Automotive Tow Bar Industry Statistics

In this post, we explore key statistics in the automotive tow bar industry, shedding light on market trends, growth projections, and regional insights. From the rapid increase in global market size to specific growth rates in regions like Europe and Asia-Pacific, these statistics offer valuable insights into the lucrative landscape of tow bar manufacturing and sales.

Statistic 1

"Auto parts industry's annual sales increased at a CAGR of 15% from 2015-2020, including tow bars."

Statistic 2

"The global automotive towing equipment market size was valued at $367.14 million in 2020."

Statistic 3

"The automotive towing equipment market is projected to reach $501.49 million by 2028, growing at a CAGR of 3.83%."

Statistic 4

"European tow bar market is expected to grow with a CAGR of 3.5% over the next six years."

Statistic 5

"Asia-Pacific region is projected to grow at the fastest rate in the tow bar market in the coming years."

Statistic 6

"Germany is the biggest player in the European tow bar market with a 35% market share."

Statistic 7

"At least 1/3 of all new cars sold in Europe are equipped with a tow bar."

Statistic 8

"The number of tow bar installations has increased by 10% since 2018."

Statistic 9

"The revenue of the US auto parts manufacturing industry, including tow bars, grew by about 2.4% per year on average from 2016 to 2021."

Statistic 10

"The revenue of auto parts in China, including tow bars, reached about $62 billion in 2021."

Statistic 11

"Tow bars and hitches manufacturing industry in the UK has a market size of £475 million in 2022."

Statistic 12

"Passenger cars were the leading application segment and accounted for a revenue share exceeding 50% in the tow bars industry in 2020."

Statistic 13

"The tow bar industry is expected to register a CAGR of over 3% during the forecast period of 2022-2027."

Statistic 14

"The UK was the largest market for tow bars in Europe in 2020."

Statistic 15

"Globally, the average profit margin for tow bar manufacturing companies is estimated to be 6%."

Statistic 16

"In Japan, nearly 20% of vehicles are equipped with tow bars."

The global automotive towing equipment market is experiencing steady growth, with significant increases in sales and market size across various regions. The industry is poised for further expansion, particularly in the Asia-Pacific region, as well as in key markets such as Europe and the US. Germany and the UK stand out as dominant players in the tow bar market, while passenger cars remain the leading application segment. Despite varying growth rates in different regions, the overall outlook for the tow bar industry is positive, with projections suggesting continued expansion and profitability for manufacturing companies.