Automotive Tow Bars Market by Type and Geography - Forecast and Analysis 2022 to 2026

According to the research report, the automotive tow bars market will witness a growth of 4.05 % at a CAGR of 4.15% which is expected to increase by USD 1.21 billion.

This  market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers automotive tow bars market segmentations by type (non-retractable and retractable) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The market report also offers information on several market vendors, including A1 Towing Ltd., ACPS Automotive GmbH, AL KO SE, Anker Towbars Ltd., Bosal Nederland BV, BTA Towing Equipment, CURT Manufacturing LLC, David Murphy Towing, GDW NV, Hayman Reese, Horizon Global Corp, LKQ Specialty Products Group, McCabe Towbars, North Shore Towbars, PCT Automotive Ltd, Pulliam Enterprises Inc, ROADMASTER Inc, SUN AUTOMOBILE Co Ltd, Tow-Trust Towbars Ltd., and Weigh Safe among others.

What will the Automotive Tow Bars Market Size be During the Forecast Period?

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Automotive Tow Bars Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post-COVID-19 era. The tow bars serving as optimum towing equipment is notably driving the market growth, although factors such as the slowdown in automobile sales worldwide may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Automotive Tow Bars Market Driver

Tow bars that serve as optimum towing equipment is a major driver fueling the market growth. The market is primarily driven by the application advantages of tow bars, which make them superior towing equipment. Automotive tow bars are one of the most commonly available towing equipment in the aftermarket for towing applications. Tow bars are mostly used by operators of trailers, flat-bed pickup trucks, and SUVs as these vehicles usually have higher pulling power. As towing equipment, tow bars can be attached easily to the rear bumper of vehicles with minimal installation time and labor requirements. There are various types of tow bars available in the market, which cater to the needs of different segments of customers. The tow bars differ in terms of price, quality, and operating mechanism. For instance, a user opting for a cost-effective and convenient way of towing (for towing small carriages) has the option of purchasing a non-retractable tow bar. On the other hand, for a user looking for a flexible, high-quality tow bar with higher towing capacity, retractable tow bars with flanges will be ideal. Moreover, automotive tow bars are compact in shape and light in weight, which adds to their value proposition. Such factors are driving the growth of the market.

Key Automotive Tow Bars Market Trend

The use of environment-friendly coating on tow bars is a major trend influencing the market growth. Manufacturers are using environment-friendly coatings on automotive tow bars as part of their contribution to environmental sustainability. Such measures undertaken by manufacturers of automotive tow bars are expected to act as market drivers during the forecast period. Vendors operating in the market are working on different methods to increase the value proposition of automotive tow bars. For instance, some of the vendors are using specialty chemicals and polymers to serve as a coating on automotive tow bars. Such coatings not only increase the reliability and corrosion resistance of automotive tow bars but also minimize the impact on the environment. This is because these coatings minimize the wear and tear of the outer surface of tow bars, which can otherwise pollute the environment. Of all the coatings, epoxy-based primers are considered one of the most effective environment-friendly coatings. In addition, the growing use of lightweight vehicle technologies is driving the use of high-strength thermal plastics, including polycarbonates, which are light in weight and provide superior resistance to corrosion. The growing use of such coatings is expected to drive the growth of the market in focus during the forecast period.

Key Automotive Tow Bars Market Challenge

Growing cost pressure on manufacturers of automotive tow bars is a major hindrance to the  market growth. Players operating in the automotive value chain are facing several challenges, such as the need to reduce costs while improving the quality of products. The high competition in the global automotive market and emerging consumer demands have compelled automotive OEMs to operate within strict cost parameters to remain profitable while providing improved levels of quality at similar price levels. This compels OEMs to pass on cost pressure across the value chain, including vendors and component suppliers. Manufacturers of automotive tow bars are facing high pressure to manage costs while delivering high-quality products and components. The cost pressure on component suppliers that supply raw materials to vendors operating in the market is more. This is because they need to meet stringent quality control regulations and clear tests defined by stakeholders such as tow bar manufacturers and OEMs. In addition, component suppliers have to restrict manufacturing costs to price their products competitively in the market while delivering high-quality products. This is mainly because component suppliers will be liable for product failures. In addition, tow bar manufacturers have been exploring different means to control production costs and maintain quality standards. One such option is to outsource manufacturing to low-cost countries such as China. However, the cost of labor is rising in these countries; therefore, maintaining low production costs is becoming a cause of concern.

This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the market as a part of the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the  market during the forecast period.

Who are the Major Automotive Tow Bars Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• A1 Towing Ltd.
• ACPS Automotive GmbH
• AL KO SE
• Anker Towbars Ltd.
• Bosal Nederland BV
• BTA Towing Equipment
• CURT Manufacturing LLC
• David Murphy Towing
• GDW NV
• Hayman Reese
• Horizon Global Corp
• LKQ Specialty Products Group
• McCabe Towbars
• North Shore Towbars
• PCT Automotive Ltd
• Pulliam Enterprises Inc
• ROADMASTER Inc
• SUN AUTOMOBILE Co Ltd
• Tow-Trust Towbars Ltd.
• Weigh Safe

 

This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying growth strategies such as product differentiation to compete in the market.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Automotive Tow Bars Market Value Chain Analysis

Our In-house experts produce extensive information on the value chain, and parent market of the market which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.

The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Automotive Tow Bars Market?

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40% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for market in North America. Market growth in this region will be faster than the growth of the market in other regions.

The increasing availability of tow bars and their accessories in the e-commerce space is one of the prime factors that will facilitate market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Type Segments in the Automotive Tow Bars Market?

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The market share growth in the non-retractable segment will be significant during the forecast period. The high sale of fixed tow bars in the aftermarket will drive market growth through this segment in the coming years. They are also capable of carrying any tow ball mount carrier and come with options to fit various types of towing couplings and accessories. Whereas detachable swan neck tow bars offer an additional option to lock the tow bar neck with vehicles. All these factors are estimated to drive the growth of this segment during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.

 

Automotive Tow Bars Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 4.15%
Market growth 2022-2026	$ 1.21 billion
Market structure	Fragmented
YoY growth (%)	4.05
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 40%
Key consumer countries	US, Canada, China, UK, and Germany
Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled	A1 Towing Ltd., ACPS Automotive GmbH, AL KO SE, Anker Towbars Ltd., Bosal Nederland BV, BTA Towing Equipment, CURT Manufacturing LLC, David Murphy Towing, GDW NV, Hayman Reese, Horizon Global Corp, LKQ Specialty Products Group, McCabe Towbars, North Shore Towbars, PCT Automotive Ltd, Pulliam Enterprises Inc, ROADMASTER Inc, SUN AUTOMOBILE Co Ltd, Tow-Trust Towbars Ltd., and Weigh Safe
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Automotive Tow Bars Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive  market growth during the next five years
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the automotive tow bars industry across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of market vendors

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