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Global automotive tow bar market is expected to grow significantly in next few years. A tow bar is an external device attached to chassis of a vehicle so that it can be towed by another vehicle. A tow bar is specifically designed to optimize proper load distribution and swiveling of towed vehicle. Rise in graph of recreational vehicles and participation in adventure tourism and off-roading leisure activities are major factors that contribute toward the market growth for automotive tow bars market. Tow bars are mainly available in five different types in the global market, among which foldable tow bar holds largest share in sales due to convenience and compactness. Most vehicles contain OE standard fitted tow bars and hence, the original equipment manufacturers (OEMs) segment holds leading share in the market. Tow Bar is easily available and can be installed in the aftermarket. Furthermore, rise in demand for vehicle accessories and advent of e-commerce propels sales of tow bar.
COVID-19 Impact analysis
The COVID-19 outbreak has hit manufacturing and sales of automotive tow bar badly. Manufacturers are investing in new product developments and diversification of facilities to sustain operations. The automotive components industry was hugely impacted by sudden coronavirus outbreak. Supply chain and manufacturing teams have been put under substantial pressure to keep up with the demand. Disruption of supplies and falling sales of automobiles are negatively impacting the automotive tow bar market during the pandemic. However, significant recovery is expected in upcoming years, owing to increase in disposable income and demand for vehicles.
Top Impacting Factors
Market Trends
Cost friendly aftermarket tow bars to boost the demand
The global automotive industry is in good shape than it was from last five years, especially in the US, where profits and sales have regaining following the recent economic crisis, and in China, where growth remains strong. This progress is expected to continue. It was prospected that the global profits for automotive OEMs will rise by almost 50 %with increase in Chinese landscape. Global automotive tow bar market in the same aspect is growing steadily. But some restraints like diverging market and complexity and cost-efficient nature of automotive tow bar market are hampering growth areas. Diverging market is forcing OEMs to adapt changing regional and segment patterns of supply and demand with respect to their production and supply base footprints, supply chains, and product portfolios. Shifting industry landscape from European OEMs to China’s cost friendly aftermarket is also acting as an obstacle for sales of high-quality tow bars.
Fierce competition among players
Global automotive tow bars market is experiencing high competition in the presence of several local and international players. Bosal International N.V.,Weigh Safe, Brink Group B.V, Westfalia-Automotive GmbH, PCT Automotive Ltd, and Tow-Trust Towbar are leading market holders with good market size. Manufacturers are creating different strategies such as portfolio expansion, product diversification, new product development, and launch to increase their market penetration and presence. Companies are entering into strategic partnerships, collaborations, mergers, and acquisitions to boost demand for the global automotive tow bars market.
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Questions answered in the automotive tow bar market research report:
Key Market Segments
Key Market Players