New technologies and advancements in material science have resulted in boom in the global Retractable tow bars market. These developments have enabled the manufacturers to use metals or polymers with higher tensile strengths which could significantly improve the functionality of the tow bar as well as its operational life. The major factor driving the growth of the global automotive tow bar market is the rapid development in the manufacturing techniques o tow bars as well as their materials.
Additionally, 3D printing has opened many paradigms which allow the key players to manufacture the extremely complex tow bar material with ease, enhancing their operational functionality. Moreover, the growth of Retractable towbar market is directly associated with the growth of the automotive industry, and as it grows, the use of tow bars increases, thereby impacting the market in a positive way. Europe region is the most lucrative for the tow bar market as it shows higher market attractiveness.
The global Retractable tow bars market is poised to reach a value of about US$ 6,800 Mn by the end of 2022 and is anticipated to grow at a steady CAGR during the forecasted period of 2017 to 2022.
5 Forecast Highlights on Global Retractable Tow Bars Market
- The retractable tow bars segment by product type seems to be the largest segment compared to other segments in product type. It is anticipated to grow and reflect a value of about US$ 2 Bn by 2022 end. The key manufacturers are advised to focus on APEJ region owing to higher potential in this region, apart from Europe in this particular segment
- The detachable tow bars segment have started to gain popularity in the recent months. The APEJ region is poised to surpass Europe region in this segment and is expected to be a worth over US$ 440 Mn. Europe also shows good attractiveness in this respect
- IAM and OEM segments by sales channel show similar growth opportunities and both have a revenue share, approximately 1/3rd of the automotive tow bars market. This value is equivalent to almost US$ 2 Bn by the end of the forecasted period (2022). Along with Europe region, the key companies can also shift their focus on the North America and Asia Pacific excluding Japan (APEJ) region which show good opportunities and a high potential in the automotive tow bars market
- The compact passenger cars segment by vehicle type experience higher growth rate and is poised to register a CAGR of 3.1% during the period of forecast. The mid-sized passenger cars segment reflects sluggish growth rate during the period of forecast and also has low market share by revenue as compared to the compact passenger cars segment. It is also expected by the compact passenger cars segment to gain additional BPS by the end of 2022
- Europe region shows higher market attractiveness and is more lucrative than other regions followed by Asia Pacific excluding Japan (APEJ) region. The APEJ region is anticipated to show higher growth in the coming years
Why are Retractable Automotive Towbars in High Demand?
By product, over 2/5 of automotive towbar demand is anticipated to be fuelled by retractable automotive towbars. Demand is strong amid high convenience and easy maintenance cycles.
Several premium and luxury car brands such as BMW and Audi offer retractable automotive towbars. As these can be folded away when not in use, they are highly preferred by automotive manufacturers.
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