Global Automotive Retractable Towbar Market 2018-2022
About Automotive Retractable Towbar
An automotive retractable towbar is used for towing vehicle. It has the advantage of tucking it behind or under the bumper of the vehicles after use. The manual work involved in towing vehicles is lesser when compared with other types of towbars.
Technavio’s analysts forecast the Global automotive retractable towbar market to grow at a CAGR of 3.08% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the automotive retractable towbar. To calculate the market size, the report considers the revenue generated from the sales of OEM-fitted products for both passenger and commercial vehicles.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Retractable Towbar Market 2018-2022
Technavio recognizes the following companies as the key players in the automotive retractable towbar: Brink Group, Horizon Global, BOSAL, TriMas, and Thule Group
Commenting on the report, an analyst from Technavio’s team said: “The increasing demand for HEVs and EVs will positively affect the market’s growth. The high market growth of hybrid and electric vehicles would also bring in high-power electric vehicles that would be capable of towing vehicles.”
According to the report, increase in automotive production is likely to have a positive impact on the influencing this market. Automotive retractable towbars are offered as standard fitments or additional features in most of the premium passenger car models offered by large automotive companies.
Further, the report states that high cost of retractable towbars will affecting this market. Retractable towbars use complex mechanisms in comparison with other types of towbars. There is less manual labor involved in retracting the retractable towbar and connecting it with a trailer. Thus, the average selling price (ASP) of automotive retractable towbars is higher than that of other towbars.
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