Automotive Tow Bars Market Scope And Analysis

Automotive Tow Bars Market Report Scope

Regional Analysis:

The automotive tow bars market share is segmented into five major regions: North America, Europe, APAC, the MEA, and SAM.

The US, Canada, and Mexico are among the major economies in North America. Technological advancements have led to a highly competitive market in North America as the increasing population attracts several technological developments due to high spending power. The region has one of the largest automotive manufacturing hubs across the world. The presence of prominent automotive manufacturers and component manufacturers is propelling the market value. The economic growth of North America has increased the sale of passenger cars and commercial vehicles. Tow bars are used by passenger cars, light commercial vehicles, and heavy commercial vehicles; they are strong enough that they do not disintegrate when they are used to pull trailers. The growing passenger car and commercial vehicle sales are raising the demand for automotive tow bars. The European Automobile Manufacturers’ Association, or ACEA, stated in 2021 that the production of passenger cars and commercial vehicles was 13.58 million units in Europe. The use of lightweight materials to design tow bars can reduce the weight of vehicles and enhance fuel efficiency, which would offer lucrative opportunities for the automotive tow bars market in the coming years. Several technological advancements in material science have resulted in a boom in the automotive tow bars market. The developments have allowed manufacturers to use polymers or metals with higher tensile strengths, which could substantially enhance the functionality of tow bar and its operational life. Major factor propelling the automotive tow bars market growth is the swift development in the manufacturing techniques of tow bars and their materials. Further, advancements in electric tow bars are anticipated to grow at a moderate speed in North America during the forecast period, owing to rising SUVs demand, which encourages manufacturers to increase the production of SUVs.

Key Player Analysis:

AutoPacific Australia Pty Ltd, Bosal Group, Brink Group, BTA Towing Equipment, CURT Manufacturing LLC, Oris, PCT Automotive Limited, Alois Kober GmbH, North Shore Tow bars, and GDW NV are among the key automotive tow bars market players operating in the market.

Recent Developments:

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the global automotive tow bars market. A few recent developments by key automotive tow bars market players are listed below:

Year	News
Nov 2020	Exhaust and touring equipment brand Bosal announced the rebuild of its towbar division to serve both the aftermarket and dealer fitment on new vehicles.
Mar 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.