Automotive Tow Bars Market is expected to reach US$ 7,318.05 million by 2030
Tow Bars Serve as Optimum Towing Equipment That Drives Automotive Tow Bars Market Growth
According to our latest market study on "Automotive Tow Bars Market Forecast to 2030 – Global Analysis – by Product and Vehicle Type," the market is expected to grow from US$ 5,110.98 million in 2022 to US$ 7,318.05 million by 2030; it is anticipated to record a CAGR of 4.6% from 2022 to 2030.
Tow bars are often deployed in the automotive sector as superior towing equipment owing to the advantages of their application. Towing couples two or more objects together so that they can be pulled by a designated power source. The source for towing may be a motorized land vehicle or a vessel, and the load is anything that can be pulled. These may be joined with the help of a chain, bar, hitch, three-point, fifth wheel, rope, coupling, integrated platform, drawbar, or other means of keeping the objects together while in motion. Trailer operators, SUVs, and flat-bed pickup trucks use tow bars as they can be easily mounted on vehicles' rear bumper with minimal installation time and labor requirements. Additionally, tow bars for automobiles are compact in shape and light in weight, which adds to their value proposition. Also, the availability of several types of tow bars in the market helps cater to the customers 'evolving needs while meeting the automotive manufacturers' tailor-made requirements.
Automotive Tow Bars Market Share — by Region, 2023
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Source: The Insight Partners Analysis
The automotive tow bars market is fragmented in nature, with a large number of players operating in the market. Major market players focus on expanding their offerings and diversifying their customer base. However, some automotive tow bars market players adopt inorganic growth strategies such as acquisitions and strategic investments. In November 2021, GUD Holdings Limited, an Australia-based company, announced a deal to acquire the towbars and trailer parts business of AutoPacific Group. GUD Holding agreed to pay US$ 745 million for the acquisition. AutoPacific Group is one of the leading suppliers of towing and functional accessories.
Anker and York Tow bars, 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 players present in the global automotive tow bars market. In addition to these players, several other players also function in the market globally, contributing significant revenue shares year on year.
The automotive tow bars market growth in Canada is driven by the growing vehicle production in the country. According to the Government of Canada, five global OEMs—Stellantis, Ford, GM, Honda, and Toyota—assemble more than 1.4 million vehicles at Canadian automobile plants each year. In Canada, automotive manufacturing is one of the largest industrial sectors. It is highly concentrated in Ontario, which accounts for 94% of industry shipments, though there are crucial manufacturing clusters in Manitoba, Quebec, and British Columbia. The growing vehicle production and rising focus of manufacturers to integrate tow bars for pulling trailers boost the automotive tow bars market share the country.
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 N are among the key automotive tow bars market players profiled during this study. In addition, several other important market players were studied and analyzed during this study to get a holistic view of the automotive tow bars market and its ecosystem.
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