Automotive Tow Bar Market 2022 Top Manufacturers, Industry Challenges, Business Strategies, Revenue Value and Competitive Landscape to 2030

Market Overview

The Automotive Tow Bar Market is set to grow at a CAGR of 4.39% during the forecast period 2020 to 2026. As per the market research report, the market will hit US$1.9 billion in terms of valuation by the end of 2026. The market growth will be driven using tow bars in passenger cars and commercial vehicles. Based on the research report, the need for towing unpowered vehicles during emergencies will accelerate growth in the market till 2026. Although slow economic growth in some countries will have a negative impact on the global automotive tow bar market’s growth during this period. The stalled production of commercial vehicles in certain regions is predicted to be a key challenge that could become a strong threat from 2020 to 2026 to companies.

The market report published by expert analysts includes primary and secondary data and suggests that product type, vehicle type, and sales channel segments are anticipated to witness tremendous growth till 2026. Factors such as the rising demand for vehicles will become key growth drivers during the forecast period and the growing off-road activities and touring is also said to be supporting the market globally, however, the growth projected for the forecast period could be affected by slow demand for passenger cars in growing economies which could negatively affect activities taking place across the market. The unorganized sector is another challenge the market could face till 2026.

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Competitive Landscape

Automotive equipment based organizations are profiled in the automotive tow bar market research report. The automotive tow bar market along with companies and segments have been studied. The analysis of automotive equipment based business is also done to identify key challenges and strengths of these companies. The global automotive tow bar market research report covers SWOT analysis, Porter’s Five Force analysis of major automotive equipment related organizations. The strategy and other key details of these companies for the forecast period 2020 to 2026 are covered in the report. Technological developments are anticipated to support the market growth as the market is set to grow at a CAGR of 4.39% and reach a value of US$1.9 billion by 2026.

Some of the key industry participants of the global automotive tow bar market are 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), and PCT Automotive Limited (UK).

Industry News

Fyusion, a computer vision firm that specialises in immersive vehicle imaging applications for the automotive and other markets, has been purchased by Cox Automotive. This purchase would improve Manheim's relationship with Fyusion, which has partnered together for years to provide clients with the best mobile imaging and condition capturing software in the wholesale industry through the Manheim Express app. In 2018, Cox Automotive and Fyusion started partnering on imaging capability for Manheim Express in order to streamline and enhance the wholesale vehicle listing process. Through the industry's first 360-degree photos, dealers could walk a car and create a wholesale listing in minutes.

Market Segmentation

The automotive tow bar market is segregated into different market segments based on product type, vehicle type, and sales channel. For a comprehensive analysis of the market, the product type, vehicle type, and sales channel segments are further split into smaller segments. The product type segment is categorized into fixed, detachable, swiveling, others. Furthermore, based on vehicle type, the global market is also segmented into passenger cars, LCV, and HCV. Based on the market segmentation analysis, the report covers market forecasts. On the basis of the sales channel, the global market is split into sub segments including OEM and aftermarket.

The rising demand for SUVs and commercial vehicles will support the market growth from 2020 to 2026. As per the market research report, the global market for automotive tow bars is anticipated to grow at a healthy rate across all the product type, vehicle type, and sales channel segments. However, the presence of active threats such as lack of professionals could hamper the market growth. Business activities across automotive equipment have also been examined and studied by automotive equipment industry’s experienced analysts. The automotive tow bar market research report covers findings with predictions and forecasts till 2026.

Regional Overview

The automotive tow bar market, with its product and service related segments, is spread across the world. Automotive equipment based regional markets are also covered in the market research report. The regional markets are Asia-Pacific, Europe, North America, the Middle East and Africa and the rest of the world. Companies enhancing production capabilities are anticipated to be a major factor for growth across the automotive equipment space during the forecast period. The regional market in North America is classified as the United States, Mexico, Canada, and others. The automotive equipment sector based regional markets in Europe are split into Italy, Germany, France, and the United Kingdom. In the Asia Pacific region, the market is segmented into China, India, Japan, and others. Automotive equipment based businesses in these regional markets are anticipated to grow due to consumers aiming for more comfort and satisfaction during the forecast period 2020 to 2026. Although the market’s growth could be affected by the high cost of handling and supply chain issues. The analysts have also segmented markets of the Middle East, Africa, and the rest of the world.

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