Tow Bar: Introduction
- A tow bar is a device attached to the chassis of a vehicle so that it can be pulled by another vehicle or power source. The tow bar is designed to enables proper load distribution and swiveling of the towed vehicle.
- Rise in disposable income and consumer demand for off-road and touring activities is projected to boost the demand for tow bar globally
Key Drivers and Restraints of Global Tow Bar Market
- Government mandates, such as regulation (EU) No 1005/2010, requires all motor vehicles to be fitted with towing device such as tow bar. Adoption of such regulations worldwide is expected to drive the global tow bar market.
- Rising roadside assistance services and demand for towing is boosting the demand for the tow bar. Increased number of vehicles on road and high-speed engines have driven the number of accidents, thereby spurring the need for tow bar.
- Sales of electric vehicles are rising rapidly, globally, and these vehicles often require towing in case of breakdown, as there is very little scope of on-spot repair. Consequently, increased demand for electric vehicles is expected to drive the tow bar market.
- Emergence of electric foldable tow bar, offered by automakers such as BMW AG, is a key trend witnessed in the tow market. Rising electrification trend and consumer demand for automatic vehicles systems is boosting the demand for tow bar.
- Increasing stringency in safety regulation is prompting tow bar manufacturers to develop tow bar that are capable of withstanding higher forces and are able to bear or haul more vehicle mass
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Foldable tow bar segment to expand significantly
- Fixed tow bar are cost-effective and extensively used. The foldable tow bar segment is anticipated to expand significantly due to its robust nature. Electrically operated foldable tow bar are being adopted in premium vehicles. Rise in sales of premium vehicles is anticipated to boost the demand for foldable tow bar.
Passenger vehicles to witness significant demand
- Passenger vehicles, such as light-duty trucks and SUVs, contribute toward the high demand for tow bar. In North America, trucks manufactured by General Motors and Ford are widely used in off-road activities and hence, contribute significantly to the demand for tow bar.
OEM to hold leading share of global market
- Majority of vehicles contain OE standard fitted tow bar and hence, the OEM segment holds the leading share of the market. Tow Bar are easily available and can be installed in the aftermarket and consequently, the aftermarket segment also holds a significant share of the tow bar market. Rising demand for vehicle accessories and advent of e-commerce have boosted the sales of tow bar.