Asia Pacific automotive tow bars market was valued at US$ 1,296.26million in 2019 and is projected to reach US$ 1,465.05million by 2027; it is expected to grow at a CAGR of 4.1% from 2020 to 2027.
The Asia Pacific Automotive Tow Bars Market is growing along with the Automotive and Transportation industry, but the market is likely to slow down its growth due to the shortage of skilled professionals, suggests the Business Market Insights report.
The Asia Pacific automotive tow bars market in the region is driven by various inorganic marketing strategies adopted by the companies. For instance, Horizon Global, a manufacturer and distributor of a wide variety of high-quality, custom-engineered towing, in Asia Pacific, North America, and Australia, acquired Brink Group, a Asia Pacifican towing systems company. The Brink Group generates ~1 million tow bars yearly; its products can be found on ~25 million vehicles globally. The acquisition enabled Horizon Global portfolio to optimize the company’s industry-leading product innovation and manufacturing capabilities.
These factors are expected to offer broad growth opportunities in the Automotive and Transportation industry and this is expected to cause the demand for Automotive Tow Bars in the market.
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ASIA PACIFIC AUTOMOTIVE TOW BARSMARKET SEGMENTATION
Asia Pacific Automotive Tow Bars Market, by Product
- Detachable Tow Bars
- Retractable Tow Bars
- Fixed Tow Bars
Asia Pacific Automotive Tow Bars Market, by Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
- Rest of Asia Pacific
- Anker and York Bars
- BOSAL Group
- Brink Group
- PCT Automotive Limited
- AloisKober GmbH
- GDW NV
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