Automotive Towbar Market to Expand by 3.6% as Demand for Lightweight Automotive Components Soars: Fact.MR

NEW YORK, Dec. 3, 2021 /PRNewswire/ -- Fact.MR's latest market analysis on the automotive towbar market divulges compelling insights of the market in terms of product type, sales channel, and vehicle type across seven major regions. The report highlights current trends, drivers, restraints, and opportunities prevailing in the market to help the readers gain a comprehensive outlook of the market scenario. 

Fact.MR – A Market Research and Competitive Intelligence Provider: The global automotive towbar market size is expected to reach US$ 1.3 Bn in 2021, as per a recent market survey by Fact.MR. Increasing demand for retractable towbars is expected to enable sales at 3.6% CAGR, pushing the market size to US$ 1.9 Bn in 2031.

Growing demand for advanced and lightweight automobile components is propelling sales in the market. Stringent regulations pertaining to carbon emissions are also expected to boost the sales of lightweight and electronic vehicles. Reduction in vehicle weight significantly improves fuel efficiency and reduces emissions.

As per the International Energy Agency, sales of electric cars reached US$ 2.1 Mn globally in 2019. This trend is expected to continue in the forthcoming years. Also, automotive towbars offer high thermal strength and are light in weight as they are made from plastics, including polycarbonate. These factors are expected to give tailwinds to sales of automotive towbars over the forecast period.

For Critical Insights On This Market, Request For More Info

https://www.factmr.com/connectus/sample?flag=S&rep_id=151

Further, growing demand in the U.S., Spain, Switzerland, Germany, and the U.K. is anticipated to create growth opportunities for players. These countries have a robust automotive market, along with the presence of leading manufacturers, which is expected to facilitate the expansion of the automotive towbar market.

"Growing demand for lightweight automotive components in luxury passenger vehicles is expected to propel sales in the market. Besides this, growing trend of recreational driving is resulting in high demand for rentals and caravans, which is expected to create growth opportunities for the market in the forthcoming years," says a Fact.MR analyst.

Key Takeaways:

• Based on product, sales of retractable towbars are expected to account for 2/5^th of the total market share.
• Demand in the luxury passenger cars segment is poised to grow at a 3% CAGR through 2031.
• The U.S. is expected to account for nearly 80% of the North America market share over the forecast period.
• Sales in the U.K. automotive towbar market are projected to increase at a 4% CAGR through 2031.
• Germany automotive towbar market is expected to grow by 1.3x in value over the assessment period.

Growth Drivers:

• Growing emphasis on safety features in sports utility vehicles (SUVs) is expected to boost sales in the market.
• Expansion of distribution networks through online channels is anticipated to augment the growth of the market.

To learn more about Automotive Towbar Market, you can get in touch with our Analyst at

https://www.factmr.com/connectus/sample?flag=AE&rep_id=151

Competitive Landscape

Leading players operating in the global automotive towbar market are investing in mergers, acquisitions, and collaborations to improve their distribution networks and expand their production facilities. Besides this, players are investing in research and development to diversify their product portfolios.

For instance, in June 2021, DexKo Global Inc. signed an agreement to acquire Brink International, a company specializing in automotive towbar solutions. The acquisition is aimed at expanding the DexKo range to include designed towing and transport solutions.

Key Players in the Automotive Towbar Market Include:

• Brink Group B.V
• Bosal International N.V
• Westfalia-Automotive GmbH
• PCT Automotive Ltd.
• GDW N.V
• Tow-Trust Towbars
• Pulliam Enterprises Inc.
• Horizon Global
• Curt Manufacturing LLC

More Valuable Insights on Automotive Towbar Market

Fact.MR provides an unbiased analysis of the automotive towbar market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global automotive towbar market with a detailed segmentation on the basis of:

Product Type:

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

Sales Channel:

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

Vehicle:

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

Regions:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• MEA

Key Questions Covered in Automotive Towbar Market Report

• The report offers insight into the automotive towbar market demand outlook for 2021-2031.
• The market study also highlights projected sales growth for automotive towbar market between 2021 and 2031.
• Automotive towbar market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
• Automotive towbar market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

Explore Fact.MR's Coverage on the Automotive Domain -

Automotive Actuators Market Trends - The automobile industry has been particularly hard hit by the coronavirus outbreak, which has hampered sales of automotive actuators. Existing vulnerabilities, such as decreased passenger car sales, are expected to reduce global demand for automotive actuators. Consumer preference for features such as automatic lighting, panoramic sunroofs, auto-sense wipers, and power windows, on the other hand, is expected to drive the expansion of the automotive actuators market.

Automotive Sliding Load Floor Market Insights - The rapid growth of e-commerce sales of electronics, clothing, and groceries is putting a lot of pressure on last-mile and intercity delivery, which necessitate highly optimised solutions to cut transportation costs. As a result, delivery partners have increased their use of light/pickup trucks and vans, as well as a suitable cargo management system, for delivery. Most operators use automotive sliding load floors because secure loading and unloading remains a top priority throughout transportation. In light of this, demand for automotive sliding load floors is expected to increase by 1.9X in the next few years.

Automotive and Off-Road Vehicle Hoses Market Scope - Demand for automotive and off-road vehicle hoses is being driven by an increase in the number of on-road vehicles, increased demand for passenger cars, increased material advancements by manufacturers, and an increase in the number of manufacturing facilities, distributors, and suppliers in countries such as China, India, and the United States. Hose producers for automobiles and off-road vehicles are concentrating on producing hose systems with excellent operational efficiency and long service life.

About Fact.MR

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology to even the most niche categories. 80% of Fortune 1000's trust us in critical decision making.

MarketNgage is powered by Fact.MR – our Unified Intelligence Engine, a revolutionary Market Research Subscription platform with a flexible pricing to suit your needs.

You can access all our automotive research reports by signing up with MarketNgage's Market Research Subscription with FREE credits. MarketNgage is powered by Fact.MR – A Fully integrated research solution for seamless single-window access Widest coverage on emerging markets, nascent products, and disruptive technologies.

Contact:
Mahendra Singh
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
E: [email protected]

SOURCE Fact.MR

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED