Global Automotive Towbar Market Projected to be Dominated by the Passenger Car Segment Through 2027
The increasing deployment of automotive towbar in both passenger and lightweight commercial cars is primarily driving the growth of the global automotive towbar market in the coming years.
- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global automotive towbarmarket is anticipated to witness robust CAGR over the forecast period 2023-2027.The market growth can be attributed to the rapidly flourishing automotive industry. After the Covid-19, a major recovery has been witnessed in the automotive sector. Moreover, the inflating disposable income of the consumers has also pushed the demand for passenger and lightweight commercial vehicles. For instance, according to a report by KEBA, a federal motor transport authority, approximately 230, 625 new passenger cars were registered in May 2021, which is almost 37 percent increase as compared to May 2020. Such promising sales in the automotive sector are providing the huge potential to automotive component manufacturers in the global automotive towbar market. Automotive towbars are made from high-strength aluminum, steel, and polycarbonates, which are light in weight but have high thermal strength. This helps in reducing the overall weight of the vehicle, improving fuel efficiency, and hence minimizing carbon emissions. This is acting as one of the major factors in driving the growth of the global automotive towbar market. Furthermore, several vehicle component manufacturers are introducing retractable towbar equipment. These towbars are invisible in every type of car and can be stored behind the bumper of the car. Apart from this, the growing preference for electric cars over ICE engine cars is also providing a positive impact to the market growth. Several companies have formulated favorable policies aimed at uplifting the adoption of electric vehicles. According to a report by the U.S. Department of Energy (DoE), sales of plug-in electric vehicles accounted for 1.4 million units from 2011 to 2019. As a result, the automotive towbars are expected to find more find widespread deployment in the future.
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The global automotive towbar market is segmented by vehicle type, type, sales channel, competitive landscape, and regional distribution. Based on the vehicle type, the market is divided into two-wheeler, passenger cars, light commercial vehicles (LCV), and medium & heavy commercial vehicles (M&HCV). Among these, the passenger car segment is expected to hold a prominent market share in the coming years. With the expanding automotive sector, the production and demand for passenger cars have increased. Moreover, passenger cars have gained immense traction among consumers over recent years due to their features such as compact size, economic value, stylish design, etc. These vehicles have become an essential part of people’s daily mode of commuting.
By type the market is segmented between fixed systems, detachable system, and electric systems. Among these, the electric system segment is anticipated to hold a significant market share in the coming years due to the increasing preference for Sports Utility vehicles (SUVs) and off-roading vehicles. Electric towbar system is operated by a switch, therefore, the ease of use associated with the electric system is surging its demand at a rapid pace.
Based on the sales channel, the market is fragmented into OEM, OES and IAM. Among these, the OEM segment is projected to hold a prominent market share in the coming years because majority of vehicles contain OE standards fitted towbars.
A list of major market players of the global automotive towbar market includes:
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“North America has the largest automotive manufacturing hub in the world. Moreover, the presence of prominent automotive manufacturers and components manufacturers such as Horizon Global Corporation and Curt Manufacturing LLC. in the region is also propelling the growth of automotive towbar market in the region. In addition to this, rising disposable income of the consumers and the rapid economic growth in the region are impacted the sales of passenger and lightweight commercial vehicles. Moreover, several leading market players are enhancing their production capabilities across the automotive equipment space to cater to the growing demands of the consumers for more comfortable and satisfactory vehicle accessories and components such as towbars, which is projected to provide a positive outlook to the global automotive towbar market in the coming years.” said Mr. Karan Chechi, Research Director, TechSci Research, a research based global management consulting firm.
“Automotive towbar Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Vehicle Type (Two-Wheeler, Passenger Car, Light Commercial Vehicle (LCV), Medium & Heavy Commercial Vehicle (M&HCV)), By Type (Fixed System, Detachable System, Electric System), By Sales Channel (OEM, OES, IAM), and By Region” has evaluated the future growth potential of global automotive towbar market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global automotive towbar market.
