Report : Europe 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 3.6% CAGR, the Europe Automotive Tow Bars Market is Speculated to be Worth US$ 2,508.49 Million by 2030, Says Business Market Insights
According to Business Market Insights' research, the Europe automotive tow bars market was valued at US$ 1,886.91 million in 2022 and is expected to reach US$ 2,508.49 million by 2030, registering a CAGR of 3.6% from 2022 to 2030. Growing popularity of foldable and retractable tow bars and tow bars serve as an optimum towing equipment are among the critical factors attributed to the Europe automotive tow bars market expansion.
Foldable and retractable tow bars can be conveniently stowed when not in use. This feature is particularly appealing to consumers who want to maintain a clean and uncluttered vehicle exterior when the tow bar is not in use. It also prevents accidental damage to the tow bar when not in use. Foldable and retractable tow bars are adaptable to different towing needs and various types of trailers and equipment. Users can easily engage or disengage the tow bar, making it suitable for a range of towing applications. Foldable and retractable tow bars are designed to securely lock into position when in use, ensuring the safety of towing operation. Proper locking of a tow bar reduces the risk of accidents caused by an improperly hitched trailer. Owing to such advantages, various automotive manufacturers are integrating foldable and retractable tow bars in their automotive offerings. During a product launch event on June 15, 2022, NIO unveiled several notable vehicles, including the ES7 (a smart electric mid-large SUV), alongside the 2022 ES8, ES6, and EC6 models. Of particular significance, the ES7 stands out as one of the pioneering passenger vehicles. This achievement is made possible by including an optional retractable electric tow bar with an impressive maximum towing capacity of 2,000 kg. Thus, the growing popularity of foldable and retractable tow bars propels the automotive tow bar market growth.
On the contrary, preference for rental towing services hampers the growth Europe automotive tow bars market.
Based on product, the Europe automotive tow bars market is segmented into fixed tow bars, detachable tow bars, retractable tow bars, and others. The detachable tow bars segment held 43.5% share of the Europe automotive tow bars market in 2022, amassing US$ 820.80 million. It is projected to garner US$ 1,082.65 million by 2030 to expand at 3.5% CAGR during 2022-2030.
In terms of vehicle type, the Europe automotive tow bars market is bifurcated into passenger cars and commercial vehicle. The passenger cars segment held 75.1% share of the Europe automotive tow bars market in 2022, amassing US$ 1,417.14 million. It is projected to garner US$ 1,849.49 million by 2030 to expand at 3.4% CAGR during 2022-2030.
Based on country, the Europe automotive tow bars market is categorized into Germany, France, Italy, the UK, Russia, DACH (Exl. Germany), Benelux, Nordic, Iberia, Poland, and the Rest of Europe. Germany held 25.8% share of Europe automotive tow bars market in 2022, amassing US$ 486.05 million. It is projected to garner US$ 623.36 million by 2030 to expand at 3.2% CAGR during 2022-2030.
Key players operating in the Europe automotive tow bars market are BOSAL Group, Brink Group, ORIS, PCT Automotive Limited, Alois Kober GMBH, and GDW NV, among others.
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