Automotive Tow Bar Market Share Touching Approximately Usd 5.59 Billion, At A Cagr Of 4.39% By 2032 - Report By Market Research Future (Mrfr)

(MENAFN- globenewswire - nasdaq) new york, us, june 26, 2023 (globe newswire) -- according to a comprehensive research report by market research future (mrfr),“automotive tow bar market information by product type, vehicle type, sales channel, and region - forecast till 2032”, the automotive tow bar market could thrive at a rate of 4.39% between 2023 and 2032. the market size will be reaching around usd 5.59 billion by the end of the year 2032.

automotive tow bar market overview

an automotive tow bar is a device designed to connect a vehicle to a trailer or another vehicle for towing purposes. it consists of a sturdy metal bar that attaches to the rear of the towing vehicle and provides a secure connection point for the trailer or towed vehicle. the tow bar allows for safe and efficient towing, enabling the transfer of cargo, recreational vehicles, or other vehicles from one location to another.

the uses and applications of automotive tow bars are diverse. they are widely used in the transportation industry for towing trailers, caravans, and boats. tow bars also find applications in recreational activities, such as towing camper trailers or attaching bike racks to vehicles. in addition, they are employed in various commercial sectors, including logistics, construction, and agriculture, where the ability to tow equipment and machinery is crucial for efficient operations.

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automotive tow bar market competitive landscape:

the affluent companies in the automotive tow bar industry include

• curt manufacturing
• david murphy towing
• trimas corporation
• acps automotive
• horizon global corporation
• brink group b.v.
• hayman reese
• mccabe towbars
• north shore towbars
• pct automotive limited
• among others.
  

april 2020

byd company ltd. and toyota motor corporation recently agreed to establish a new venture named byd toyota ev technology co., ltd. the purpose of this collaboration is to focus on research and development in the field of battery electric vehicles (bevs). the newly formed company will be responsible for conducting extensive research and development activities related to bevs.

report scope:

report metrics	details
market size 2032	2032: usd 5.59 billion
cagr during 2023-2032	4.39 % cagr
base year	2022
forecast	2023-2032
report coverage	revenue forecast, competitive landscape, growth factors, and trends
segments covered	product type, vehicle type, sales channel and region
key market opportunities	growing demand for automotive tow bars
key market dynamics	growing demand for commercial and passenger vehicles

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market usp covered:

market drivers:

there are three market-driving factors contributing to the growth of the automotive tow bar market. firstly, the increasing demand for recreational vehicles and trailers for leisure activities and road trips drives the need for reliable towing solutions, propelling the demand for tow bars. secondly, the growth of e-commerce and logistics industries worldwide leads to an increased requirement for efficient transportation of goods, which involves towing trailers or cargo carriers. lastly, the construction and agriculture sectors require heavy-duty tow bars to facilitate the movement of equipment and machinery, contributing to market growth.

market restraints:

there are market restraints for the automotive tow bar market. one significant challenge is the stringent safety and regulatory standards imposed on towing equipment. tow bars need to meet specific requirements and certifications to ensure safe towing practices. this can increase manufacturing costs and limit the market potential for some manufacturers. additionally, the availability of alternative towing solutions, such as trailer hitches and towing systems integrated into vehicles, poses competition to the tow bar market.

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covid 19 analysis

the covid-19 pandemic had a significant impact on the automotive tow bar market. the global lockdowns, disrupted supply chains, and economic uncertainties resulted in a temporary decline in demand for tow bars. with restrictions on travel and reduced recreational activities, the need for towing solutions decreased. however, as the situation improves and economies recover, the market is expected to rebound. post-covid, the market is likely to witness growth as travel and leisure activities resume, and industries regain momentum.

market segmentation

by product type

by product type, the segment includes fixed, detachable, swiveling, and others.

by vehicle type

by vehicle type, the segment includes passenger cars, lcvs, and hcv.

by sales channel

by sales channel, the segment includes oem and aftermarket.

regional insights

north america commands a substantial market share in the automotive tow bar market, primarily due to the region's robust demand for recreational vehicles (rvs) and trailers. north americans have a well-established camping and outdoor culture, with a penchant for embarking on road trips and adventures. this thriving recreational activity culture fuels the need for tow bars to securely attach trailers and rvs to vehicles, facilitating seamless transportation of camping gear, boats, and other recreational equipment.

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europe closely follows north america in the automotive tow bar market, benefiting from a strong presence of automotive manufacturers and a growing tourism industry. with europe being home to renowned automobile brands, there is a high demand for tow bars to cater to the diverse needs of towing trailers, caravans, and other recreational vehicles. additionally, the expansion of the e-commerce and logistics sectors in europe further contributes to the demand for tow bars, as efficient transportation of goods often involves towing trailers or cargo carriers.

the asia pacific region is experiencing significant growth in the automotive tow bar market, propelled by several factors. rising disposable incomes, increasing urbanization, and ongoing infrastructure development initiatives in countries like china and india are driving the demand for automobiles, including recreational vehicles and trailers. as more people embrace leisure activities and seek outdoor experiences, the demand for tow bars surges.

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