Technological Advancements and Safety Features Fueling the Growth of the Automotive Tow Bar Market
The estimated market size of this Automotive tow bar market is $5,200 Million. During the forecasted period it is termed to register a CAGR growth rate of 4.39%. This is because of an increase in the demand for adventure and use of caravans and motorhomes.
To be more precise, A tow bar is a device used to tow attached to a vehicle’s chassis. It may take the shape of a tow ball to allow the trailer to pivot and move, a tow pin, or a tow hook with a trailer loop. For large or agricultural vehicles, where slack in the pivot pin permits similar motions, the tow bar is frequently. The crucial reason behind the growth of the market is Customisation. This market works as per the customers demand, here manufacturers are in a close coordination with the clients, as per that they design the Tow bars.
With respect to the, Covid-19 just like other industries, the Automotive industry is badly impacted, due to the decrease in the demand. The experts & Research analysts are further deep driving the market. As per their words, the market would recover in the upcoming year. Due to an increase in the disposable income & demand in the vehicles.
Regional analysis
The Automotive TowBar Market, is majorly dominated by 5 specific reasons that is, North America, Europe, Asia Pacific, South America, & the Middle East and Africa.
Out of these, North America, holds the largest market share, then Followed by Europe & Asia Pacific. The reason behind North America domination is because of the presence of the Numerous manufacturing hubs. In addition to this, there’s also a rise in the sale of commercial vehicles & passenger cars. These Tow bars are specifically used by passenger cars, light commercial vehicles, and heavy commercial vehicles.
Market Segmentation
The market segmentation for this Automotive Tow Bar has been broadly done into 3 segments. Segmentation based on Product Type, Sales type & Vehicle type.
On the basis of product type, market is segmented into Fixed, Detachable & Swivelling. Out of this, Detachable segment is expected to be more fruitful in the projected period. Based on Sales type, it has been segmented into Oem & Aftermarket. Lastly, on the basis of Vehicle type, it has been further subdivided into Passenger Cars, Lcv & Hcv.
Key players
The major companies of this Automotive Tow Bar Market are form US, Ireland, Germany, Netherlands, Australia, New zealand & UK.
Name of the companies are as follows Curt Manufacturing LLC (US), David Murphy Towing (Ireland), Trimas corporation (US), Acps automotive GmbH (Germany), Horizon global corporation(US), Brink group B.V. (Netherlands), Hayman Reese (Australia), Mccabe Towbars (Ireland), North Shore Towbars (New Zealand) & PCT Automotive Limited (UK).
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