Latest News- Automotive Tow Bars Market: Non retractable is expected to lead the Product Type segment during 2025-2029

The Automotive Tow Bars Market is being driven by Increasing popularity of outdoor pursuits

The Automotive Tow Bars Market is expected to grow at a CAGR of 4.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 1157.2 million. In the automotive industry, there is a growing trend towards electrically-operated tow bars, which offer enhanced functionality and user convenience. Notable market participants, such as Horizon Global Corp., have responded to this demand by introducing electrically operated tow bars for both original equipment manufacturers (OEMs) and the aftermarket. Horizon Global, a leading provider of automobile accessories, offers electrically retractable tow bars. These tow bars can be retracted both electrically and manually, making them convenient and compact for use in various automotive applications. The integrated swiveling mechanism of Horizon Global's electrically retractable tow bars increases their versatility, allowing for easy fitting in confined spaces. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product Type
  • Non retractable
  • Retractable
  • Swiveling
  • Others
• Vehicle Type
  • Passenger cars
  • LCVs
  • HCVs
• Channel
  • OEMs
  • Aftermarket
• Geography
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing popularity of outdoor pursuits
• Growth in vehicle ownership
• Increasing motorization in emerging countries

However, the market also witnesses some limitations, which are as follows:

• Technological integration challenges associated with automotive tow bars
• Environmental and sustainability concerns
• Growing cost pressure on manufacturers of automotive tow bars

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Market Scope in Automotive Tow Bars Market Research Report

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Research Analysis Overview

The Automotive Tow Bars Market encompasses various aspects of towing, including load-carrying capacity, tongue weight, trailer weight, and gross trailer weight. Considerations for vehicle stability, trailer sway control, and safety features like anti-theft devices and durability are crucial. Tow bar materials such as aluminum and steel, custom and aftermarket options, OEM versus aftermarket tow bars, and consumer reviews and ratings are also significant factors. Proper maintenance, repair, and warranty information, towing laws, safety tips, techniques, and troubleshooting are essential for successful towing experiences.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various automobile categories, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market's size is determined by the consolidated revenue generated by manufacturers of automotive components and equipment. Key growth drivers in the automotive parts and equipment industry include the rising integration of electronic components in automobiles, such as electronic control units (ECUs) and other electrical components, due to the increasing sales of EVs, motorcycles, and PCs. Additionally, tow bars and trailer hitches, essential towing components, contribute significantly to the market's growth, particularly in the CV and heavy-duty vehicle segments, as they facilitate the transportation of heavy loads.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
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Website: www.technavio.com/