Pune, India, Oct. 17, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Automotive Tow Bars Market to 2030 – Global Analysis – by Product (Fixed Tow Bars, Detachable Tow Bars, Retractable Tow Bars, and Others), Vehicle Type (Passenger Cars and Commercial Vehicle), and Geography,” the market is expected to grow from US$ 5.11 billion in 2022 to US$ 7.31 billion by 2030; it is anticipated to record a CAGR of 4.6% from 2022 to 2030.
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Foldable and retractable tow bars can be conveniently stowed when not in use. This feature is particularly appealing to consumers who want to maintain a clean and uncluttered vehicle exterior when the tow bar is not in use. It also prevents accidental damage to the tow bar when not in use. Foldable and retractable tow bars are adaptable to different towing needs and various types of trailers and equipment. Users can easily engage or disengage the tow bar, making it suitable for a range of towing applications. Foldable and retractable tow bars are designed to securely lock into position when in use, ensuring the safety of towing operation. Proper locking of a tow bar reduces the risk of accidents caused by an improperly hitched trailer. Owing to such advantages, various automotive manufacturers are integrating foldable and retractable tow bars in their automotive offerings. During a product launch event on June 15, 2022, NIO unveiled several notable vehicles, including the ES7 (a smart electric mid-large SUV), alongside the 2022 ES8, ES6, and EC6 models. Of particular significance, the ES7 stands out as one of the pioneering passenger vehicles in China to receive official certification for towing caravans or trailers. This achievement is made possible by including an optional retractable electric tow bar with an impressive maximum towing capacity of 2,000 kg. Thus, the growing popularity of foldable and retractable tow bars propels the automotive tow bars market growth.
Global Automotive Tow Bars Market Scope:
| Market Size Value in | USD 5.11 Billion in 2022 |
| Market Size Value by | USD 7.31 Billion by 2030 |
| Growth rate | CAGR of 4.6% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Offering, Type, End-User |
| Regional scope | North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Automotive Tow Bars Market: Competitive Landscape and Key Developments
AutoPacific Australia Pty Ltd, Bosal Group, Brink Group, BTA Towing Equipment, CURT Manufacturing LLC, Oris, PCT Automotive Limited, Alois Kober GmbH, North Shore Tow bars, and GDW NV are among the key automotive tow bars market players profiled during this study. In addition, several other important automotive tow bars market players have been studied and analyzed during the study to get a holistic view of the automotive tow bars market and its ecosystem.
In August 2023, Hayman Reese announced launched of Hayman Reese Class 4 towbar that suits the Tesla Model Y built in February 2022 and maximizes the vehicle’s 1,600 kg tow rating, covering most towing needs. This fitment utilizes the SmartClick wiring harness and is in stock and available.
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In the US, automakers and their suppliers are the largest part of the manufacturing sector, responsible for 3% of the country’s GDP. As per the American Automotive Policy Council, in the last few years, automakers have exported vehicles worth <US$ 692 billion. FCA Group, Ford, and General Motors (GM) are among the major producers of vehicles in the US. Over the past few years, these companies have invested ~ US$ 35 billion in their US assembly, engine and transmission plants, headquarters, R&D labs, and other infrastructure that connects and supports them. The country is also highly engaged in designing electric vehicles. Ford, FCA Group, and GM invested ~US$ 23 billion in electric vehicle. The automotive sector in the US is growing rapidly due to capital availability and increasing exports. Major automakers in the country announced several investments in EVs and AVs. GM announced an investment of US$ 35 billion in the automotive industry by 2025. Owing to the growing number of electric vehicles in the country, the automotive tow bars market is witnessing growth. Tesla Model Y is planning to equip a tow bar for all-electric adventures. The growing production of passenger cars and commercial vehicles is also anticipated to propel the growth of automotive tow bars market share in the US.
Automotive Tow Bars Market Analysis: Product Overview
Based on product, the automotive tow bars market share is segmented into retractable tow bar, fixed tow bars, detachable tow bars, and others.
Detachable tow bars are also called removable tow bars; they have become a popular choice with drivers. The tow bars also come with a swan neck or flange type towbars. Most of these tend to be of the swan neck variety though one can get detachable mounting flanges for flange type tow bars. They use a lockable quick-release mechanism, which enables the tow ball to be simply detached and reattached without using any tools. Several caravan users choose the detachable tow bar, where the tow ball can be readily removed without the use of additional tools. Brink, Witter, MVG, and GDW Group are among the manufacturers of detachable tow bars. Further, the automotive tow bars market growth is driven by various inorganic market strategies.
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