Report : Asia Pacific Automotive Tow Bars Market Forecast to 2030 - Regional Analysis - By Product (Fixed Tow Bars, Detachable Tow Bars, Retractable Tow Bars, and Others) and Vehicle Type (Passenger Cars and Commercial Vehicle)
At 6.1% CAGR, the Asia Pacific Automotive Tow Bars Market is Speculated to be Worth US$ 2,049.79 Million by 2030, Says Business Market Insights
According to Business Market Insights' research, the Asia Pacific automotive tow bars market was valued at US$ 1,280.29 million in 2022 and is expected to reach US$ 2,049.79 million by 2030, registering a CAGR of 6.1% from 2022 to 2030. Integration smart technology and growth of the e-commerce industry are among the critical factors attributed to the Asia Pacific automotive tow bars market expansion.
Smart tow bars equipped with wireless connectivity and remote-control capabilities make it easier for users to manage towing tasks. Users can control the tow bar from their smartphone or tablet, eliminating the need for manual adjustments and simplifying the hitching and unhitching process. In April 2023, Ford, renowned for producing top-selling F-Series trucks, unveiled groundbreaking technology that utilizes Artificial Intelligence (AI) to simplify the process of hitching a truck and trailer, making it as effortless as the push of a button. Manufacturers offering innovative and technologically advanced smart tow bars can differentiate themselves in a competitive market and attract tech-savvy consumers looking for modern towing solutions. The BYD launched Atto 3, an attractive compact electric SUV known for its sleek and sporty design, equipped with an array of advanced smart technologies and features. The BYD Atto 3 CL4, built from June 2022, is equipped with the Hayman Reese Class 4 tow bar. It is designed to fully capitalize on the vehicle's 750kg tow rating, making it a versatile choice that caters to a wide range of towing requirements. Additionally, this towbar installation benefits from the user-friendly SmartClick wiring harness, simplifying the towing process for added convenience and safety. Thus, the integration of smart technology with automotive tow bars is anticipated to offer promising opportunities for the Asia Pacific automotive tow bars market during the forecast period.
On the contrary, preference for rental towing services hampers the growth Asia Pacific automotive tow bars market.
Based on product, the Asia Pacific automotive tow bars market is segmented into fixed tow bars, detachable tow bars, retractable tow bars, and others. The detachable tow bars segment held 42.5% share of the Asia Pacific automotive tow bars market in 2022, amassing US$ 544.72 million. It is projected to garner US$ 868.31 million by 2030 to expand at 6.0% CAGR during 2022-2030.
In terms of vehicle type, the Asia Pacific automotive tow bars market is bifurcated into passenger cars and commercial vehicle. The passenger cars segment held 75.4% share of the Asia Pacific automotive tow bars market in 2022, amassing US$ 965.83 million. It is projected to garner US$ 1,518.69 million by 2030 to expand at 5.8% CAGR during 2022-2030.
Based on country, the Asia Pacific automotive tow bars market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held 25.4% share of Asia Pacific automotive tow bars market in 2022, amassing US$ 325.22 million. It is projected to garner US$ 475.89 million by 2030 to expand at 4.9% CAGR during 2022-2030.
Key players operating in the Asia Pacific automotive tow bars market are AutoPacific Australia Pty Ltd, BOSAL Group, Brink Group, BTA Towing Equipment, and North Shore Towbars, among others.
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