Automotive Towbar Market Size, Share Global Analysis Report, 2020–2026

Industry Insights

According to the report published by Facts & Factors, the global Automotive Towbar Market size was worth around USD 4964 million in 2019 and is predicted to grow around USD 5,579 million by 2026 with a compound annual growth rate (CAGR) of roughly 3.07% between 2020 and 2026. The report analyzes the global Automotive Towbar Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Automotive Towbar Market.

This specialized and expertise oriented industry research report scrutinizes the technical and commercial business outlook of the automotive towbar industry. The report analyzes and declares the historical and current trends analysis of the automotive towbar industry and subsequently recommends the projected trends anticipated to be observed in the automotive towbar market during the upcoming years.

The automotive towbar market report analyzes and notifies the industry statistics at the global as well as regional and country levels in order to acquire a thorough perspective of the entire automotive towbar market. The historical and past insights are provided for FY 2016 to FY 2019 whereas projected trends are delivered for FY 2020 to FY 2026. The quantitative and numerical data is represented in terms of both volumes (Units) and value (USD Million) from FY 2016 – 2026.

Key Insights from Primary Research

• As per our primary respondents, the global automotive towbar market is set to grow annually at a rate of around 3%
• It was established through the primary interview that the automotive towbar market was valued at around USD 25500Million in 2019.
• North America is presently holding the largest revenue share among all the regions and is further expected to maintain its position throughout the forecast period.
• The “detachable towbars” category, on the basis of product type, is the leading revenue-generating category over the past years.
• On the basis of application segmentation, the “passenger vehicle” application holds the major market share.

Key Recommendations from Analysts

• As per our analysts, the global automotive towbar market is expected to grow significantly over the forecast period.
• The strategic and competitive advantage provided by the detached towbars is anticipated to be the key factor driving this market globally
• Our team of analysts has identified, electric vehicles will provide potential opportunities for the players operating in this market.
• In recent years, an increase in the production of passenger vehicles is driving this market.
• Overall, the global market has the potential to grow owing to its rise in advancements of autonomous mobility solutions.

Automotive Towbar Market Size - Product Type Level

The quantitative data is further underlined and reinforced by comprehensive qualitative data which comprises various across-the-board market dynamics. The rationales which directly or indirectly impact the automotive towbar industry are exemplified through parameters such as growth drivers, restraints, challenges, and opportunities among other impacting factors.

Throughout our research report, we have encompassed all the proven models and tools of industry analysis and extensively illustrated all the key business strategies and business models adopted in the automotive towbar industry. The report provides an all-inclusive and detailed competitive landscape prevalent in the automotive towbar market.

The report utilizes established industry analysis tools and models such as Porter’s Five Forces framework to analyze and recognize critical business strategies adopted by various stakeholders involved in the entire value chain of the automotive towbar industry. The automotive towbar market report additionally employs SWOT analysis and PESTLE analysis models for further in-depth analysis.

The report study further includes an in-depth analysis of industry players' market shares and provides an overview of leading players' market position in the automotive towbar sector. Key strategic developments in the automotive towbar market competitive landscape such as acquisitions & mergers, inaugurations of different products and services, partnerships & joint ventures, MoU agreements, VC & funding activities, R&D activities, and geographic expansion among other noteworthy activities by key players of the automotive towbar market are appropriately highlighted in the report.

The globalization trend has improved the per capita income in developing countries. It has raised consumer spending over luxurious things. This resulted in an increase in the production of vehicles in the countries. The rise in the number of vehicles has pushed the sales of various auto-components. Therefore, all the above forces are fueling the demand for automotive towbars in the market.

Report Scope

The rise in public awareness for safety has accelerated the demand for autonomous vehicles. So, manufacturers are heavily investing in designing autonomous cars. Simultaneously, it is important for manufacturers to provide a safer road environment by enhancing various controlling power of the towbars. Hence, it has been anticipated that the high demand for autonomous vehicles will boost the sales of automotive towbars and propel the growth of the global automotive towbar market over the analysis period.

The automotive towbar market research report delivers an acutevaluationand taxonomy of the automotive towbar industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026. The regional segmentation of the automotive towbar industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Further, country-wise data for the automotive towbar industry is provided for the leading economies of the world.

The automotive towbar market is segmented based on type and application.  On the basis of product type segmentation, the market is classified into fixed towbar, detachable towbar, among others. Furthermore, the application segment is categorized into passenger vehicles and commercial vehicles.

Some of the essential players operating in the automotive towbar market, but not restricted to include

• BOSAL
•  Horizon Global
•  PCT Automotive Ltd.
•  MVG
•  ACS Systems BV
•  DexKo GLobal Inc.
•  CURT Manufacturing
• Thule Group

The taxonomy of the automotive towbar market by its scope and segmentation is as follows:

By Type Segment Analysis

• Fixed Towbar
• Detachable Towbar
• Others

By Application Segment Analysis

• Passenger Vehicles
• Commercial Vehicles

Regional Segmentation Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • Germany
  • The UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa