Asia Pacific Automotive Tow Bars Market Forecast to 2030
Asia Pacific Automotive Tow Bars Market Forecast to 2030 – Regional Analysis – By Product (Fixed Tow Bars, Detachable Tow Bars, Retractable Tow Bars, and Others) and Vehicle Type (Passenger Cars and Commercial Vehicle)
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Description
Growing Popularity of Foldable and Retractable Tow Bars Drive Asia Pacific Automotive Tow Bars Market
Foldable and retractable tow bars can be conveniently stowed when not in use. This feature is particularly appealing to consumers who want to maintain a clean and uncluttered vehicle exterior when the tow bar is not in use. It also prevents accidental damage to the tow bar when not in use. Foldable and retractable tow bars are adaptable to different towing needs and various types of trailers and equipment. Users can easily engage or disengage the tow bar, making it suitable for a range of towing applications. Foldable and retractable tow bars are designed to securely lock into position when in use, ensuring the safety of towing operation. Proper locking of a tow bar reduces the risk of accidents caused by an improperly hitched trailer. Owing to such advantages, various automotive manufacturers are integrating foldable and retractable tow bars in their automotive offerings. During a product launch event on June 15, 2022, NIO unveiled several notable vehicles, including the ES7 (a smart electric mid-large SUV), alongside the 2022 ES8, ES6, and EC6 models. Of particular significance, the ES7 stands out as one of the pioneering passenger vehicles. This achievement is made possible by including an optional retractable electric tow bar with an impressive maximum towing capacity of 2,000 kg. Thus, the growing popularity of foldable and retractable tow bars propels the automotive tow bar market growth.
Asia Pacific Automotive Tow Bars Market Overview
The automotive tow bars market in APAC comprises countries such as China, India, Japan, Australia, South Korea, and the Rest of APAC. The economy of the region is performing well due to numerous technological and infrastructural developments. The region has a strong automotive sector, which is supported by the growing automotive manufacturing industry in countries such as India, China, and South Korea. Countries such as India, China, South Korea, and Japan are among the leading vehicle manufacturing countries across the world. Increasing number of car manufacturers and presence of a strong automotive sector drive the growth of the automotive tow bars market in the region.
In APAC, China is the largest market owing to its leading automotive market. Also, the growing automotive component sales will propel the demand for automotive tow bars. The growing adoption of advanced technologies and increasing demand for using unpowered trailers and caravans would accelerate the automotive tow bar market growth. Furthermore, the automotive vehicle demand in APAC, together with the growing passenger cars and commercial vehicle production in China and other countries, would enable the automotive tow bar manufacturers to increase their presence in this region.
Asia Pacific Automotive Tow Bars Market Revenue and Forecast to 2030 (US$ Million)
Asia Pacific Automotive Tow Bars Market Segmentation
The Asia Pacific automotive tow bars market is segmented based on product, vehicle type, and country.
Based on product, the Asia Pacific automotive tow bars market is segmented into fixed tow bars, detachable tow bars, retractable tow bars, and others. The detachable tow bars segment held the largest share in 2022.
In terms of vehicle type, the Asia Pacific automotive tow bars market is bifurcated into passenger cars and commercial vehicle. The passenger cars segment held a larger share in 2022.
Based on country, the Asia Pacific automotive tow bars market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific automotive tow bars market in 2022.
AutoPacific Australia Pty Ltd, BOSAL Group, Brink Group, BTA Towing Equipment, and North Shore Towbars are some of the leading companies operating in the Asia Pacific automotive tow bars market.
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According to the Research Team’ research, the Asia Pacific automotive tow bars market was valued at US$ 1,280.29 million in 2022 and is expected to reach US$ 2,049.79 million by 2030, registering a CAGR of 6.1% from 2022 to 2030. Integration smart technology and growth of the e-commerce industry are among the critical factors attributed to the Asia Pacific automotive tow bars market expansion.
Smart tow bars equipped with wireless connectivity and remote-control capabilities make it easier for users to manage towing tasks. Users can control the tow bar from their smartphone or tablet, eliminating the need for manual adjustments and simplifying the hitching and unhitching process. In April 2023, Ford, renowned for producing top-selling F-Series trucks, unveiled groundbreaking technology that utilizes Artificial Intelligence (AI) to simplify the process of hitching a truck and trailer, making it as effortless as the push of a button. Manufacturers offering innovative and technologically advanced smart tow bars can differentiate themselves in a competitive market and attract tech-savvy consumers looking for modern towing solutions. The BYD launched Atto 3, an attractive compact electric SUV known for its sleek and sporty design, equipped with an array of advanced smart technologies and features. The BYD Atto 3 CL4, built from June 2022, is equipped with the Hayman Reese Class 4 tow bar. It is designed to fully capitalize on the vehicle’s 750kg tow rating, making it a versatile choice that caters to a wide range of towing requirements. Additionally, this towbar installation benefits from the user-friendly SmartClick wiring harness, simplifying the towing process for added convenience and safety. Thus, the integration of smart technology with automotive tow bars is anticipated to offer promising opportunities for the Asia Pacific automotive tow bars market during the forecast period.
On the contrary, preference for rental towing services hampers the growth Asia Pacific automotive tow bars market.
Based on product, the Asia Pacific automotive tow bars market is segmented into fixed tow bars, detachable tow bars, retractable tow bars, and others. The detachable tow bars segment held 42.5% share of the Asia Pacific automotive tow bars market in 2022, amassing US$ 544.72 million. It is projected to garner US$ 868.31 million by 2030 to expand at 6.0% CAGR during 2022-2030.
In terms of vehicle type, the Asia Pacific automotive tow bars market is bifurcated into passenger cars and commercial vehicle. The passenger cars segment held 75.4% share of the Asia Pacific automotive tow bars market in 2022, amassing US$ 965.83 million. It is projected to garner US$ 1,518.69 million by 2030 to expand at 5.8% CAGR during 2022-2030.
Based on country, the Asia Pacific automotive tow bars market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held 25.4% share of Asia Pacific automotive tow bars market in 2022, amassing US$ 325.22 million. It is projected to garner US$ 475.89 million by 2030 to expand at 4.9% CAGR during 2022-2030.
Key players operating in the Asia Pacific automotive tow bars market are AutoPacific Australia Pty Ltd, BOSAL Group, Brink Group, BTA Towing Equipment, and North Shore Towbars, among others.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in Asia Pacific automotive tow bars market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution
TABLE OF CONTENTS
1. Introduction
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Automotive Tow Bars Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 Manufacturers
4.2.2 Wholesalers
4.2.3 Distributors and Retailers
4.2.4 Installation Service Providers
4.2.5 After Service Segment
5. Asia Pacific Automotive Tow Bars Market – Key Industry Dynamics
5.1 Market Drivers
5.1.1 Increased Automotive Production
5.1.2 Growing Popularity of Foldable and Retractable Tow Bars
5.1.3 Tow Bars Serve as an Optimum Towing Equipment
5.2 Market Restraints
5.2.1 Preference for Rental Towing Services
5.2.2 High Cost of Automotive Tow Bars
5.3 Market Opportunities
5.3.1 Integration Smart technology
5.3.2 Growth of the E-Commerce Industry
5.4 Future Trends
5.4.1 Integration Of Swivelling Mechanism with Conventional Tow Bars
5.5 Impact of Drivers and Restraints:
6. Automotive Tow Bars Market – Asia Pacific Market Analysis
6.1 Asia Pacific Automotive Tow Bars Market Revenue (US$ Million), 2022 – 2030
6.2 Asia Pacific Automotive Tow Bars Market Forecast and Analysis
7. Asia Pacific Automotive Tow Bars Market Analysis – Product
7.1 Overview
7.1.1 Asia Pacific Automotive Tow Bars Market, By Product (2022 and 2030)
7.2 Retractable Towbar
7.2.1 Overview
7.2.2 Retractable Towbar Market, Revenue and Forecast to 2030 (US$ Million)
7.3 Detachable Tow Bars
7.3.1 Overview
7.3.2 Detachable Tow Bars Market, Revenue and Forecast to 2030 (US$ Million)
7.4 Fixed Tow Bars
7.4.1 Overview
7.4.2 Fixed Tow Bars Market Revenue, and Forecast to 2030 (US$ Million)
7.5 Others
7.5.1 Overview
7.5.2 Others Market Revenue, and Forecast to 2030 (US$ Million)
8. Asia Pacific Automotive Tow Bars Market Analysis – Vehicle Type
8.1 Overview
8.1.1 Asia Pacific Automotive Tow Bars Market, By Vehicle type (2022 and 2030)
8.2 Passenger Cars
8.2.1 Overview
8.2.2 Passenger Cars Market Revenue, and Forecast to 2030 (US$ Million)
8.3 Commercial Vehicles
8.3.1 Overview
8.3.2 Commercial Vehicles Market Revenue, and Forecast to 2030 (US$ Million)
9. Asia Pacific Automotive Tow Bars Market – Country Analysis
9.1.1 Asia Pacific Automotive Tow Bars Market Revenue and Forecasts and Analysis – By Country
9.1.1.1 Asia Pacific Automotive Tow Bars Market Revenue and Forecasts and Analysis – By Country
9.1.1.2 Australia Automotive Tow Bars Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.1.2.1 Australia Automotive Tow Bars Market Breakdown by Product
9.1.1.2.2 Australia Automotive Tow Bars Market Breakdown by Vehicle Type
9.1.1.3 China Automotive Tow Bars Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.1.3.1 China Automotive Tow Bars Market Breakdown by Product
9.1.1.3.2 China Automotive Tow Bars Market Breakdown by Vehicle Type
9.1.1.4 India Automotive Tow Bars Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.1.4.1 India Automotive Tow Bars Market Breakdown by Product
9.1.1.4.2 India Automotive Tow Bars Market Breakdown by Vehicle Type
9.1.1.5 Japan Automotive Tow Bars Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.1.5.1 Japan Automotive Tow Bars Market Breakdown by Product
9.1.1.5.2 Japan Automotive Tow Bars Market Breakdown by Vehicle Type
9.1.1.6 South Korea Automotive Tow Bars Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.1.6.1 South Korea Automotive Tow Bars Market Breakdown by Product
9.1.1.6.2 South Korea Automotive Tow Bars Market Breakdown by Vehicle Type
9.1.1.7 Rest of Asia Pacific Automotive Tow Bars Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.1.7.1 Rest of Asia Automotive Tow Bars Market Breakdown by Product
9.1.1.7.2 Rest of Asia Automotive Tow Bars Market Breakdown by Vehicle Type
10. Industry Landscape
10.1 Overview
10.2 Market Initiative
10.3 New Product Development
10.4 Merger and Acquisition
11. Company Profiles
11.1 AutoPacific Australia Pty Ltd
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 BOSAL Group
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Brink Group
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 BTA Towing Equipment
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 North Shore Towbars
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
12. Appendix
12.1 About the Research Team
12.2 Word Index
LIST OF TABLES
Table 1. Asia Pacific Automotive Tow Bars Market Segmentation
Table 2. Asia Pacific Automotive Tow Bars Market Revenue and Forecasts To 2030 (US$ Million)
Table 3. Asia Pacific Automotive Tow Bars Market Revenue and Forecasts To 2030 (US$ Million) – Product
Table 4. Asia Pacific Automotive Tow Bars Market Revenue and Forecasts To 2030 (Units) – Product
Table 5. Asia Pacific Automotive Tow Bars Market Revenue and Forecasts To 2030 (US$ Million) – Vehicle type
Table 6. Asia Pacific Automotive Tow Bars Market Revenue and Forecasts To 2030 (US$ Mn) – By Country
Table 7. Australia Automotive Tow Bars Market Revenue And Forecasts To 2030 (US$ Mn) – Product
Table 8. Australia Automotive Tow Bars Market Volume And Forecasts To 2030 (Units) – Product
Table 9. Australia Automotive Tow Bars Market Revenue And Forecasts To 2030 (US$ Mn) – Vehicle Type
Table 10. China Automotive Tow Bars Market Revenue And Forecasts To 2030 (US$ Mn) – Product
Table 11. China Automotive Tow Bars Market Volume And Forecasts To 2030 (Units) – Product
Table 12. China Automotive Tow Bars Market Revenue And Forecasts To 2030 (US$ Mn) – Vehicle Type
Table 13. India Automotive Tow Bars Market Revenue And Forecasts To 2030 (US$ Mn) – Product
Table 14. India Automotive Tow Bars Market Volume And Forecasts To 2030 (Units) – Product
Table 15. India Automotive Tow Bars Market Revenue And Forecasts To 2030 (US$ Mn) – Vehicle Type
Table 16. Japan Automotive Tow Bars Market Revenue And Forecasts To 2030 (US$ Mn) – Product
Table 17. Japan Automotive Tow Bars Market Volume And Forecasts To 2030 (Units) – Product
Table 18. Japan Automotive Tow Bars Market Revenue And Forecasts To 2030 (US$ Mn) – Vehicle Type
Table 19. South Korea Automotive Tow Bars Market Revenue And Forecasts To 2030 (US$ Mn) – Product
Table 20. South Korea Automotive Tow Bars Market Volume And Forecasts To 2030 (Units) – Product
Table 21. South Korea Automotive Tow Bars Market Revenue And Forecasts To 2030 (US$ Mn) – Vehicle Type
Table 22. Rest of Asia Automotive Tow Bars Market Revenue And Forecasts To 2030 (US$ Mn) – Product
Table 23. Rest of Asia Automotive Tow Bars Market Volume And Forecasts To 2030 (Units) – Product
Table 24. Rest of Asia Automotive Tow Bars Market Revenue And Forecasts To 2030 (US$ Mn) – Vehicle Type
Table 25. List of Abbreviation
LIST OF FIGURES
Figure 1. Asia Pacific Automotive Tow Bars Market Segmentation, By Country
Figure 2. Ecosystem: Asia Pacific Automotive Tow Bars Market
Figure 3. Asia Pacific Automotive Tow Bars Market – Key Industry Dynamics
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Asia Pacific Automotive Tow Bars Market Revenue (US$ Million), 2022 – 2030
Figure 6. Asia Pacific Automotive Tow Bars Market Share (%) – Product, 2022 and 2030
Figure 7. Retractable Towbar Market Revenue and Forecasts To 2030 (US$ Million)
Figure 8. Detachable Tow Bars Market Revenue and Forecasts To 2030 (US$ Million)
Figure 9. Detachable Towbar Market Volume and Forecasts To 2030 (Units)
Figure 10. Fixed Tow Bars Market Revenue and Forecasts To 2030 (US$ Million)
Figure 11. Others Market Revenue and Forecasts To 2030 (US$ Million)
Figure 12. Asia Pacific Automotive Tow Bars Market, By Vehicle type (2022 and 2030)
Figure 13. Passenger Cars Market Revenue and Forecasts To 2030 (US$ Million)
Figure 14. Commercial Vehicles Market Revenue and Forecasts To 2030 (US$ Million)
Figure 15. Asia Pacific Automotive Tow Bars Market, by Key Country – Revenue (2022) (US$ Million)
Figure 16. Automotive Tow Bars Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 17. Australia Automotive Tow Bars Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 18. China Automotive Tow Bars Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 19. India Automotive Tow Bars Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 20. Japan Automotive Tow Bars Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 21. South Korea Automotive Tow Bars Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 22. Rest of Asia Pacific Automotive Tow Bars Market Revenue and Forecasts To 2030 (US$ Mn)
The List of Companies – Asia Pacific Automotive Tow Bars Market
1. AutoPacific Australia Pty Ltd
2. BOSAL Group
3. Brink Group
4. BTA Towing Equipment
5. North Shore Towbars
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