The Automotive Towbar Market research encompasses an exhaustive analysis of the market outlook, framework, and socio-economic impacts. The report covers the accurate investigation of the market size, share, product footprint, revenue, and progress rate. Driven by primary and secondary researches, the Automotive Towbar Market study offers reliable and authentic projections regarding the technical jargon.
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The global automotive towbar market is expected to surpass a valuation of US$ 4.4 Bn at the end of 2020 and is projected to grow at a value CAGR of more than 3% during the forecast period 2020-2030. The global sales of automotive towbars will decline in the near term owing to the outbreak of COVID-19 and the prolonged slowdown in the automotive industry.
In the long term, the growing use of recreational vehicles and participation in adventure tourism and off-roading activities will be a major factor contributing to the growing demand for automotive towbars. Moreover, caravanning for leisure has become an increasingly popular recreational activity.
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In addition, significant rise in disposable incomes coupled with a well-established road infrastructure has led to a substantial rise in the number of automobiles in these regions, which is resulting in increased sales of automotive towbars.
Key Takeaways of the Automotive Towbar Market Study:
- Under the impact of Covid-19, the global automotive towbar market is expected to create an absolute $ opportunity of more than ~US$ 1.4 Bn surpassing a valuation of US$ 5.8 Bn by the end of 2030.
- By product type, retractable towbar is projected to grow at a value CAGR of 2.4%, anticipated to be valued 1.6X more than detachable towbars by the end of 2020.
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- By sales channel, independent aftermarket sales are projected to account for 34% of the total sales in 2020, creating an absolute $ opportunity of more than ~US$ 567.6 Mn during the forecast period.
- By vehicle type, collectively, compact passenger cars and mid-sized passenger cars will account for ~ 53% of the demand pie in 2020.
- By region, Europe is projected to hold maximum share in global automotive towbar market and is expected to grow 1.4X more than APEJ by the end of forecast period.
“The large-scale closure of OEM plants in USA and Europe will have long term implications on the demand for automotive towbars market. However, with the resumption of operations in Asian countries and positive outlook towards automotive sector by the end of 2020 is anticipated to create substantial opportunities for the players in Asia during the forecast period” says the Fact.MR analyst.
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New Product Launches: Key Imperatives for Automotive Towbar Manufacturers
Prominent players in the automotive towbar market are Brink Group B.V, TriMas Corporation, Bosal International N.V., Westfalia-Automotive GmbH, Weigh Safe, PCT Automotive Ltd, GDW NV, Tow-Trust Towbars, Pulliam Enterprises Inc., Horizon Global, Curt Manufacturing LLC, among others. These players are focusing on launching new products as per the industry needs in order to strengthen their market footprints and better serve the needs of consumers. For instance,
- In 2020, General Motors launched new ¾ and 1 ton Silverado and Sierra trucks with newly installed towing kits that include gooseneck and punk mounts. For that, PullRite, introduced two new products in the market “#3900 super 5th” and “#2600 SuperLite.”
- In 2020, Tow-Trust Towbars designed and manufactured its new towbar for Ford’s Focus Hatch and Estate. The newly launched towbar comes is available in fixed flange, detachable and swan neck options and has a towing capacity of 2100Kg.
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