At 4.7% CAGR, the North America Automotive Tow Bars Market is Projected to be Worth US$ 2,050.52 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the North America automotive tow bars market was valued at US$ 1,416.95 million in 2022 and is expected to reach US$ 2,050.52 million by 2030, registering a CAGR of 4.7% from 2022 to 2030. Increased automotive production and growing popularity of foldable and retractable tow bars are among the critical factors attributed to the North America automotive tow bars market expansion.

In the past few years, the increase in automotive production, particularly in the advanced regions, including North America has driven the growth of the automotive tow bars market. The tow bar for automobiles is available as a standard filament or as an additional feature with most premium passenger car models launched by automotive giants such as Audi, Range Rover, BMW, and Ford Motor Company. The rapid growth of automotive production in advanced economies around the region 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. Sustainable development and subsequent demand for green cars have led to the emergence of electric vehicles and other renewable energy sources, including solar, wind, and biofuels. Moreover, the use of these vehicles is further encouraged by several government initiatives, such as the payment of incentives and tax benefits to green vehicle adopters and users of green vehicles. Thus, during the forecast period, the rapidly increasing adoption rates of electric and hybrid vehicles drive the automotive tow bar market.

On the contrary, preference for rental towing services hampers the growth North America automotive tow bars market.

Based on product, the North America automotive tow bars market is segmented into fixed tow bars, detachable tow bars, retractable tow bars, and others. The detachable tow bars segment held 43.2% share of the North America automotive tow bars market in 2022, amassing US$ 612.69 million. It is projected to garner US$ 881.78 million by 2030 to expand at 4.7% CAGR during 2022-2030.

In terms of vehicle type, the North America automotive tow bars market is bifurcated into passenger cars and commercial vehicle. The passenger cars segment held 79.1% share of the North America automotive tow bars market in 2022, amassing US$ 1,121.47 million. It is projected to garner US$ 1,597.17 million by 2030 to expand at 4.5% CAGR during 2022-2030.

Based on country, the North America automotive tow bars market is categorized into US, Canada, and Mexico. The US held 77.7% share of North America automotive tow bars market in 2022, amassing US$ 1,100.70 million. It is projected to garner US$ 1,627.40 million by 2030 to expand at 5.0% CAGR during 2022-2030.

Key players operating in the North America automotive tow bars market are BOSAL Group, Brink Group, CURT Manufacturing LLC, and ORIS, among others.




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