North America 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)

The North America automotive tow bars market was valued at US$1.41 billion in 2022 and is expected to reach US$2.05 billion by 2030; it is estimated to grow at a CAGR of 4.7% from 2022 to 2030.

Integration of Swiveling Mechanism with Conventional Tow Bars Drives the North America Automotive Tow Bars Market

Prominent market vendors have launched electrically operated tow bars for both OEMs and the aftermarket segments of the automotive sector. These tow bars are designed to improve the functionality of conventional tow bars and offer users convenience in terms of operability. For example, Horizon Global provides electric swiveling tow bars for automotive applications that can be retracted manually as well as electrically. Integrating the swiveling mechanism with the conventional tow bars enables them to be easily fitted in limited space. Similarly, ORIS also offers fully electric swiveling tow bars and supplies them to automakers in the United States, including Audi, BMW, GM, Mercedes, Tesla, Volvo, and VW. Additionally, some market players focus on enhancing reliability, reducing weight, and optimizing packaging features. These developments in tow bar design are one of the significant trends that will further accelerate the growth of the market for automotive tow bars during the forecast period.

North America Automotive Tow Bars Market Overview

The US, Canada, and Mexico are major economies in North America. Technological advancements have led to a highly competitive market in the region as the increasing population attracts several technological developments due to high spending power. The region has one of the largest automotive manufacturing hubs in the globe. The presence of prominent automotive manufacturers and component manufacturers is propelling the market value. The economic growth of North America has positively impacted the sale of commercial vehicles and passenger cars. Tow bars are used by passenger cars, light commercial vehicles, and heavy commercial vehicles; they are strong enough that they do not disintegrate when they are used to pull trailers. The growing passenger car and commercial vehicle sales are raising the demand for automotive tow bars. The European Automobile Manufacturers' Association, or ACEA, stated in 2021 that the production of passenger cars and commercial vehicles was 13.58 million units in European region. A foremost opportunity in the automotive tow bar market is the use of lightweight materials in order to design tow bars, which would reduce the weight of vehicles and enhance fuel efficiency. Several technological advancements in material science have resulted in a boom in the automotive tow bars market. The developments have allowed manufacturers to use polymers or metals with higher tensile strengths, which could substantially enhance the functionality of the tow bar and its operational life. The major factor propelling the growth of the automotive tow bar is the swift development in the manufacturing techniques of tow bars and their materials. Further, advancements in electric tow bars are anticipated to expand at a moderate speed in North America during the forecast period, owing to rising SUVs, which encourages manufacturers to surge the production of the SUVs.

North America Automotive Tow Bars Market Segmentation

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

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 the largest share in 2022.

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 a larger share in 2022.

Based on country, the North America automotive tow bars market is categorized into US, Canada, and Mexico. The US dominated the North America automotive tow bars market in 2022.

BOSAL Group, Brink Group, CURT Manufacturing LLC, and ORIS are some of the leading companies operating in the North America automotive tow bars market.