Asia Pacific Automotive Tow Bars Market

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; it is estimated to grow at a CAGR of 6.1% from 2022 to 2030.

Growing Popularity of Foldable and Retractable Tow Bars Drive Asia Pacific Automotive Tow Bars Market

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.

Asia Pacific Automotive Tow Bars Market Overview

The automotive tow bars market in APAC comprises countries such as China, India, Japan, Australia, South Korea, and the Rest of APAC. The economy of the region is performing well due to numerous technological and infrastructural developments. The region has a strong automotive sector, which is supported by the growing automotive manufacturing industry in countries such as India, China, and South Korea. Countries such as India, China, South Korea, and Japan are among the leading vehicle manufacturing countries across the world. Increasing number of car manufacturers and presence of a strong automotive sector drive the growth of the automotive tow bars market in the region.

In APAC, China is the largest market owing to its leading automotive market. Also, the growing automotive component sales will propel the demand for automotive tow bars. The growing adoption of advanced technologies and increasing demand for using unpowered trailers and caravans would accelerate the automotive tow bar market growth. Furthermore, the automotive vehicle demand in APAC, together with the growing passenger cars and commercial vehicle production in China and other countries, would enable the automotive tow bar manufacturers to increase their presence in this region.

Asia Pacific Automotive Tow Bars Market Revenue and Forecast to 2030 (US$ Million)

Asia Pacific Automotive Tow Bars Market Segmentation

The Asia Pacific automotive tow bars market is segmented based on product, vehicle type, and country.

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 the largest share in 2022.

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 a larger share in 2022.

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 dominated the Asia Pacific automotive tow bars market in 2022.

AutoPacific Australia Pty Ltd, BOSAL Group, Brink Group, BTA Towing Equipment, and North Shore Towbars are some of the leading companies operating in the Asia Pacific automotive tow bars market.