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

The APAC automotive tow bars market was valued at US$ 999.11 million in 2019 and is projected to reach US$ 1099.20 million by 2027; it is expected to grow at a CAGR of 3.6% from 2020 to 2027. With growing investments to set up factories and expand production houses of automobile, the demand for passenger vehicles and commercial vehicles would rapidly increase, in turn, anticipated to generate an upward trend in the automotive tow bars market. Thus, these are among the key factors that are expected to boost the growth of the automotive tow bars market from 2020 to 2027.

In the past few years, the increase in automotive production, in various regions, including APAC, has driven the growth of the automotive tow bars market. The tow bar for automobiles is available as a standard filament or as an additional feature with most premium passenger car models launched by automotive OEMs such as Hyundai, Suzuki, and Ford Motor Company. The rapid growth of automotive production in prominent economies across the APAC has contributed directly to the rising demand for the tow bar market in the automotive sector.

The overall APAC automotive tow bars market size 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 APAC automotive tow barsmarket. BT Towing Equipment, North Shore Tow Bars, and Brink Group, among others are among the key players serving the automotive tow bars market in Asia-Pacific.

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