europe automotive tow bars Market

The Europe automotive tow barsmarket was valued at US$ 1,296.26 million in 2019 and is projected to reach US$ 1,465.05 million by 2027; it is expected to grow at a CAGR of 4.1% from 2020 to 2027.

The growth of e-commerce capabilities is one of the key trends gaining traction in the Europe automotive tow bars market during the projected period. The increasing popularity of the e-commerce sector is positively influencing the Europe automotive aftermarket and retail channels. Towing equipment manufacturers benefit greatly from establishing a robust online presence that improves the penetration of multiple vendors into the market.

In the recent years, electric towing systems tow bars are becoming increasingly popular in the region; electric tow bar is increasing, due to growing preference for vehicles with automatic components; hence, the popularity of the electric tow bar is rising at a significant pace in the region. Various companies in the region are offering electric tow bars to their customers. For instance, ACPS Automotive offers fully-electric swiveling tow bars; its tow bar rotates to the operating position and automatically engages there and back again. Its tow bar is available at the push of a button, which makes it convenient to use.
Since the majority of the countries have exercised lockdown, the demand for automotive tow bars is decreasing at a prominent rate. The temporary shutdown of manufacturing facilities is showcasing a negative trend in the automotive tow bars market. The continuity of the COVID-19 spread would be severely dangerous for automotive tow bars market players.

The overall Europe automotive tow barsmarketsize has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the automotive tow barsmarketwith respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe automotive tow barsmarket.BOSAL Group, Anker and York Bars, PCT Automotive Limited, and Brink Group, among others are among the key players serving the automotive tow barsmarket in Europe.