The Automotive Tow Bars sector was valued at approximately US$ 5,110.98 million in 2022 and is anticipated to grow to around US$ 7,318.05 million by 2030, reflecting a compound annual growth rate (CAGR) of 4.6% from 2022 to 2030.
A significant trend contributing to the expansion of the automotive tow bars market during the forecast period is the rapid growth of the e-commerce industry, which has led to an increase in delivery services. The rising volume of delivery orders, coupled with the proliferation of courier services, is expected to drive the demand for commercial vehicles necessary for transporting goods. This surge in demand will subsequently enhance the adoption of towing equipment within the e-commerce sector. As delivery service providers respond to the growing need for parcel deliveries, there is a marked increase in the acquisition of light commercial vehicles (LCVs). The procurement of LCVs enables these providers to efficiently meet the escalating delivery demands, thereby boosting the need for towing equipment in both LCVs and medium to heavy commercial vehicles (MHCVs). The advancement of online capabilities is a pivotal trend that is gaining momentum in the global automotive tow bars market throughout the projected timeframe. The escalating popularity of e-commerce is favorably impacting global retail channels and the automotive aftermarket, allowing towing equipment manufacturers to establish a strong market presence, which enhances the penetration of various vendors into the automotive tow bars market.
Leading players in the automotive tow bars market have introduced electrically operated tow bars catering to both original equipment manufacturers (OEMs) and the aftermarket segments of the automotive industry. These innovative tow bars are engineered to enhance the functionality of traditional tow bars, providing users with greater convenience in operation. For instance, Horizon Global offers electric swiveling tow bars designed for automotive applications that can be retracted both manually and electrically. The integration of a swiveling mechanism with conventional tow bars allows for easy installation in confined spaces. Similarly, ORIS provides fully electric swiveling tow bars, supplying them to major automakers in the United States and Europe, including brands like Audi, BMW, GM, Mercedes, Tesla, Volvo, and VW. Additionally, other market participants are concentrating on improving reliability, minimizing weight, and optimizing packaging features. These advancements in tow bar design represent a significant trend that is likely to further enhance the market share of these companies during the forecast period.
In the UK, fixed tow bars are becoming increasingly favored due to their versatility for various towing requirements and compatibility with cycle carriers. They are cost-effective and designed to last for the vehicle's lifespan. These height-adjustable tow bars are built for heavy-duty applications. The automotive tow bars market in this region is propelled by various inorganic marketing strategies employed by companies. For example, Horizon Global, a manufacturer and distributor of a diverse range of high-quality, custom-engineered towing solutions across Europe, North America, and Australia, acquired Brink Group, a European company specializing in towing systems. Brink Group produces approximately 1 million tow bars annually, with its products installed on around 25 million vehicles worldwide. This acquisition has allowed Horizon Global to enhance its portfolio, optimizing its product innovation and manufacturing capabilities within the industry.
Moreover, the growth of the automotive tow bars market is closely linked to the overall expansion of the automotive sector. As the automotive industry flourishes, the utilization of tow bars increases, thereby positively influencing the market dynamics. This region is particularly attractive for the growth of the automotive tow bars market, showcasing significant market potential.
Key players in the automotive tow bars market include 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.