Global Demand For Automotive Towbars Market Is Expected To Grow At A CAGR Of Approximately 3.5% During The Forecast Period 2021-2031

The automotive towbar market is set to increase 1.3x in value by the end of the 2021-2031 forecast period, expanding at a CAGR of around 3.5%, according to a recently published report by Fact.MR. Demand is poised to increase amid a surging market for electric vehicles and luxury passenger cars.

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Historically, the market for automotive towbars experienced moderate incline, recording just under 3% CAGR from 2016 to 2020. A sluggish automotive industry due to prolonged recession is attributed as the key reason behind this stunted growth. Further crunches were experienced amidst the COVID-19 pandemic.

However, as Q4 2020 dawned, restrictions imposed to curb the spread of the pandemic were gradually lifting, restoring growth projections of conventional and electric automobiles. According to the International Energy Agency, over 10 million electric cars were on global roads, with battery electric models driving expansion. This trend is expected to continue in 2021 and beyond. Likewise, ownership of luxury cars surged significantly in countries like Germany, with giants such as Volkswagen, Skoda and Kia witnessing inclines of 53% and 56% each respectively.

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Key Takeaways from Automotive Tow Bars Market Study

1. By product, sales of retractable automotive towbars likely to account for over 40% of total demand
2. Automotive towbars for luxury passenger cars to experience growth exceeding 3% CAGR through 2031
3. U.S to yield over half of the global revenue in the market for automotive towbars by 2031
4. German automotive towbar market likely expand 1.3x its market value
5. U.K to emerge as an important growth destination, expanding at nearly 4% CAGR
6. China, India and Japan to collectively emerge as highly lucrative markets, amid extensive developments in the automotive sector

“Manufacturers are gradually shifting their focus towards emerging nations to strengthen their footprint. Considering this, emphasis on mergers and acquisitions will continue growing in the market” says an analyst at Fact.MR.

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Competitive Landscape

To expand their geographical footprint and income generation sources in previously unexplored regions, key market players are pursuing inorganic growth strategies such as mergers and acquisitions.

Key manufacturers in the Automotive Tow Bars market include David Murphy Towing, LCI Industries, TowerBrook Capital Partners (UK) LLP, PCT Automotive, Westfalia-Automotive GmbH, Horizon Global Corp., ACPS Automotive GmbH, Brink Group BV, MVG.

Key Segments:

• Product

  • Retractable Automotive Towbars
  • Detachable Automotive Towbars
  • Fixed Automotive Towbars
  • Automotive Towing Brackets (& Ball Plates)

• Sales Channel

  • Automotive Towbar Sales through OEMs
  • Automotive Towbar Sales through OESs
  • Automotive Towbar Sales through IAMs

• Vehicle

  • Automotive Towbars for Compact Passenger Cars
  • Automotive Towbars for Mid-sized Passenger Cars
  • Automotive Towbars for Premium Passenger Cars
  • Automotive Towbars for Luxury Passenger Cars
  • Automotive Towbars for Sports Utility Vehicles (SUVs)
  • Automotive Towbars for Light Commercial Vehicles
  • Automotive Towbars for Heavy Commercial Vehicles

Report Benefits & Key Questions Answered

• Automotive Towbar Markett Category and segment level analysis: Fact MR provides a detailed analysis of the factors influencing sales growth across key segments. It highlights key growth drivers and provides useful information for identifying sales prospects at the regional and local level.
• Automotive Towbar Markett Historical volume analysis: The report provides a comparison of Automotive Towbar Markett historical sales and projected sales performance for 2021-2031.
• Automotive Towbar Markett Manufacturing trend analysis: The report offers a detailed analysis of manufacturing trends in the Automotive Towbar Markett It carefully gauges the impact of changing healthcare needs of key demographics globally
• Automotive Towbar Markett Consumption by demographics: The report investigates consumer behavior affecting Automotive Towbar Markett demand outlook for the assessment period. Effect of their keenness for digital trends on Automotive Towbar Markett is  carefully analyzed
• Post COVID consumer spending on Automotive Towbar Markett Consumption: Healthcare industry has been largely influenced by COVID-19 pandemic. The Fact MR Market survey analyzed consumer spending post COVID-19. It assesses how current trends that will influence expenditure on healthcare services, thus affecting Automotive Towbar Markett growth.

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