Electric Tow-bar Market Introduction
Electric tow-bar is mounted at the rear end of vehicles to tow other vehicles and attachments. Moreover, electric tow-bars are mounted on sports utility vehicles and light commercial vehicles, as they have higher power output as compared to sedans and hatchbacks.
Electric Tow-bar Market - Competitive Landscape
In 2017, BOSAL Group, a leading manufacturer of tow bars, announced selling of its business group ACPS, responsible for tow-bar division, to TowerBrook Capital Partners, which operates under the name ORIS-ACPS.
Founded in 1955, ORIS is a key player in the global electric tow-bar market. The company is a major OE supplier of electric tow-bar and tow-bar and is also a key player in the aftermarket. The company has developed numerous types of tow-bar solutions and has more than 150 patents. Moreover, the company also manufactures bicycle carriers and roof bars.
Trimotive is a subsidiary of the Horizon Global group of companies. TriMotive supplies towing, occupant safety, and structural and chassis components to OEMs. The company has presence across the globe including North America, Europe, Asia Pacific, and Africa.
Founded in 1926, PCT Automotive is a major manufacturer and distributor of tow-bars and automotive components. The company manufactures fixed, detachable, and swan neck type of tow-bars.
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Electric Tow-bar Market Dynamics
Rising preference for utility vehicles and off-road vehicles
The global market for electric tow-bars is likely to expand at a moderate pace during the forecast period, due to rising preference for sports utility vehicles and off-road vehicles, which ultimately prompts manufacturers to increase the production of the aforementioned vehicle segments. Rising trend of off-road trips among youngsters is a key factor boosting the electric tow-bar market. Electric tow-bars are extensively utilized in airport support vehicles in order to tow aircraft and other ground support vehicles. Penetration of electric tow-bar is rising, owing to increasing preference for vehicles with automatic components. Furthermore, the electric tow-bar can be operated by a switch and hence, the popularity of the electric tow-bar is rising at a significant pace.
Increased demand for electric and hybrid vehicles
Lucrative incentive schemes and other non-monetary benefits, such as special lane and free parking, is driving the adoption of electric vehicles. The electric vehicles, such as Tesla, are fitted with electric tow-bars. Rise in consumer awareness is driving the sales of electric vehicles, which in turn is estimated to boost the demand for electric tow-bars.
Rise in sales of premium vehicles
Premium vehicles such as BMW, Jaguar Land Rover, and Porsche have adopted electric tow-bars. Rising sales of such vehicles, owing to increased consumer spending, is expected to drive the electric tow-bar market
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Electric Tow-bar Market Segmentation
Based on number of pin type, the electric tow-bar market can be segmented into
- 7 Pin electrics
- Twin 7 Pin electrics
- Single 13 Pin electrics
Based on vehicle type, the electric tow-bar market can be segregated into
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
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