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Gradually Improving Automotive Industry Aiding Sales Growth of Retractable Towbar – Fact.MR Study

New technologies and advancements in material science have resulted in boom in the global Retractable tow bars market. These developments have enabled the manufacturers to use metals or polymers with higher tensile strengths which could significantly improve the functionality of the tow bar as well as its operational life. The major factor driving the growth of the global automotive tow bar market is the rapid development in the manufacturing techniques o tow bars as well as their materials.

Additionally, 3D printing has opened many paradigms which allow the key players to manufacture the extremely complex tow bar material with ease, enhancing their operational functionality. Moreover, the growth of Retractable towbar market is directly associated with the growth of the automotive industry, and as it grows, the use of tow bars increases, thereby impacting the market in a positive way. Europe region is the most lucrative for the tow bar market as it shows higher market attractiveness.

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The global Retractable tow bars market is poised to reach a value of about US$ 6,800 Mn by the end of 2022 and is anticipated to grow at a steady CAGR during the forecasted period of 2017 to 2022.

5 Forecast Highlights on Global Retractable Tow Bars Market

Why are Retractable Automotive Towbars in High Demand?

By product, over 2/5 of automotive towbar demand is anticipated to be fuelled by retractable automotive towbars. Demand is strong amid high convenience and easy maintenance cycles.

Several premium and luxury car brands such as BMW and Audi offer retractable automotive towbars. As these can be folded away when not in use, they are highly preferred by automotive manufacturers.

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