Automotive tow bars or towing hooks also referred to as tow hitches, are fixtures of automobiles utilized for towing trailers, caravans, boats, or any other kind of vehicle. As outdoor activities and recreation become more
prevalent, so does the automotive
tow bars market.
Market Overview and Growth
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 record a CAGR of 4.6% during 2022–2030.
Key Drivers of Market Growth:
The higher popularity of recreational activities fuels the demand for tow bars.
Due to the increasing popularity of outdoor activities such as camping, boating,
and caravanning, more and more people are purchasing tow bars.
Growth in the Global Automotive Industry
The reason is that the world's automobile industry is expanding, so tow bars
and other after-market accessories are also increasing their demand.
Tugging? It may be old-school but design innovations are making tow bars safer,
more reliable, and better looking.
Consumers' awareness of the benefits of tow bars for their vehicles grows
therefore creating a higher demand.
Market Trends and Challenges
Electrical vehicles: Manufacturers
of tow bars have to find new ways to profit from new markets as electric
vehicles are becoming more popular.
Rising safety regulations about tow bars are supporting demand for quality and
certified tow bars.
Personalization: Customers expect to
be able to customize their tow bar to suit their needs, and to complement the
styling of their vehicle.
Competition: The automotive
aftermarket is highly competitive, with numerous players offering tow bar
products.
Key Market Segments
Fixed Tow Bars: These do not usually
retract and are permanently attached to the car’s frame, giving maximum towing capability,
but least flexibility.
Removable Tow Bars: Removable for
easy storage and installation when not in use. Good for those who don’t need to
tow often.
Passenger Cars: Tow bars for
passenger cars are usually smaller and lighter in weight, with a lower towing
capacity.
SUVs or Trucks:
It will be higher for the SUVs or trucks because SUVs or trucks tend to be
carried with more weight, so they will need a heavier tow bar which will be
bigger and stronger to deal with the extra weight.
About The Insight Partners
The Insight Partners is among the leading market research and consulting firms in the world. We take pride in delivering exclusive reports along with sophisticated strategic and tactical insights into the industry. Reports are generated through a combination of primary and secondary research, solely aimed at giving our clientele a knowledge-based insight into the market and domain. This is done to assist clients in making wiser business decisions. A holistic perspective in every study undertaken forms an integral part of our research methodology and makes the report unique and reliable.
With the growing population of consumers, who like to get innovative products
and technology to enhance their time spent in outdoor adventures and
recreational activities, the automotive tow bars market is expected to witness healthy
growth during the forecast period. The information provided about the market
drivers, restraints, challenges, and opportunities in this report will help the
manufacturers design a new product line of innovative tow bar solutions, that
meet the requirements of consumers.
