Global Automotive Tow Bars Market 2019–2023 | Emergence of Electric Swiveling Tow Bars to Boost Growth | Technavio
The global automotive tow bars market is expected to post a CAGR of close to 4% during the period 2019–2023, according to the latest market research report by Technavio. Request a free sample report.
Tow bars are often deployed as a superior towing equipment in the automotive sector mainly due to their application advantages. Operators of trailers, SUVs, and flat-bed pickup trucks use tow bars as they can be easily attached on the rear bumper of vehicles with minimal installation time and labor requirement. In addition, automotive tow bars are compact in shape and light in weight, which adds to their value proposition. Furthermore, the availability of different types of tow bars in the market helps to cater to the evolving needs of the customers, while meeting the tailor-made requirements of automotive manufacturers. Thus, the increasing use of tow bars as an optimum towing equipment will drive the automotive tow bars market growth during the forthcoming years.
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As per Technavio’s automotive tow market analysis, emergence of electric swiveling tow bars will have a positive impact on the market and contribute to its growth significantly over the forecast period. The automotive tow bar market research report also analyzes other important trends and market drivers that will affect market growth over 2019–2023.
Global Automotive Tow Bar Market: Emergence of Electric Swiveling Tow Bars
Prominent vendors in the market have launched electrically-operated automotive tow bars for both OEMs and the automotive aftermarket segments. These tow bars are designed to enhance the functionalities of conventional tow bars and offer operability convenience to the users. For instance, Horizon Global offers electrical swiveling tow bars for automotive applications which can be retracted both manually and electrically. The integration of swiveling mechanism with the conventional tow bars allows them to be fitted easily in limited space. Furthermore, some other market players are focusing on increasing the reliability, reducing the weight, and optimizing the packaging characteristics. These developments in the design of tow bars will further accelerate the automotive tow bars market growth during the forecast period.
“Advances in the manufacturing process of automotive tow bars, and the use of environment-friendly coatings on tow bars, are some other key factors that will contribute to the growth of the automotive tow bar market size during the forecast period,” says a senior analyst at Technavio.
Global Automotive Tow Bar Market: Segmentation Analysis
This market research report segments the global automotive tow bar market by type (non-retractable and retractable) and geographical regions (Europe, North America, APAC, South America, and MEA).
Europe led the market in 2018, followed by North America, APAC, South America, and MEA respectively. The high demand for mid-segment and premium vehicles in western European countries including the UK, Germany, Spain, Italy, and France is contributing to the high market share of Europe. In addition, high availability of tow bars as accessories in the regional automotive aftermarket is also expected to fuel the market growth in the region.
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