North America Automotive Tow Bars Market Forecast to 2030
North America 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
Integration of Swiveling Mechanism with Conventional Tow Bars Drives the North America Automotive Tow Bars Market
Prominent market vendors have launched electrically operated tow bars for both OEMs and the aftermarket segments of the automotive sector. These tow bars are designed to improve the functionality of conventional tow bars and offer users convenience in terms of operability. For example, Horizon Global provides electric swiveling tow bars for automotive applications that can be retracted manually as well as electrically. Integrating the swiveling mechanism with the conventional tow bars enables them to be easily fitted in limited space. Similarly, ORIS also offers fully electric swiveling tow bars and supplies them to automakers in the United States, including Audi, BMW, GM, Mercedes, Tesla, Volvo, and VW. Additionally, some market players focus on enhancing reliability, reducing weight, and optimizing packaging features. These developments in tow bar design are one of the significant trends that will further accelerate the growth of the market for automotive tow bars during the forecast period.
North America Automotive Tow Bars Market Overview
The US, Canada, and Mexico are major economies in North America. Technological advancements have led to a highly competitive market in the region as the increasing population attracts several technological developments due to high spending power. The region has one of the largest automotive manufacturing hubs in the globe. The presence of prominent automotive manufacturers and component manufacturers is propelling the market value. The economic growth of North America has positively impacted the sale of commercial vehicles and passenger cars. Tow bars are used by passenger cars, light commercial vehicles, and heavy commercial vehicles; they are strong enough that they do not disintegrate when they are used to pull trailers. The growing passenger car and commercial vehicle sales are raising the demand for automotive tow bars. The European Automobile Manufacturers’ Association, or ACEA, stated in 2021 that the production of passenger cars and commercial vehicles was 13.58 million units in European region. A foremost opportunity in the automotive tow bar market is the use of lightweight materials in order to design tow bars, which would reduce the weight of vehicles and enhance fuel efficiency. Several technological advancements in material science have resulted in a boom in the automotive tow bars market. The developments have allowed manufacturers to use polymers or metals with higher tensile strengths, which could substantially enhance the functionality of the tow bar and its operational life. The major factor propelling the growth of the automotive tow bar is the swift development in the manufacturing techniques of tow bars and their materials. Further, advancements in electric tow bars are anticipated to expand at a moderate speed in North America during the forecast period, owing to rising SUVs, which encourages manufacturers to surge the production of the SUVs.
North America Automotive Tow Bars Market Revenue and Forecast to 2030 (US$ Million)
North America Automotive Tow Bars Market Segmentation
The North America automotive tow bars market is segmented based on product, vehicle type, and country.
Based on product, the North America 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 North America 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 North America automotive tow bars market is categorized into US, Canada, and Mexico. The US dominated the North America automotive tow bars market in 2022.
BOSAL Group, Brink Group, CURT Manufacturing LLC, and ORIS are some of the leading companies operating in the North America automotive tow bars market.
Summary Info
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According to the Research Team’ research, the North America automotive tow bars market was valued at US$ 1,416.95 million in 2022 and is expected to reach US$ 2,050.52 million by 2030, registering a CAGR of 4.7% from 2022 to 2030. Increased automotive production and growing popularity of foldable and retractable tow bars are among the critical factors attributed to the North America automotive tow bars market expansion.
In the past few years, the increase in automotive production, particularly in the advanced regions, including North America has driven the growth of the automotive tow bars market. The tow bar for automobiles is available as a standard filament or as an additional feature with most premium passenger car models launched by automotive giants such as Audi, Range Rover, BMW, and Ford Motor Company. The rapid growth of automotive production in advanced economies around the region has contributed directly to the rising demand for the tow bar market in the automotive sector. For instance, electric vehicles and hybrid electric vehicles are gaining traction on the market. Sustainable development and subsequent demand for green cars have led to the emergence of electric vehicles and other renewable energy sources, including solar, wind, and biofuels. Moreover, the use of these vehicles is further encouraged by several government initiatives, such as the payment of incentives and tax benefits to green vehicle adopters and users of green vehicles. Thus, during the forecast period, the rapidly increasing adoption rates of electric and hybrid vehicles drive the automotive tow bar market.
On the contrary, preference for rental towing services hampers the growth North America automotive tow bars market.
Based on product, the North America automotive tow bars market is segmented into fixed tow bars, detachable tow bars, retractable tow bars, and others. The detachable tow bars segment held 43.2% share of the North America automotive tow bars market in 2022, amassing US$ 612.69 million. It is projected to garner US$ 881.78 million by 2030 to expand at 4.7% CAGR during 2022-2030.
In terms of vehicle type, the North America automotive tow bars market is bifurcated into passenger cars and commercial vehicle. The passenger cars segment held 79.1% share of the North America automotive tow bars market in 2022, amassing US$ 1,121.47 million. It is projected to garner US$ 1,597.17 million by 2030 to expand at 4.5% CAGR during 2022-2030.
Based on country, the North America automotive tow bars market is categorized into US, Canada, and Mexico. The US held 77.7% share of North America automotive tow bars market in 2022, amassing US$ 1,100.70 million. It is projected to garner US$ 1,627.40 million by 2030 to expand at 5.0% CAGR during 2022-2030.
Key players operating in the North America automotive tow bars market are BOSAL Group, Brink Group, CURT Manufacturing LLC, and ORIS, 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 North America 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 North America 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. North America 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. North America 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 – North America Market Analysis
6.1 North America Automotive Tow Bars Market Revenue (US$ Million), 2022 – 2030
6.2 North America Automotive Tow Bars Market Forecast and Analysis
7. North America Automotive Tow Bars Market Analysis – Product
7.1 Overview
7.1.1 North America 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. North America Automotive Tow Bars Market Analysis – Vehicle Type
8.1 Overview
8.1.1 North America 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. North America Automotive Tow Bars Market – Country Analysis
9.1.1.1 North America Automotive Tow Bars Market Revenue and Forecasts and Analysis – By Country
9.1.1.2 US Automotive Tow Bars Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.1.2.1 United States Automotive Tow Bars Market Breakdown by Product
9.1.1.2.2 United States Automotive Tow Bars Market Breakdown by Vehicle Type
9.1.1.3 Canada Automotive Tow Bars Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.1.3.1 Canada Automotive Tow Bars Market Breakdown by Product
9.1.1.3.2 Canada Automotive Tow Bars Market Breakdown by Vehicle Type
9.1.1.4 Mexico Automotive Tow Bars Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.1.4.1 Mexico Automotive Tow Bars Market Breakdown by Product
9.1.1.4.2 Mexico 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 BOSAL Group
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 Brink 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 CURT Manufacturing LLC
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 ORIS
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
12. Appendix
12.1 About the Research Team
12.2 Word Index
LIST OF TABLES
Table 1. North America Automotive Tow Bars Market Segmentation
Table 2. North America Automotive Tow Bars Market Revenue and Forecasts To 2030 (US$ Million)
Table 3. North America Automotive Tow Bars Market Revenue and Forecasts To 2030 (US$ Million) – Product
Table 4. North America Automotive Tow Bars Market Revenue and Forecasts To 2030 (US$ Million) – Vehicle type
Table 5. North America Automotive Tow Bars Market Revenue and Forecasts To 2030 (US$ Mn) – By Country
Table 6. United States Automotive Tow Bars Market Revenue And Forecasts To 2030 (US$ Mn) – Product
Table 7. United States Automotive Tow Bars Market Volume And Forecasts To 2030 (Units) – Product
Table 8. United States Automotive Tow Bars Market Revenue And Forecasts To 2030 (US$ Mn) – Vehicle Type
Table 9. Canada Automotive Tow Bars Market Revenue And Forecasts To 2030 (US$ Mn) – Product
Table 10. Canada Automotive Tow Bars Market Volume And Forecasts To 2030 (Units) – Product
Table 11. Canada Automotive Tow Bars Market Revenue And Forecasts To 2030 (US$ Mn) – Vehicle Type
Table 12. Mexico Automotive Tow Bars Market Revenue And Forecasts To 2030 (US$ Mn) – Product
Table 13. Mexico Automotive Tow Bars Market Volume And Forecasts To 2030 (Units) – Product
Table 14. Mexico Automotive Tow Bars Market Revenue And Forecasts To 2030 (US$ Mn) – Vehicle Type
Table 15. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Automotive Tow Bars Market Segmentation, By Country
Figure 2. Ecosystem: North America Automotive Tow Bars Market
Figure 3. North America Automotive Tow Bars Market – Key Industry Dynamics
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. North America Automotive Tow Bars Market Revenue (US$ Million), 2022 – 2030
Figure 6. North America 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. Fixed Tow Bars Market Revenue and Forecasts To 2030 (US$ Million)
Figure 10. Others Market Revenue and Forecasts To 2030 (US$ Million)
Figure 11. North America Automotive Tow Bars Market, By Vehicle type (2022 and 2030)
Figure 12. Passenger Cars Market Revenue and Forecasts To 2030 (US$ Million)
Figure 13. Commercial Vehicles Market Revenue and Forecasts To 2030 (US$ Million)
Figure 14. North America Automotive Tow Bars Market, by Key Country – Revenue (2022) (US$ Million)
Figure 15. US Automotive Tow Bars Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 16. Canada Automotive Tow Bars Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 17. Mexico Automotive Tow Bars Market Revenue and Forecasts To 2030 (US$ Mn)
The List of Companies – North America Automotive Tow Bars Market
1. BOSAL Group
2. Brink Group
3. CURT Manufacturing LLC
4. ORIS
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