North America Automotive Tow Bars Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product; Vehicle Type; and Country

The North America automotive tow bars market was valued at US$ 1,538.99 million in 2019 and is projected to reach US$ 1,710.55 million by 2027; it is expected to grow at a CAGR of 3.9% from 2020 to 2027. The North America automotive tow bars market is analyzed on basis of country as the US, Canada, and Mexico. The production and adoption of passenger vehicles and commercial vehicles is considerably higher in the US, owing to this, the demand for towing bars is also high in the country. The US population continues to procure higher volumes of vehicles, which demands towing bars. This factor is catalyzing the growth of automotive tow bars market. The automotive tow bars market in Canada and Mexico on the other hand is progressing steadily as the disposable income among the Canadian ad Mexicans is surging, which is leading the population to purchase vehicles, thereby demanding tow bars.

Tow bars are used for pulling carriers, trailers, and campers for leisure and commercial purposes. Tow bars are attached to the vehicle chassis and consist of a neck with tow ball, which helps to pull the carrier. Various passenger vehicle manufacturer such as FORD Motor Company and General Motors offer factory-fitted tow bars. Moreover, the demand for tow bars for commercial vehicles such as vans, trucks, pick-ups, tippers, busses, and coaches are increasing owing to the growing popularity of adventure sports. Also, the growing sales of vehicles in the regions is also expected to support the growth of automotive tow bars market.

The continuous growth of infected individuals has forced the government to impose lockdown across the nation's borders. The majority of the manufacturing plants are shut down, municipalities are functioning slowly as compared to the past, and the automotive industry is at a halt, which is negatively impacting the automotive tow bar market.

The overall North America automotive tow has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the automotive tow bars market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America automotive tow bars market. CURT Manufacturing LLC, ORIS, and Brink Group, among others are among the key players serving the automotive tow bars market in North America.

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