3. Fact.MR Analysis
2. Global Automotive Tow Bar Market Introduction
2.1. Global Automotive Tow Bar Market: Definition
2.2. Global Automotive Tow Bar Market: Taxonomy
3. Market Background
3.1. Global Macro-Economic Factors - Relevance & Impact for Automotive Tow Bar Market
3.2. Global Automotive Tow Bar: Market Impact Factors
3.3. North America Vehicle Production & Vehicle PARC
3.4. Latin America Vehicle Production & Vehicle PARC
3.5. Europe Vehicle Production & Vehicle PARC
3.6. SEA & Pacific Vehicle Production & Vehicle PARC
3.7. Japan Vehicle Production & Vehicle PARC
3.8. China Vehicle Production & Vehicle PARC
3.9. India Vehicle Production & Vehicle PARC
3.10. MEA Vehicle Production & Vehicle PARC
3.11. Global Automotive Tow Bar Market: Supply Chain Analysis
3.12. Key Participants Market Presence (Intensity Map) by Region
4. Automotive Tow Bar Market – Key Indicators Assessment
4.1. Global Automotive Tow Bar Market Dynamics: Drivers
4.2. Global Automotive Tow Bar Market Dynamics: Restraint
4.3. Global Automotive Tow Bar Market Dynamics: Trends
5. Global Automotive Tow Bar Market – Price Point Analysis
6. Global Automotive Tow Bar Market Demand (US$ Mn) Analysis 2014-2018 and Forecast, 2019-2029
6.1. Historical Market Value (US$ Mn) Analysis, 2014-2018
6.2. Current and Future Market Value (US$ Mn) Projections, 2019-2029
6.2.1. Y-o-Y Growth Trend Analysis
6.2.2. Absolute $ Opportunity Analysis
7. Global Automotive Tow Bar Market Analysis 2014-2018 and Forecast 2019-2029, by Region
7.1. Historical Market Size (US$ Mn) Analysis By Region, 2014 – 2018
7.2. Current Market Size (US$ Mn) Analysis and Forecast By Region, 2019 – 2029
7.2.1. North America
7.2.2. Latin America
7.3. Market Attractiveness Analysis By Region
8. Global Automotive Tow Bar Market Analysis 2014-2018 and Forecast 2019-2029, by Product Type
8.1. Introduction / Key Findings
8.2. Historical Market Size (US$ Mn) Analysis by Product Type, 2014 – 2018
8.3. Current and Future Market Size (US$ Mn) Analysis and Forecast By Product Type, 2019 – 2029
8.3.1. Retractable Tow Bar
8.3.2. Detachable Tow Bar
8.3.3. Fixed Tow Bar
8.3.4. Towing Brackets (& Ball Plates)
8.4. Market Attractiveness Analysis By Product Type
9. Global Automotive Tow Bar Market Analysis 2014-2018 and Forecast 2019-2029, by Sales Channel
9.1. Historical Market Size (US$ Mn) Analysis By Sales Channel, 2014 – 2018
9.2. Current and Future Market Size (US$ Mn) Analysis and Forecast By Sales Channel, 2019 – 2029
9.3. Market Attractiveness Analysis By Sales Channel
10. Global Automotive Tow Bar Market Analysis 2014-2018 and Forecast 2019-2029, by Vehicle Type
10.1. Historical Market Size (US$ Mn) Analysis By Vehicle Type, 2014 – 2018
10.2. Current and Future Market Size (US$ Mn) Analysis and Forecast By Vehicle Type, 2019 – 2029
10.2.1. Compact Passenger Cars
10.2.2. Mid-sized Passenger Cars
10.2.3. Premium Passenger Cars
10.2.4. Premium Passenger Cars
10.2.5. Sports Utility Vehicle (SUV)
10.2.6. Light Commercial Vehicles
10.2.7. Heavy Commercial Vehicles
10.3. Market Attractiveness Analysis By Vehicle Type
11. North America Automotive Tow Bar Market Analysis 2014-2018 and Forecast 2019-2029
11.2. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2014 – 2018
11.3. Market Size (US$ Mn) Forecast By Market Taxonomy, 2019 – 2029
11.3.1. By Country
11.3.2. By Product Type
11.3.3. By Sales Channel
11.3.4. By Vehicle Type
11.4. Market Attractiveness Analysis
12. Latin America Automotive Tow Bar Market Analysis 2014-2018 and Forecast 2019-2029
12.2. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2014 – 2018
12.3. Market Size (US$ Mn) Forecast By Market Taxonomy, 2019 – 2029
12.3.1. By Country
12.3.2. By Product Type
12.3.3. By Sales Channel
12.3.4. By Vehicle Type
12.4. Market Attractiveness Analysis
13. Europe Automotive Tow Bar Market Analysis 2014-2018 and Forecast 2019-2029
13.2. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2014 – 2018
13.3. Market Size (US$ Mn) Forecast By Market Taxonomy, 2019 – 2029
13.3.1. By Country
13.3.2. By Product Type
13.3.3. By Sales Channel
13.3.4. By Vehicle Type
13.4. Market Attractiveness Analysis
14. Japan Automotive Tow Bar Market Analysis 2014-2018 and Forecast 2019-2029
14.2. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2014 – 2018
14.3. Market Size (US$ Mn) Forecast By Market Taxonomy, 2019 – 2029
14.3.1. By Country
14.3.2. By Product Type
14.3.3. By Sales Channel
14.3.4. By Vehicle Type
14.4. Market Attractiveness Analysis
15. APEJ Automotive Tow Bar Market Analysis 2014-2018 and Forecast 2019-2029
15.2. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2014 – 2018
15.3. Market Size (US$ Mn) Forecast By Market Taxonomy, 2019 – 2029
15.3.1. By Country
15.3.2. By Product Type
15.3.3. By Sales Channel
15.3.4. By Vehicle Type
15.4. Market Attractiveness Analysis
16. MEA Automotive Tow Bar Market Analysis 2014-2018 and Forecast 2019-2029
16.2. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2014 – 2018
16.3. Market Size (US$ Mn) Forecast By Market Taxonomy, 2019 – 2029
16.3.1. By Country
126.96.36.199. GCC Countries
188.8.131.52. South Africa
16.3.2. By Product Type
16.3.3. By Sales Channel
16.3.4. By Vehicle Type
16.4. Market Attractiveness Analysis
17. Company Profiles
17.1. Westfalia-Automotive GMBH
17.1.1. Business overview
17.1.2. Product overview
17.1.3. Key developments
17.2. Bosal International N.V.
17.2.1. Business overview
17.2.2. Product overview
17.2.3. Key developments
17.3. Brink Group B.V.
17.3.1. Business overview
17.3.2. Product overview
17.3.3. Key developments
17.4. Dixon Bate Limited
17.4.1. Business overview
17.4.2. Product overview
17.4.3. Key developments
17.5. PCT Automotive Limited
17.5.1. Business overview
17.5.2. Product overview
17.5.3. Key developments
17.6. GDV NV
17.6.1. Business overview
17.6.2. Product overview
17.6.3. Key developments
17.7. TriMas Corporation
17.7.1. Business overview
17.7.2. Product overview
17.7.3. Key developments
17.8. AL-KO KOBER LTD
17.8.1. Business overview
17.8.2. Product overview
17.8.3. Key developments
17.9. David Murphy Towing Brackets Ltd.
17.9.1. Business overview
17.9.2. Product overview
17.10. Brano Group
17.10.1. Business overview
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