Towbar Market Projected to Witness a Double-Digit CAGR During 2019-2027

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

Request A Sample Copy Of The Report

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.

Asia Pacific to lead global tow bar market

  • In terms of region, the global tow bar market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • The market in Asia Pacific is expected to expand at a highest growth rate owing to rising domestic demand for vehicles for off-roading and touring purposes in the region. Rising consumer preference for SUVs and light-duty trucks is projected to boost the tow bar market in Asia Pacific.

Europe and North America together held a dominating share of the global tow bar market. High disposable income in these regions coupled with a high demand for eco-tourism, adventure, and use of caravans and motorhomes has resulted in high demand for tow bar in Europe and North America.

Key manufacturers operating in global market

The global tow bar market was highly fragmented in 2018. Key manufacturers operating in the global market are:

  • Bosal International
  • Brink Group BV
  • Horizon Global Corp
  • CURT Manufacturing
  • North Shore TowBar
  • PCT Automotive Ltd.
  • McCabe TowBar
  • David Murphy Towing
  • Camex Automotive

Global Tow Bar Market, by Tow Bar Type

  • Fixed
  • Foldable
  • Detachable
  • Flange
  • Swan Neck
  • Others

Global Tow Bar Market, by Vehicle Type

  • Passenger Vehicles
  • Commercial Vehicles
  • Heavy Commercial Vehicles
  • Light Commercial Vehicles

Global Tow Bar Market, by Sales Channel

  • OEM
  • Aftermarket

Global Tow Bar Market, by Region

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

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Request For Covid19 Impact Analysis

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

You May Also Like PRNewswire on

You May Also Like PRNewswire on

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?