Upsurge In Sales Of Automobile Components Is Propelling Demand Of Automotive Towbars - Explores Fact.MR Study

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.

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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.

Sales of automotive towbars increased at under 3% CAGR from 2016-2020. Overall sluggishness in the global automotive sector restricted sales to a larger extent. Prospects further dipped in 2020 as the COVID-19 pandemic took firm hold. Stringent lockdowns to contain the virus led to cessation of manufacturing operations in the automotive domain, crippling sales across the first three quarters of 2020.

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Key Takeaways from the Market Study

The global automotive towbar market is projected to rise at a CAGR of a little over 3.5% over the forecast period and reach a market valuation of US$ 1.9 Bn by 2031.

Under vehicle type, luxury passenger cars are poised to create promising absolute dollar opportunity over the projection period.
North America is the largest market, followed by Europe, owing to growing demand for electric vehicles and increasing manufacturing of passenger vehicles over the past few years.
Under sales channel, OEMs are generating highest revenue for the market, poised to capture around 40% market share by the end of the assessment period.

"Increase in sales of high-power engines is accelerating demand for automotive towbars," says a Fact.MR analyst.

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Market Leaders' Strategy

Leading market participants are constantly involved in product changes for trailer couplings. Development is achieved by adapting the product to the various needs of customers. This helps reduce weight of the product by changing materials and extending the service life of the towbars. This growth strategy is being initiated by frontrunners to expand their consumer base and pave the way for increased revenue generation.

Key Segments Covered in Automotive Towbar Industry Survey

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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