Automotive Tow Bar Market Assessment and Key Insights Analyzed till 2029 by Metcarl · October 9 Mike Green Jersey , 2019
Automotive tow bar or tow hitch is an equipment attached to the chassis of a vehicle for towing. Numerous automakers have been working hard on innovations in self-propelling devices, and automotive tow bar is one of them. Rapid increase in road vehicles around the globe will create ample opportunities for the growth of the automotive tow bar market. There is a huge choice of tow bars designed for towing caravans in the market. By the turn of the 21st century, 鈥榗aravanning鈥?for leisure had become an increasingly popular recreational activity, which has helped to foster the demand for automotive tow bar over the forecast period.
The global automotive tow bar market is fragmented as a large number of manufacturers are involved in the production of automotive tow bars around the globe. Some of the top manufacturers are supplying their products to OEMs including, 鈥?Brink group B.V and Bosal International NV. They are truly global, with immense entrenched capabilities to serve the automotive tow bar market to consumers around the world. Adventure tourism is rapidly growing in popularity Gordie Howe Jersey , as tourists seek different kinds of vacations for which they are using different cars to tow multiple unpowered vehicles such as recreational vehicles, travel trailers, and mobile homes. Much of the news coming out of the automotive industry these days concerns a new wave of advanced design and technology. Moreover, top automobile factories are changing their strategies, as demand for electric and autonomous vehicles is increasing, so many companies and suppliers prepare strategically and operationally for these changes. On the same prospect Cheap Detroit Red Wings Jerseys , automotive tow bar manufacturers are focusing on introducing new and advanced technology products, which is cost-effective and having high safety levels.
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For instance, in August 2019, Weigh safe, the U.S.-based manufacturer and service provider for automotive tow bar introduced a new product in the market, named 鈥淲eigh Safe Drop Hitch.鈥?This product is now available in steel hitch along with aluminum drop hitch consisting of adjustable ball mount with a built-in scale that measures tongue weight Valtteri Filppula Red Wings Jersey , resulting in a much more enjoyable and safer towing experience.
Similarly, in 2019, Pulliam Enterprises, Inc. designed and manufactured fifth wheel hitches, short-bed truck hitches, and travel trailer hitches. Recently Madison Bowey Red Wings Jersey , General Motors launched new 戮 and 1 ton Silverado and Sierra trucks with a new installed towing kit, that include gooseneck and punk mounts. For that, PullRite, introduced two new products in the market 鈥?3900 super 5th鈥?and 鈥?2600 SuperLite.鈥?p>
Rising Demand for Motoring Organizations Hastens Market Growth
Many organizations across the globe work to carry out recovery of disabled vehicles, for instance, recovery operators and motoring organizations. When an engine breakdown occurs or whenever the car is not in working condition Andreas Athanasiou Red Wings Jersey , the tow bar is used for vehicle recovery. Generally, commercial vehicles are known as the recovery vehicle, tow trucks, or spectacle lift. In USA and European region, the demand for motoring organization is still growing, which drives the growth of the automotive tow bar market in the coming years.
Motoring organizations are those that help to carry out the recovery of disabled vehicles Jonathan Ericsson Red Wings Jersey , which are not in working condition. Rising adoption of these towing methods among motoring organizations will boost the demand for automotive tow bar market in the forecast period.
Automotive technology is rapidly moving forward in introducing network systems in a vehicle. Original equipment manufacturers (OEMs) have invested many billions of dollars in designing cars for autonomous, connected, shared, and electrified mobility. Many thousands of Pounds, Dollars, and Euros have gone in researching effects on a vehicle when it is being towed as vehicle safety is paramount for all manufacturers. The behavior and correct control of towed caravantrailers is equally essential in contributing to a safer road environment. There are lots of manufacturers majorly in the USA and the U.K. offering electric towing equipment Darren Helm Red Wings Jersey , as well as, some providing installation services for tow bar mounting.
finds that the market share for independent aftermarket (IAM) was ~ 35% in 2018, and it will reach to ~ 37% by defeating OEMs over the forecast period. The demand for automotive tow bars used in compact passenger cars is higher than the mid-sized passenger cars. Nowadays, Sports Utility Vehicles (SUV鈥檚) are more in demand due to rapidly changing preferences among consumers around the globe. The automotive tow bar market is also gaining traction by the increasing demand for SUVs, as it is expected to grow at a CAGR of ~ 4% over the forecast duration. also analyzes that the increasing demand for automotive tow bar used in luxury & premium vehicles are in trend, and many top manufacturers are focusing on producing retractable and detachable types of automotive tow bars. Retractable tow bars are used in more passenger vehicles due to their advantages of stronger and safer solutions. In addition Luke Glendening Red Wings Jersey , this type of automotive tow bar is entirely invisible in almost every car and has features of dismounting stores in different locations. As of now, retractable tow bars have greater demand holding ~ 43% of the global market share.
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European and North American Countries to Witness Greater Profitability
North America is one of the largest automotive manufacturing hubs in the world. The presenc
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18.02.2020 08:34
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