According to Fact.MR- a market research and competitive intelligence provider- the automotive towbar market is set to increase 1.3X in value by the end of the projected period 2021-2031, with a CAGR of around 3.5%.
Prospects temporarily dipped amidst the COVID-19 pandemic, as mandatory lockdowns halted automotive manufacturing processes to a very large extent. However, resumption of factory operations amid flattening infection curves is expected to restore demand by Q4 2021.
Key Points Covered in Automotive Towbar Industry Survey:
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations
- Assessment by Product Grade / Purity / Formulation Standards
- Assessment of Import Price, Bulk Price, Contractual Price, Producer / Distributor Price
- Certifications and Compliance Requirements
- COVID-19 Impact on the Automotive Tow Bars Sales and How to Navigate Recommendation on Key Winning Strategies
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Consumption Analysis of Automotive Towbars from 2016-2020 Vs Market Outlook for 2021 to 2031
According to Fact.MR, sales of automotive towbars surged at under 3% CAGR from 2016-2020. Overall sluggishness in the global automotive sector restricted sales to a very large 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.
Substantial improvements were noted since Q4 2020, with lockdowns easing across several countries. This permitted a resumption of automotive industry operations, restoring demand. From 2021 to 2031, global demand for automotive towbars is expected to grow at a CAGR of approximately 3.5%.
How is a Gradually Improving Automotive Industry Boosting Demand?
After a prolonged global recession, 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. Global profit for car manufacturers was projected to soar by about 51%, with China contributing a major chunk of this growth. Consequently, this is impelling the global market for automotive towbars.
Diverse markets are driving OEMs to adapt altering regional and segment supply and demand trends in terms of production and supply bases, supply chains, and portfolios. Moving the landscape of the business from European OEMs to the expensive aftermarket in China is also is reorienting revenue ecosystems towards the Asian region.
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How Has COVID-19 Impacted Demand for Automotive Towbars?
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 favorable policies aimed at uplifting the global automotive sector. Massive stimulus was received with the 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 provided favorable ground for expansion of automotive towbar sales.
What is the Demand Outlook for Automotive Towbars in the U.S.?
It is anticipated that the U.S will account for over 50% of the overall market share for automotive towbars in 2021. Deployment of new technologies and the growing demand for unpowered trailers and caravans will likely strengthen growth in forthcoming years.
Growth prospects abound across the EV segment. As per the U.S Department of Energy (DoE), sales of plug-in electric vehicles (PHEVs) totaled 1.4 million units from 2011 to 2019. Hence, deployment of automotive towbars for these vehicles is likely to find widespread deployment in the future.
How is the U.K anticipated to Generate Favorable Prospects for Automotive Towbars?
Sales of automotive towbars in the U.K are expected to grow at a CAGR of around 4% until 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, several companies offering rental cars and caravans has surged, providing enough room for expansion to the market for automotive towbars.
Why are Manufacturers Capitalizing on the German Automotive Towbars Landscape?
By the conclusion of the predicted year 2021-2031, the German automotive towbar market will expand by 1.3x in value. Extensive development of the automotive segment, especially with regard to the electric revolution, is broadening 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 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 base in Germany.
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Why are Retractable Automotive Towbars in High Demand?
By product, over 2/5th of automotive towbars demand is anticipated to be fueled by retractable 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.
Will Luxury Cars Emerge as Primary Vehicles for Automotive Towbar Applications?
By vehicle, deployment of automotive towbars for luxury passenger cars are likely to surge at above 3% CAGR through 2031. Increasing demand for such cars amid surging disposable incomes is widening growth prospects.
Modern luxury cars are equipped with the latest components, ranging from shock absorbers to airbags and towbars. These are mostly done with a view to enhance safety while driving.
Major players with a prominent share in the market are focusing on expanding their customer base.
- For instance, in June 2021, DexKo Global Inc. signed an agreement to acquire Brink International, a specialist in automotive towbar solutions. The Dutch company is expanding the DexKo range to include designed towing and transport solutions.
- Also, Roadmaster Automotive Products offers the ROADMASTER 020 TRACKER 5,000 LB. FEATURES Crossbar for complete safety - for the highest safety enhanced. It is the only manufacturer of the goods manufactured to provide structural integrity, long life, and safety.
- Likewise, Curt Manufacturing offers a non-binding rambler steel towbar. The newly introduced device incorporates an automated locking system, 3 storage settings, and slide-resistant arms for improved control and handling.
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Historical Data Available for
|US$ Mn for Value & 000 Units for Volume|
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
|Customization & Pricing||
Available upon Request
- Retractable Automotive Towbars
- Detachable Automotive Towbars
- Fixed Automotive Towbars
- Automotive Towing Brackets (& Ball Plates)
- Automotive Towbar Sales through OEMs
- Automotive Towbar Sales through OESs
- Automotive Towbar Sales through IAMs
- Automotive Towbars for Compact Passenger Cars
- Automotive Towbars for Mid-sized Passenger Cars
- Automotive Towbars for Premium Passenger Cars
- Automotive Towbars for Luxury Passenger Cars
- Automotive Towbars for Sports Utility Vehicles (SUVs)
- Automotive Towbars for Light Commercial Vehicles
- Automotive Towbars for Heavy Commercial Vehicles
Automotive Towbar Market- Scope of Report
A recent study by Fact.MR on the automotive towbar market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering automotive towbars.
The study also provides the dynamics responsible for influencing the future status of the automotive towbar market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies operating in the automotive towbar market, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of automotive towbars across the globe.
A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of automotive towbars during the forecast period. Price point comparison by region with global average price is also considered in the study.
Key Questions Answered in Report
- Which are the most lucrative automotive towbar markets?
- Which factors will impact the growth of automotive towbars?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the automotive towbar industry?
- What are the winning strategies of stakeholders in the market?
Analysis on Market Size Evaluation
The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).
Estimates at global and regional levels for automotive towbars are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global automotive towbar market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the automotive towbars during the forecast period.
Country-specific valuation on demand for automotive towbars has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value & volume for emerging countries has also been included in the report.
In-depth Analysis on Competition Analysis
The report sheds light on leading manufacturers of automotive towbars, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering automotive towbars has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the automotive towbars domain.
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the automotive towbar industry, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the preparation of the 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, all of whom have contributed to the development of the research report as a primary resource.
- FAQs -
Sales of automotive towbars are poised to incline 1.3x by 2031, according to Fact.MR
From 2016 to 2020, demand for automotive towbars surged at under 3% CAGR
From 2021 to 2031, the global automotive towbars market is likely to expand at a CAGR of 3.5%
Increasing demand for electric vehicles and luxury passenger cars are jointly driving sales of automotive towbars
The U.S is expected to yield over 50% of the global revenue for automotive towbars
A CAGR of 4% has been projected for the U.K automotive towbars market from 2021-2031
Sales of automotive towbars in Germany are poised to expand 1.3x its value until 2031
Automotive towbars for luxury passenger cars are expected to expand at over 3% CAGR until 2031
Retractable automotive towbars are most popular, accounting for over 2/5th of overall demand
Brink Group and Curt Manufacturing are two prominent automotive towbars manufacturers included in the report by Fact.MR
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
Who are the respondents for primary research?
Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.
Is a sample of this report available for evaluation?
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