Dublin, Aug. 18, 2020 (GLOBE NEWSWIRE) -- The "Automotive Tow Bars Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product; Vehicle type" report has been added to ResearchAndMarkets.com's offering.
The global automotive tow bars market was valued at US$ 4,827.66 million in 2019 and is projected to reach US$ 5,236.76 million by 2027; it is expected to grow at a CAGR of 3.6% from 2020 to 2027.
The growing disposable income of various developing countries, together with a high demand for adventure and use of caravans and motorhomes, has supported the growth of the automotive tow bars market. Several caravan users are choosing tow bars for towing caravans; there are various types of tow bars available in the market to carry a wide variety of accessories; it is highly popular in the UK. The demand for automotive tow bars is likely to surge owing to the increasing trend for towable recreational vehicles.
The electric tow bars are anticipated to grow at a moderate pace during the forecast period due to the growing preference for Sports Utility Vehicles (SUV) and off-road vehicles. As these are operated by a switch, the popularity of electric tow bars is surging at a significant pace. With growing investments to set up factories and expand production houses of the automobile, the demand for passenger vehicles and commercial vehicles would rapidly increase, which in turn anticipated generating an upward trend in the automotive tow bars market. Thus, these are among the key factors that are expected to boost the growth of the automotive tow bars market from 2020 to 2027.
The automotive tow bars market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America held the largest share of the global automotive tow bars market, followed by Europe and the Asia Pacific, in 2019. North America has one of the largest automotive manufacturing hubs in the globe. The presence of prominent automotive manufacturers and component manufacturers is propelling the automotive tow bars market value.
The economic growth of North America has positively impacted the sale of commercial vehicles and passenger cars. Tow bars are used by passenger cars, light commercial vehicles, and heavy commercial vehicles; they are strong enough; thus, they do not disintegrate when they are used to pull trailers. The growing sales of passenger cars and commercial vehicles are supporting the growth of the automotive tow bars market.
Anker and York Towbars, Bosal Group, Brink Group, BTA Towing Equipment, CURT Manufacturing LLC, Oris, PCT Automotive Limited, Alois Kober GmbH, North Shore Towbars, and GDW NV are among the major players in the global automotive tow bars market.
Impact of the COVID-19 Pandemic on Automotive Tow Bars Market
The COVID-19 outbreak has created multiple challenges for the automotive industry. The outbreak came at a time when the automotive industry was already under a prolonged slowdown, causing disruption in the production of automobiles. More than 50% of the automotive tow bars sales come from North America and Europe.
The US, being the worst affected country by COVID-19, has resulted in the shutdown of automotive plants and situation in the EU still remains critical and has faced a production loss of more than 1.5 million vehicles, which has directly impeded the sales of automotive tow bars.
Key Topics Covered
1.1 Study Scope
1.2 Report Guidance
1.3 Market Segmentation
1.3.1 Automotive Tow Bars Market - By Product
1.3.2 Automotive Tow Bars Market - By Vehicle Type
1.3.3 Automotive Tow Bars Market - By Region
2. Key Takeaways
3. Research Methodology
4. Automotive Tow Bars Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America - PEST Analysis
4.2.2 Europe - PEST Analysis
4.2.3 Asia-Pacific - PEST Analysis
4.2.4 Middle East & Africa - PEST Analysis
4.2.5 South America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Automotive Tow Bars Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increased Automotive Production
5.1.2 Tow Bars Serve as an Optimum Towing Equipment
5.2 Market Restraints
5.2.1 High Cost of Automotive Tow Bars
5.3 Market Opportunities
5.3.1 Growth of e-Commerce Industry
5.4 Future Trends
5.4.1 Integration of Swivelling Mechanism with the Conventional Tow Bars
5.5 Impact Analysis of Drivers and Restraints
6. Automotive Tow Bars Market - Global Analysis
6.1 Automotive Tow Bars Market Global Overview
6.2 Automotive Tow Bars Market - Revenue and Forecast to 2027 (US$ Million)
6.3 Market Positioning - Five Key Players
7. Automotive Tow Bars Market Analysis - By Product
7.2 Automotive Tow Bars Market Breakdown, by Product, 2019 & 2027
7.3 Retractable Tow Bar
7.4 Fixed System
7.5 Detachable System
8. Automotive Towbars Market Analysis - By Vehicle Type
8.2 Automotive Towbar Market, By Vehicle Type (2019 and 2027)
8.3 Passenger Vehicle
8.4 Commercial Vehicle
9. Automotive Tow Bars Market - Geographic Analysis
9.2 North America: Automotive Tow Bars Market
9.3 Europe: Automotive Tow Bars Market
9.4 APAC: Automotive Tow Bars Market
9.5 MEA: Automotive Tow Bars Market
9.6 SAM: Automotive Tow Bars Market
10. Impact of Coronavirus Outbreak
10.1 Impact of COVID-19 Pandemic on Global Automotive Towbar Market
11. Industry Landscape
11.1 Market Initiatives
12. Company Profiles
12.1 Anker and York Towbars
12.2 BOSAL Group
12.3 Brink Group
12.4 BTA Towing Equipment
12.5 CURT Manufacturing LLC
12.7 PCT Automotive Limited
12.8 Alois Kober GmbH
12.9 GDW N.V.
12.10 North Shore Towbars
For more information about this report visit https://www.researchandmarkets.com/r/4ns0jg
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