LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global automotive retractable towbar market predicts a CAGR of above 3% during the period 2018-2022.
The report segments the global automotive retractable towbar market by application, including passenger vehicles and commercial vehicles and by geography, including the Americas, EMEA, and APAC. It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global automotive retractable towbar market, according to Technavio automotive researchers:
- Increasing production of automobiles: a major market driver
- Increasing demand for HEVs and EVs: emerging market trend
- EMEA dominated the global automotive retractable towbar market with 45% share in 2017
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Increasing production of automobiles: a major market driver
North America and Europe is where most of the automotive retractable towbars are commonly used. The increase in automotive production in these regions is expected to drive the global automotive retractable towbar market during the forecast period. In most of the premium passenger car models offered by manufacturers, automotive retractable towbars come as standard fitments or additional features. In 2017, there has been an increase in the average automobile production in the US by 13%. This increase in production is expected to have a positive effect on the global automotive retractable towbar market during the forecast period.
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Increasing demand for HEVs and EVs: emerging market trend
Factors leading towards growth in the hybrid and electric vehicle markets during the forecast period can be attributed to the following:
- Sustainable development and the demand for green vehicles has encouraged the development of vehicles that run on electricity and renewable power sources such as solar energy, wind energy, and biofuels. Such vehicles are a major solution to environmental concerns related to fuel emissions as they reduce GHG level in the atmosphere to an acceptable level.
- Stringent emission norms have been laid down by several countries to reduce the GHG emissions to combat global warming.
- To promote the use of green vehicles, several countries are providing various incentives and tax benefits. The top vehicle markets have introduced fiscal incentives and subsidies to encourage manufacturers to produce more hybrid and electric vehicles, locally.
- The increasing use of Li-ion batteries in HEVs, BEVs, PHEVs, UPS systems, and other non-automotive electronic appliances has decreased its cost significantly. Since 2013, the battery market has been witnessing a decline in the cost due to the increased production volume.
According to a senior analyst at Technavio for research on automotive components, “As of 2017, electric vehicles had 100%, and hybrid vehicles had 81% adoption rate. The high market growth of hybrid and electric vehicles will increase this adoption rate to increase more than 90% by 2022. This trend is also expected to bring in high-power electric vehicles that would be capable of towing vehicles. This is expected to drive the automotive retractable towbar market in the future.”
Global market opportunities
In terms of regional dominance, EMEA led the global automotive retractable towbar market, followed by the Americas and APAC in 2017. The market share of EMEA is further expected to increase during the forecast period as the countries in the European market would have the highest production of premium vehicles.
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