The growing disposable income of various developing countries, together with a high demand for adventure and use of caravans and motorhomes, has resulted in high demand for automotive tow bars. Several caravan users are choosing tow bars for towing caravans; there are various types of tow bars available in the market to carry a wide variety of accessories. This factor is driving the automotive tow bars market. In addition, the increasing acceptance of electric tow bars is anticipated to grow at a moderate pace during the forecast period due to growing preference for Sports Utility Vehicles (SUV) and off-road vehicles. Thus, with the rise in demand for electric tow bars, the automotive tow bars market is foreseen to mature.
The Asia Pacific Automotive Tow Bars market is growing along with the Automotive and Transportation industry, but the market is likely to slow down its growth due to the shortage of skilled professionals, suggests the Business Market Insights report.
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Market Overview and Dynamics
The APAC automotive tow bars market is projected to reach US$ 1099.20 million by 2027 from US$ 999.11million in 2019; it is expected to grow at a CAGR of 3.6% from 2020 to 2027. Factors driving the automotive tow bars market growth in this region such as increase in automotive production, higher density of vehicle accessory manufacturers including tow bars, and growing demand for commercial vehicles, among others. The rapid growth of automotive production in prominent economies across the APAC has contributed directly to the rising demand for the tow bar market in the automotive sector. For instance, electric vehicles and hybrid electric vehicles are gaining traction on the market. Thus, during the forecast period, the rapidly increasing adoption rates of electric and hybrid vehicles will drive the automotive tow bar market.
Key Market Segments
In terms of product, the detachable tow bars segment accounted for a larger share of the Asia Pacific automotive tow bars market in 2019. Retractable tow bars segment held the second largest share in the market, based on type, in 2019. On the basis of vehicle type, passenger vehicle segment accounted for a larger share of the Asia Pacific automotive tow bars market in 2019. On the other hand, the commercial vehicle segment is projected to mature at a faster rate during the forecast period.
These factors are expected to offer broad growth opportunities in the Automotive and Transportation industry and this is expected to cause the demand for Asia Pacific Automotive Tow Bars in the market.
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APAC AUTOMOTIVE TOW BARSMARKET SEGMENTATION
APAC Automotive Tow Bars Market,by Product
- Detachable Tow Bars
- Retractable Tow Bars
- Fixed Tow Bars
APAC Automotive Tow BarsMarket, by Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
- South Korea
- Rest of APAC
- BOSAL Group
- Brink Group
- BT Towing Equipment
- North Shore Tow Bars
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the automotive tow bars market in APACare company websites, annual reports, financial reports, national government documents, and statistical database, among others. A few of the major companies listed in the report are BOSAL Group, Brink Group, BT Towing Equipment, North Shore Tow Bars.
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