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The expansion of automotive production and the thriving automotive aftermarket are poised to drive the growth of the global automotive tow bar market. To comprehend this market, it has been categorized based on type, vehicle type, and sales channel.
In terms of type, the market has been divided into detachable, fixed, swiveling, and others. Notably, in 2019, the detachable segment held the largest market share, constituting 40.0% and reaching a market value of USD 560.7 million. Forecasts suggest that this segment will maintain a Compound Annual Growth Rate (CAGR) of 3.8% during the forecast period. The fixed segment, securing the second-largest position in 2019 with a value of USD 384.0 million, is anticipated to exhibit a CAGR of 4.7% in the projected timeframe.
The global market has also been segmented based on vehicle type, including passenger cars, Light Commercial Vehicles (LCVs), and Heavy Commercial Vehicles (HCVs). In 2019, the passenger car segment dominated the market, accounting for 63.0% and boasting a market value of USD 883.8 million. Projections indicate that this segment will maintain a CAGR of 4.3% during the forecast period. The LCV segment, positioned as the second-largest market in 2019 with a value of USD 424.3 million, is expected to exhibit a CAGR of 4.4%. Notably, the HCV segment is forecasted to register the highest CAGR of 5.3% over the forecast period.
The sales channel has also been a crucial factor in market segmentation, distinguishing between OEM and aftermarket. In 2019, the OEM segment held the larger market share at 63.8%, reaching a market value of USD 894.9 million. Projections indicate that this segment will experience a higher CAGR of 4.8% during the forecast period. On the other hand, the aftermarket segment, valued at USD 507.2 million, is projected to exhibit a CAGR of 3.6%.
Regionally, in 2019, Europe emerged as the leader, commanding the largest market share at 36.4% and reaching a market value of USD 510.5 million. It is anticipated to maintain a CAGR of 3.7% during the forecast period. Meanwhile, Asia-Pacific, securing the second-largest position in 2019 with a value of USD 388.8 million, is projected to register the highest CAGR of 5.4%.
the global automotive tow bar market is witnessing substantial growth fueled by the expansion of automotive production and the flourishing automotive aftermarket. The market's segmentation based on type, vehicle type, and sales channel provides valuable insights into the diverse dynamics at play. As various segments demonstrate promising growth rates, manufacturers and stakeholders can strategize effectively to capitalize on the evolving trends in the automotive tow bar market across different regions.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 3.8 Billion |
| Market Size Value In 2023 | USD 3.97 Billion |
| Growth Rate | 4.39% (2023-2032) |
Automotive Tow Bar Market Highlights:
Automotive Tow Bar Market Overview:
Automotive Tow Bar Market Size was valued at USD 3.97 billion in 2023. The automotive Tow Bar market industry is projected to grow from USD 4.12 billion in 2024 to USD 5.6 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.9% during the forecast period (2024 - 2032). Expanding demand for commercial and passenger automobiles, as well as for automotive tow bars are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Automotive Tow Bar Market Trends
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Growing demand for vehicle accessories is driving the market growth
Market CAGR for automotive tow bar is being driven by the rising demand of recreational vehicles. A tow bar is a component used for towing that is fastened to a vehicle's chassis. It could take the shape of a tow ball to allow for trailer articulation or a tow hook with a trailer loop. When using a large or agricultural vehicle, the tow is used since the pivot pin's slack allows for similar movements. In the coming years, the global market for automobile tow bars is anticipated to expand dramatically. A tow bar is an exterior component that is fastened to a vehicle's chassis to enable towing by another vehicle. A tow bar is made specifically to maximize proper weight distribution and towed vehicle swiveling. The market for automobile tow bars is expected to develop as a result of the rising use of recreational vehicles, adventure tourism, and off-road driving as leisure activities. The global market for tow bars primarily offers five different types, with foldable tow bars accounting for the biggest percentage of sales because of their simplicity and compactness.
Additionally, the automotive sector is doing better than it did five years ago, particularly in the US, where sales and profitability have recovered after the previous economic crisis, and in China, where growth is still robust. Ongoing progress is anticipated. With the growth of China's economy, it was predicted that global profits for car OEMs would climb by approximately 50%. In the same vein, the global market for automobile tow bars is steadily expanding. However, various limitations, such as market diversification, complexity, and the cost-effectiveness of the automobile tow bar market, are impeding some growth sectors. OEMs must adjust to shifting regional and segment patterns of supply and demand with regard to their production and supply base footprints, supply chains, and product portfolios as a result of the market's diversification.
The majority of automobiles come equipped with tow bars as standard equipment, and as a result, the original equipment manufacturers (OEMs) segment dominates the market. Tow Bars are easily accessible and installable aftermarket accessories. Additionally, the development of e-commerce and the surge in demand for automobile accessories drive tow bar sales. For instance, the rising demand for Automotive Tow Bar goods, technological advances, and the growing number of applications for Automotive Tow Bar are some of the factors that have contributed to the growth of this market. This led to the growth of the Automotive Tow Bar market revenue.
Automotive Tow Bar Market Segment Insights:
Automotive Tow Bar Product Type Insights
The Automotive Tow Bar Market segmentation, based on Product type includes Fixed, Detachable, Swiveling, Others. Considering its strength, the detachable category is expected to grow significantly. Premium vehicles are increasingly adopting electrically controlled detachable tow bars. The need for Detachable tow bars is predicted to increase with the increase in sales of luxury vehicles.
Automotive Tow Bar Vehicle Type Insights
The Automotive Tow Bar Market segmentation, based on Vehicle Type, includes Passenger Cars, LCV, and HCV. The passenger cars category held the largest share in the market. Trucks made by General Motors and Ford are frequently employed in off-road activities, which greatly increases the need for tow bars among passenger vehicles in North America. Light-duty trucks and SUVs also contribute to the high demand for tow bars in this region.
Automotive Tow Bar Sales Channel Insights
The Automotive Tow Bar Market segmentation, based on sales channel, includes OEM, and Aftermarket. The OEM category dominates the market because the majority of automobiles come with OE standard-fitted tow bars. Due to their accessibility and ease of installation, tow bars are widely used in the aftermarket, which accounts for a sizeable portion of the global tow bar market. Tow bar sales have increased as a result of growing consumer demand for auto accessories and the emergence of online shopping.
Figure 1: Automotive Tow Bar Market, by Distribution Channel, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Automotive Tow Bar Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Europe Automotive Tow Bar market area will dominate this market, a rise in the demand for both commercial and passenger automobiles, as well as for electric vehicles, among other things. The introduction of electric cars and other renewable energy sources, such as solar, wind, and bio-fuels, is a result of sustainable development and the ensuing desire for eco-friendly automobiles.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Automotive Tow Bar Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
North-America Automotive Tow Bar market accounts for the second-largest market share due to Tow bars being strong enough to prevent disintegration when used to tow trailers, and they are utilized by passenger automobiles, light commercial vehicles, and large commercial vehicles. The market for automobile tow bars is expanding as a result of rising sales of both passenger and commercial vehicles. Further, the German Automotive Tow Bar market held the largest market share, and the UK Automotive Tow Bar market was the fastest growing market in the North America region
The Asia-Pacific Automotive Tow Bar Market is expected to grow at the fastest CAGR from 2024 to 2032. Due to its leading automotive market, also due to the growing sale of automotive components is likely to surge the demand for automotive tow bars. Moreover, China’s Automotive Tow Bar market held the largest market share, and the Indian Automotive Tow Bar market was the fastest growing market in the Asia-Pacific region.
Automotive Tow Bar Key Market Players & Competitive Insights
Leading market players are investing heavily in research and developments in order to expand their product lines, which will help the Automotive Tow Bar market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Automotive Tow Bar industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Automotive Tow Bar industry to benefit clients and increase the market sector. In recent years, the Automotive Tow Bar industry has offered some of the most significant advantages to towing vehicles. Major players in the Automotive Tow Bar market, including 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 Tow bars (Ireland), and others, are attempting to increase market demand by investing in research and development operations.
Brink Group produces towing systems and accessories for automobiles. The business provides tow bars, wiring kits, and towing accessories. It collaborates closely with OEMs and OESs on various programs and also provides services to the aftermarket segment of the towing and trailering industry. In August 2020, The majority of the cash operations of the international security and cash management firm G4S, based in the UK, will be purchased by The Brink's Company, a provider of route-based secure logistics, payment solutions, and cash management, for about $860 million.
ACPS Automotive is the market and technology leader for tow bars for passenger cars, SUVs and vans. Under the ORIS brand, eleven locations in Europe, North America, and Asia are where ACPS Automotive develops, produces, and sells its cutting-edge and secure trailer and carrier solutions. Their target markets include car OEMs, end users, and aftermarket businesses like dealers and garages. More than 140 patents are held by ACPS Automotive, which also innovates to influence markets. By issuing licenses, the business also transfers technological advancement to outside parties. In September 2020, the most cutting-edge caravan hitch system on the US market, shown by ACPS Automotive at the significant trade show for mobility and technology firms, provides substantial additional value for both car makers and end users.
Key Companies in the Automotive TowBars market include
- 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)
Automotive Tow Bars Industry Developments
November 2019: The Brink Group and TAG Tow bars have inked a distribution deal, and as a result, TAG Tow bars will now market the Brink range of European Tow bars throughout Australia and New Zealand.
August 2019: Weigh Safe Drop Hitch is a new device that was released on the market by weigh safe, a manufacturer and service provider for vehicle tow bars based in the United States.
April 2020: A contract to create a new business called BYD TOYOTA EV TECHNOLOGY CO., LTD. was signed by BYD Company Ltd. and TOYOTA MOTOR CORPORATION. Research and development for BEVs are done by the recently established firm.
Automotive TowBar Market Segmentation:
Automotive Tow Bar Product Type Outlook
- Fixed
- Detachable
- Swiveling
- Others
Automotive Tow Bar Vehicle Type Outlook
- Passenger Cars
- LCV
- HCV
Automotive Tow Bar Sales Channel Outlook
- OEM
- Aftermarket
Automotive Tow Bar Regional Outlook
North America
- US
- Canada
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
Rest of the World
-
Middle East
-
Africa
-
Latin America
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