Automotive Tow Bars Market, Size, Share, Evaluation, 2021-2028

iCrowd Newswire
24 Nov 2021, 23:33 GMT+10

Market Overview

Global automotive towbars market is estimated to reach at a high CAGR of 3.79% during the forecast period (2021-2028).

Increasing demand for caravans is propelling the demand for global automotive towbars market. Moreover, Caravanning holidays is one of the most popular pastimes in the world especially in the United States and Europe. For instance, according to The Caravanning Industry Association (CIVD) study, the European caravanning industry registered sales growth amounting to more than 4% in 2019. Collectively, Europe and North America are estimated to account for more than 50% of the total automotive towbar market share in 2020. The adoption of newer technologies and increasing demand for using unpowered trailers and caravans will bolster the growth of the automotive towbar market. Global automotive Retractable Towbar holds XX % of total automotive towbar market and is expected to dominate the market during the forecast period 2020 to 2027. The retractable towbar is widely used in the world due to its advantages such as it is completely invisible in almost every type of car since it is stored behind the bumper and unlike the detachable towbar, not have to dismount this towbar and store it in a different location.

However, retractable towbars are not suitable for all types of cars since it cannot be applied to every car has to do with the construction of the car. Not every car offers sufficient room behind the bumper to fold away the towbar.

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Market Dynamics

Increasing demand for caravans is propelling the demand for the global automotive towbars market. Moreover, Caravanning holidays is one of the most popular pastimes in the world especially in the United States and Europe. For instance, according to The Caravanning Industry Association (CIVD) study, the European caravanning industry registered sales growth amounting to more than 4% in 2019. The more than 210,000 new motor caravans and caravans sold over the course of the year represent the second-best result in the industry's history. Germany holds the majority of the market share of total European caravan sales revenue in 2019 with 80,863 newly registered vehicles.

Moreover, the German caravanning sector not only registered robust sales growth amounting to 13.6%, but also had the third best year in its history. The sales of caravans also recorded its highest value in the countries such as Switzerland, Belgium, and Austria, where sales of new motor caravans and caravans reached 6,929, 6,202 and 2,684 units, respectively. In addition, the sales were also increased in the Netherlands, Denmark, and Finland, by 5.9%, 12.4% and 11.4% respectively. Thus, the increase in sales of caravans will boost the automotive towbars market in the world especially in Europe during the forecast period 2020 to 2027.

Market Segmentation

By TypeFlange TowbarSwan Neck TowbarFixed TowbarDetachable TowbarBy Sales ChannelOEM AftermarketBy Vehicle TypePassenger CarsCommercial VehiclesBy RegionNorth AmericaEuropeSouth AmericaAsia PacificThe Middle East and Africa

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Competitive Landscape

The global automotive towbars market is witnessing high competition with the presence of several local and international players. Brink Group B.V, Bosal International N.V., Westfalia-Automotive GmbH, Weigh Safe, PCT Automotive Ltd, Tow-Trust Towbar are the leading market players with the prominent market size. Companies are using different strategies such as portfolio expansion, product diversification, new product launch to increase their market penetration. The companies are entering into collaborations, mergers, strategic partnerships, and acquisitions to increase the demand for the automotive towbars market across the globe.

For instance, in November 2019, the Distribution agreement has been signed between TAG Towbars and the Brink Group, which means TAG Towbars will now distribute Brink's range of European Towbars throughout Australia and New Zealand. Also, manufacturers are focusing on introducing new and advanced technology products, which are cost-effective and having high safety levels.