Automotive Towbar Market to Expand by 3.6% as Demand for Lightweight Automotive Components Soars: Fact.MR

Fact.MR – A Market Research and Competitive Intelligence Provider: The global automotive towbar market size is expected to reach US$ 1.3 Bn in 2021, as per a recent market survey by Fact.MR. Increasing demand for retractable towbars is expected to enable sales at 3.6% CAGR, pushing the market size to US$ 1.9 Bn in 2031. Fact.MR – A Market Research and Competitive Intelligence Provider : Theglobal automotive towbar marketsize is expected to reachUS$ 1.3 Bnin 2021, as per a recent...
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Fact.MR – A Market Research and Competitive Intelligence Provider: The global automotive towbar market size is expected to reach US$ 1.3 Bn in 2021, as per a recent market survey by Fact.MR. Increasing demand for retractable towbars is expected to enable sales at 3.6% CAGR, pushing the market size to US$ 1.9 Bn in 2031.

Growing demand for advanced and lightweight automobile components is propelling sales in the market. Stringent regulations pertaining to carbon emissions are also expected to boost the sales of lightweight and electronic vehicles. Reduction in vehicle weight significantly improves fuel efficiency and reduces emissions.

As per the International Energy Agency, sales of electric cars reached US$ 2.1 Mn globally in 2019. This trend is expected to continue in the forthcoming years. Also, automotive towbars offer high thermal strength and are light in weight as they are made from plastics, including polycarbonate. These factors are expected to give tailwinds to sales of automotive towbars over the forecast period.

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Further, growing demand in the U.S., Spain, Switzerland, Germany, and the U.K. is anticipated to create growth opportunities for players. These countries have a robust automotive market, along with the presence of leading manufacturers, which is expected to facilitate the expansion of the automotive towbar market.

"Growing demand for lightweight automotive components in luxury passenger vehicles is expected to propel sales in the market. Besides this, growing trend of recreational driving is resulting in high demand for rentals and caravans, which is expected to create growth opportunities for the market in the forthcoming years," says a Fact.MR analyst.

Key Takeaways:

Growth Drivers:

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Competitive Landscape

Leading players operating in the global automotive towbar market are investing in mergers, acquisitions, and collaborations to improve their distribution networks and expand their production facilities. Besides this, players are investing in research and development to diversify their product portfolios.

For instance, in June 2021, DexKo Global Inc. signed an agreement to acquire Brink International, a company specializing in automotive towbar solutions. The acquisition is aimed at expanding the DexKo range to include designed towing and transport solutions.

Key Players in the Automotive Towbar Market Include:

More Valuable Insights on Automotive Towbar Market

Fact.MR provides an unbiased analysis of the automotive towbar market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global automotive towbar market with a detailed segmentation on the basis of:

Product Type:

Sales Channel:

Vehicle:

Regions:

Key Questions Covered in Automotive Towbar Market Report

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About Fact.MR

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