Automotive Towbar Market is Expected to Grow at a CAGR 3.6%; Market to Exceed US$ 1.9 Billion by 2031

Retractable towbar equipment is gaining attraction due to its advantages such as invisibility in every type of car and easy storage

ROCKVILLE, MARYLAND, UNITED STATES, December 7, 2021 /EINPresswire.com/ -- Fact.MR, a market research and competitive intelligence provider, has conducted a comprehensive analysis on the global automotive towbar market, which is expected to progress at a CAGR of 3.6% over the forecast period (2021 to 2031), and surpass a valuation of US$ 1.9 Bn. The global automotive towbar market holds 2% share of the global towbar market.

Retractable automotive towbars account for a significant market share by value. Retractable towbar equipment is gaining attraction due to its advantages such as invisibility in every type of car and easy storage (can be stored behind the bumper).

The Demand analysis of Automotive Towbar Market offers a comprehensive analysis of diverse features, demand, product developments, revenue generation, and sales of Automotive Towbar Market across the globe.

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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

Automotive Towbar Market Size (2021)


US$ 1.3 Bn


Market Forecasted Value (2031)


US$ 1.9 Bn


Global Market Growth Rate (2021-2031)


3.6% CAGR


Market Share of Top 5 Automotive Towbar Suppliers


25%

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Some Notable Offerings by Fact.MR Report on Automotive Towbar market:

Fact.MR will provide you an analysis of the extent to which this Automotive Towbar market research report acquires commercial characteristics along with examples or instances of information that helps you to understand it better.
Fact.MR will also help to identify customary/ standard terms and conditions, as offers, worthiness, warranty, and others.
Also, this report will help you to identify any trends to forecast growth rates.
The analyzed report will forecast the general tendency for supply and demand.

How Has COVID-19 Impacted Automotive Towbar Demand?

As the COVID-19 pandemic unfurled, the global automotive industry slipped into further recession. Imposition of mandatory lockdowns to curb infection rates was attributed as the primary growth decelerator.

In the initial quarters of 2020, automotive giants experienced severe gaps in supply and demand. As logistics were disrupted, adequate raw material availability, such as iron and steel, to manufacture automotive towbars, was constrained. Hence, production shortfalls were encountered.

Fortunately, countries have implemented favourable policies aimed at uplifting the global automotive sector. Massive stimulus was received with increasing demand for electric vehicles, especially across China, the United States, and Germany.

Will Luxury Passenger Cars Emerge as Primary Vehicles for Demand for Automotive Towbar Applications?

By vehicle, deployment of automotive towbars for luxury passenger cars is likely to increase at above 3% CAGR through 2031. Increasing demand for these cars amid surging disposable income is widening growth prospects.

Modern luxury cars are equipped with the latest components, ranging from shock absorbers to airbags and towbars. Luxury vehicles are equipped with towbars to be standalone to enhance safety while driving.

Some of the Automotive Towbar Market insights and estimations that make this study unique in approach and effective in guiding stakeholders in understanding the growth dynamics. The study provides: 

Details regarding latest innovations and development in Automotive Towbar and how it is gaining customer traction during the forecast period.
Analysis about the customer demand of the products and how it is likely to evolve in coming years.
Latest regulations enforced by government bodies and local agencies and their impact on Demand of Automotive Towbar Market .
Insights about adoption of new technologies and its influence on the Automotive Towbar market Size.
Overview of the impact of COVID-19 on Automotive Towbar Market and economic disruptions caused by the pandemic.


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After reading the Market insights of Automotive Towbar Report, readers can:

Understand the drivers, restraints, opportunities and trends affecting the Sales of market.
Analyze key regions holding significant share of total Automotive Towbar market revenue.
Study the growth outlook of Automotive Towbar market scenario, including production, consumption, history and forecast.
Learn consumption pattern and impact of each end use & supply side analysis of Automotive Towbar market.
Investigate the recent R&D projects performed by each market player & competitive analysis of Automotive Towbar Market Players.

Read More Trending Reports of Fact.MR:-https://www.globenewswire.com/en/news-release/2018/02/02/1332344/0/en/Global-Automotive-Headliners-Market-4-Valuable-Forecasts-by-Fact-MR-for-2017-2026.html

How Fact.MR Assists in Making Strategic Moves For Automotive Towbar Market Manufacturer?

The data provided in the Automotive Towbar market report offers comprehensive analysis of important industry trends. Industry players can use this data to strategize their potential business moves and gain remarkable revenues in the upcoming period.
The report covers the price trend analysis and value chain analysis along with analysis of diverse offering by market players. The main motive of this report is to assist enterprises to make data-driven decisions and strategize their business moves.

 

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