The Automotive Tow Bars Market is projected to grow by USD 1.32 Billion (2024-2028), driven by rising demand and AI-powered market evolution - Technavio

NEW YORK, Oct. 9, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The Global Automotive Tow Bars Market  size is estimated to grow by USD 1.32 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 4.5%  during the forecast period. Rising demand of tow bars is driving market growth, with a trend towards use of environment-friendly coating on tow bars. However, slowdown in automobile sales worldwide  poses a challenge - Key market players include A1 Towing Ltd., ACPS Automotive GmbH, AL KO SE, Anker Towbars Ltd., Bosal Nederland BV, BTA Towing Equipment, CURT Manufacturing LLC, David Murphy Towing, GDW NV, Hayman Reese, Horizon Global Corp., LKQ Specialty Products Group, McCabe Towbars, North Shore Towbars, PCT Automotive Ltd, Pulliam Enterprises Inc., ROADMASTER Inc, SUN AUTOMOBILE Co Ltd, Tow-Trust Towbars Ltd., and Weigh Safe.

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Key Market Trends Fueling Growth

Manufacturers in the automotive tow bars market are implementing eco-friendly initiatives by applying sustainable coatings on their products. Epoxy-based primers are among the most effective environment-friendly coatings used, enhancing tow bars' reliability, corrosion resistance, and minimizing environmental impact. Vendors are also exploring high-performance thermal plastics like polycarbonates for their lightweight and superior resistance to corrosion. These advancements are expected to boost market growth during the forecast period. Vendors continue to innovate, adding value to automotive tow bars while reducing environmental footprints. 

The Automotive Tow Bars market is thriving, with key trends including retractable, fixed, and detachable options. Lightweight materials like polymers and metals, such as iron and steel, are driving innovation, leading to fuel efficiency and increased tensile strengths. Tow bars are increasingly being used in SUVs and luxury passenger cars, as well as commercial automobiles. Towbar equipment components, including tow balls, hooks, trailer articulation, loops, and caravan hitch systems, are in high demand. The luxury automotive sector and aftermarket accessories sales channels are major growth areas. Sustainable development and OEMs like ACPS Automotive are investing in patents for advanced tow bar technology. Trade shows showcase the latest tow bar offerings, from agricultural vehicles to adventure tourism and off-road driving applications. E-commerce platforms are also transforming tow bar sales. 

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Market Challenges

• The global automotive tow bars market is significantly influenced by the automobile industry's performance. A decrease in vehicle sales due to the COVID-19 pandemic and its resulting supply chain disruptions have negatively impacted the market. In 2020, global automobile production dropped by approximately 15 million units compared to the previous year. Major producers in North America and Europe were significantly affected, with China experiencing a significant decline in light vehicle sales. The sales drop in India, the world's fourth-largest automobile manufacturer, was due to supply constraints caused by the global semiconductor shortage. The automotive sales decline began in 2018, with stagnant sales and negative growth in major markets like Europe, the US, and China. Political instability from Brexit, trade tensions between the US and China, and economic factors like liquidity tightness, higher insurance and tax rates, and currency fluctuations contributed to the de-growth in automotive markets in China, India, and other regions. The overall decline in automobile sales is a significant barrier to the growth of the automotive tow bars market.
• The Automotive Tow Bars Market encompasses commercial and passenger automobiles. Tow bars are essential components for towing trailers, RVs, caravans, and adventure vehicles. Challenges include trailer articulation, tow ball and hook designs, and compatibility with various vehicle types like agricultural vehicles, SUVs, and off-road vehicles. Tow bars for electric, hybrid electric, and solar or wind energy-powered vehicles are emerging trends. E-commerce and aftermarket sales channels are significant growth areas. OEMs like ACPS Automotive and aftermarket manufacturers like Curt Manufacturing dominate the market. Sustainable development and patents are crucial factors. Tow bar systems for caravan hitches, motorhomes, and adventure sports vehicles continue to gain popularity. Trade shows provide opportunities for showcasing innovative tow bar solutions for broken-down vehicles and leisure activities.

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This automotive tow bars market report extensively covers market segmentation by

1. Type 
• 1.1 Non retractable
• 1.2 Retractable
2. Geography 
• 2.1 North America
• 2.2 Europe
• 2.3 APAC
• 2.4 South America
• 2.5 Middle East and Africa

1.1 Non retractable-  Fixed tow bars are a popular towing solution in the automotive market, available in two styles: swan neck and flange ball. Fixed tow bars offer several advantages, including affordability, ease of installation, and high availability in aftermarket stores. These tow bars are non-retractable and come with minimal flexibility in terms of position adjustment. Fixed swan neck tow bars and flange ball tow bars differ in construction, with the former having a single piece tow neck and towball, and the latter joining the tow neck and towball together. Both styles offer various towing capabilities and can carry all types of ball mount carriers. Flange ball tow bars offer additional benefits, such as the ability to function as cycle carriers while towing and the option to fix bumper adjustment couplings, spacers, and drop plates for different towing heights. Detachable tow bars are another type, which can be removed when not in use and are available in swan neck and flange ball styles. Detachable flange ball tow bars do not obstruct rear parking sensors and can carry various towing couplings and accessories. Detachable swan neck tow bars offer the additional feature of locking the tow bar neck with vehicles. The market for fixed tow bars is currently experiencing high sales, particularly in the aftermarket, due to their beneficial attributes. However, we anticipate a decline in market share for fixed tow bars during the forecast period due to the increasing demand for retractable tow bars. Regardless, both fixed and detachable tow bars will continue to play essential roles in the automotive towing market.

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Research Analysis

Automotive tow bars are essential accessories for towing broken-down vehicles or trailers for adventure sports, recreational activities, and commercial purposes. Tow bars are commonly used with recreational vehicles such as caravans, motorhomes, and sports utility vehicles. Tow bars come in various types, including electric tow bars, suitable for luxury passenger cars and SUVs. Tow bar components include tow balls, tow hooks, trailer articulation, and trailer loops. Tow bars are also used in the agricultural sector for towing heavy equipment. The market for tow bars includes demand from the luxury automotive sector, commercial automobiles, and passenger automobiles. Tow bars are typically made of iron and steel or high-tech materials like polycarbonate. Tow bars are essential for off-road driving and adventure tourism, making them popular in leisure activities.

Market Research Overview

Automotive tow bars are essential equipment for towing broken-down vehicles or recreational vehicles such as caravans, motorhomes, and trailers. Tow bars come in various types, including retractable, fixed, and detachable, made from lightweight materials like polymers and metals with high tensile strengths. SUVs and off-road vehicles are popular applications for tow bars, enabling adventure sports and off-road driving. Tow bar components include the tow ball, tow hook, trailer articulation, and trailer loop. The market for tow bars is diverse, catering to luxury automotive sector, passenger automobiles, commercial automobiles, and agricultural vehicles. Sustainable development is a key trend in the industry, with tow bars being manufactured using eco-friendly materials and technologies like solar energy, wind energy, and biofuels. The market is served by various players, with tow bar components being sold through e-commerce platforms, aftermarket accessories, and original equipment manufacturers (OEMs) like Curt Manufacturing and ACPS Automotive. Patents and caravan hitch systems are significant areas of innovation in the tow bar industry, with trade shows providing a platform for showcasing new technologies and products.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Non Retractable
• Retractable
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio