The automotive tow bars market was valued at US$ 4827.66 million in 2019 and is projected to reach US$ 5236.76million by 2027; it is expected to grow at a CAGR of 3.6% from 2020 to 2027.
The tow bar is used for towing a broken-down vehicle while ensuring balance to avoid a skid. The growing disposable income of various developing countries, together with a high demand for adventure and use of caravans and motorhomes, has supported the growth of the automotive tow bars market. Several caravan users are choosing tow bars for towing caravans; there are various types of tow bars available in the market to carry a wide variety of accessories; it is highly popular in the UK. The demand for automotive tow bars is likely to surge owing to the increasing trend for towable recreational vehicles. The electric tow bars are anticipated to grow at a moderate pace during the forecast period due to the growing preference for Sports Utility Vehicles (SUV) and off-road vehicles. As these are operated by a switch, the popularity of electric tow bars is surging at a significant pace. With growing investments to set up factories and expand production houses of the automobile, the demand for passenger vehicles and commercial vehicles would rapidly increase, which in turn anticipated generating an upward trend in the automotive tow bars market. Thus, these are among the key factors that are expected to boost the growth of the automotive tow bars market from 2020 to 2027.
The automotive tow bars market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America held the largest share of the global automotive tow bars market, followed by Europe and the Asia Pacific, in 2019. North America has one of the largest automotive manufacturing hubs in the globe. The presence of prominent automotive manufacturers and component manufacturers is propelling the automotive tow bars market value. The economic growth of North America has positively impacted the sale of commercial vehicles and passenger cars. Tow bars are used by passenger cars, light commercial vehicles, and heavy commercial vehicles; they are strong enough; thus, they do not disintegrate when they are used to pull trailers. The growing sales of passenger cars and commercial vehicles are supporting the growth of the automotive tow bars market.
Anker and York Towbars, Bosal Group, Brink Group, BTA Towing Equipment, CURT Manufacturing LLC, Oris, PCT Automotive Limited, Alois Kober GmbH, North Shore Towbars, and GDW NV are among the major players in the global automotive tow bars market.
Impact of COVID-19 Pandemic on Automotive tow bars Market
The COVID-19 outbreak has created 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 tow bars sales come from North America and Europe. The US, being the worst affected country by COVID-19, has resulted in the shutdown of automotive plants and situation in the EU still remains critical and has faced a production loss of more than 1.5 million vehicles, which has directly impeded the sales of automotive tow bars.
Overall size of the global automotive tow bars market has been derived in accordance with primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the automotive tow bars market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the automotive tow bars.