Automotive Towbar Market anticipated to expand at a CAGR of 3.6% over the forecast period (2021 to 2031)

In the latest report on the global automotive towbar market by Fact.MR, a market research and competitive intelligence provider, the industry is anticipated to expand at a CAGR of 3.6% over the forecast period (2021 to 2031).

Increasing automation along with growing population is escalating demand for towbars. Rising demand for commercial vehicles is propelling market growth. Retractable automotive towbars have dominated the revenue share of the market, and the segment is poised to account for around US$ 700 Mn by the end of 2031.

The automotive towbar market is continuously growing due to continuous investments on research & development. Prominent market players are Brink Group B.V, Bosal International N.V, TriMas Corporation, and PCT Automotive Ltd. These companies account for approximately 15% share of the global market.

North America is a prominent regional market, wherein, the U.S holds significant market share of more than 50%. High penetration of the product in the country is due to early adoption of technologies and rising demand for unpowered trailers.

Another factor strengthening market growth is amplifying need for electric vehicles. The electric vehicle sector represents 26% of the global automotive industry, which is propelling market growth of automotive towbars as well.

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Automotive Towbar Market – Scope of Report:

A latest publication by Fact.MR on the global Automotive Towbar market evaluates the opportunities and current market landscape, and provides detailed analysis and updates about corresponding sections affecting the market.

The study offers detailed insights on key market dynamics, which include the drivers, restraints, trends, and opportunities in the market.

The principal aim of the study is to present exclusive information about how the market will perform during the forecast period of 2019-2029.

Important indicators for the successful growth of the Automotive Towbar market are presented in this comprehensive report, which include Year-on-Year (Y-o-Y) growth analysis of the market, and compounded annual growth rate (CAGR), which are described in an exhaustive way in Fact.MR’s study.

This research study can support readers to know the demand for Automotive Towbar supplements, and the quantitative development opportunities during the study period.

The research is beneficial for shareholders in Pulse Oximeters, including investors, manufacturers, service providers, distributors, and suppliers, and can help them in developing suitable business strategies to flourish in the market.

Insights and wisdom presented in this Fact.MR study can be leveraged by shareholders in the market, industry experts, investors, researchers, and reporters, as well as business enthusiasts.

Positive Investment Flows to Expand Product Portfolio and Research & Development Initiatives of Stakeholders

A positive flow of investments from pharmaceutical giants is likely to propel the development of Automotive Towbarand compounds. For instance, in year 2019, Ginkgo Bioworks, Inc. raised funds of more than US$$ 350 Mn through investments from several investors for the development of synthetic cannabinoids. This has helped them increase production capacity.

Market leaders in Automotive Towbarsuch as Noramco, Inc. CannBioRx Life Sciences, Hyasynth Biologicals, Inc. etc are developing Automotive Towbarthrough novel techniques of synthesis. Moreover, these companies are shifting their focus on research and development of molecules through development of strains of microbes and yeast for biosynthesis of synthetic cannabinoid.

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Report benefits & key questions answered

• Post covid consumer spending on Automotive Towbar: the report also highlights the change in the buying behavior of consumers and shifts in purchasing power, post covid-19. This information will assist the businesses to plan their production and marketing strategies.
• Automotive Towbar demand outlook: the market intelligence study reports highlights the factor propelling the demand for Synthetic Cannabinoids. As per the study, the demand for Automotive Towbar will grow through 2029.
• Automotive Towbar historical volume analysis: Fact.MR survey report provides insights into the sales registered over the last forecast year 2016 to 2020 and create estimates regarding the sales performance for 2019-2029.
• Automotive Towbar consumption by demographics: the report provides consumption by demographics analysis to assist the market players in designing their expansion strategies on the basis of consumption pattern of the customers.

Automotive Towbar Market Segmentations:

• By Product Type

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

• By Sales Channel

  • OEM Automotive Towbar Sales
  • OES Automotive Towbar Sales
  • IAM Automotive Towbar Sales

• By 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

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