The Automotive Tow Bars market was valued at US$ 5,110.98 million in 2022 and is projected to reach US$ 7,318.05 million by 2030; it is expected to grow at a CAGR of 4.6% during 2022–2030.
One of the key trends witnessed in the automotive tow bars market growth during the predicted period is the rising growth of the e-commerce industry and the subsequent increase in delivery services. The increasing number of delivery orders and the growing number of courier delivery agencies will boost the volume of sales of commercial vehicles required to carry goods. This, in turn, will fuel the uptake of towing equipment in the e-commerce sector. Given the increasing number of delivery orders, delivery service providers are encouraged to purchase light commercial vehicles (LCVs). Purchasing LCVs allows them to meet rising parcel delivery requirements. This, in turn, will boost demand in the forecast period for towing equipment within LCVs and medium and heavy commercial vehicles (MHCVs). The growth of online capabilities is one of the key trends gaining traction in the global automotive tow bars market during the projected period. The growing popularity of the e-commerce sector is positively influencing the global retail channels and automotive aftermarket. Towing equipment manufacturers benefit greatly from establishing a robust market presence that improves the penetration of multiple vendors into the automotive tow bars market.
Prominent automotive tow bars market players 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 and Europe, including Audi, BMW, GM, Mercedes, Tesla, Volvo, and VW. Additionally, some other automotive tow bars 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 automotive tow bars market share of these players during the forecast period.
In the UK, a fixed tow bar is an increasingly popular form of the tow bar, which is perfect for all towing needs and for mounting cycle carriers. It is the most reasonably priced and lasts the lifetime of the car. It is a height-adjustable tow bar, which is made for heavy-duty work. The market for automotive tow bars in the region is driven by various inorganic marketing strategies adopted by the companies. For instance, Horizon Global, a manufacturer and distributor of a wide variety of high-quality, custom-engineered towing in Europe, North America, and Australia, acquired Brink Group, a European towing systems company. The Brink Group generates ~1 million tow bars yearly; its products can be found on ~25 million vehicles globally. The acquisition enabled Horizon Global's portfolio to optimize the company’s industry-leading product innovation and manufacturing capabilities.
Furthermore, the automotive tow bars market growth is directly associated with the increase in the automotive sector, and as it grows, the use of tow bars surges, thus positively impacting the market. The region is the most lucrative for the growth of automotive tow bars market share as it shows higher market attractiveness.
AutoPacific Australia Pty Ltd, Bosal Group, Brink Group, BTA Towing Equipment, CURT Manufacturing LLC, Oris, PCT Automotive Limited, Alois Kober GmbH, North Shore Tow bars and GDW NV are among the key automotive tow bars market players.