With a 4.1% compound annual growth rate (CAGR) from 2021 to 2031, the towing equipment market is projected to reach a size of approximately USD 8.86 billion from USD 5.9 billion in 2021.
Major factor anticipated to boost the towing equipment market growth in upcoming years is the rapidly rising e-commerce industry as well as subsequent rise in delivery service. Moreover, rising number of courier service agencies will further impel the sales volume of light commercial vehicles that are required to transport goods that will enable prompt delivery services. Further, increasing demand for towing equipment market across the globe over the forecast period. On the other hand, one of the major factor that can restraint the market growth over the forecast period is rapidly rising cost of transporting carriage through trucks.
towing equipment are basically accessories and devices tailored on a vehicle to attach a crawler or a belt. Towing equipment consists of hitches, fifth wheels, gooseneck hitches as well as wiring harnesses designed for weight distribution systems, drawbars, crossbars, tow sling, ball mounts, tow dollies, tow bars plus other towing fittings including straps, chains, hitch locks, hitch aligners, hitch covers, fifth-wheel hitch adapters, hitch adapters & anti-rattles. The market of towing equipment market across the globe has been segmented by different application, product type and geography. Further, product type segment of the market has been bifurcated into hook & chain, boom, flat bed, wheel lift and integrated.
Likewise, application segment of the global towing equipment market is sub-segmented into commercial cars as well as passenger cars. The passenger car division of the segment was valued for highest towing equipment market shares in 2017 because of the low car penetration in Asia-Pacific region. Moreover, the segment is expected continue to its dominance in upcoming years owing to the rising numbers of cars been purchased.
Geographically, the market has been divided into certain key regions covering Asia-Pacific, North America, Europe and LAMEA.
The global towing equipment market is highly fragmented on account of the large number of small and local vendors present in it. Moreover, some of the prominent vendors in the market of towing equipment are having diverse product portfolio of leading brands. Furthermore, vendors such as Horizon Global are constantly focusing over developing such a solution that would aim at satisfying the customers’ trailering, towing and cargo management needs. Some of the key players operating in the competitive landscape of the towing equipment market include Andersen Hitches, B&W Trailer Hitches, BOSAL, CURT Manufacturing, Camco Manufacturing, Hopkins Manufacturing Corporation, Demco, Weigh Safe, Brink Group, MAXXHAUL TOWING PRODUCTS, Cat's Head Industries (Lynx Engineering), Winston Products (TowSmart), Torklift International, Thule Group and TRIMAX LOCKS.
Towing Equipment Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 8.86 billion|
|Growth Rate||CAGR of 4.1 % during 2021-2031|
|Segment Covered||Product type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Andersen Hitches, B&W Trailer Hitches, BOSAL, CURT Manufacturing, Camco Manufacturing, Hopkins Manufacturing Corporation, Demco, Weigh Safe, Brink Group, MAXXHAUL TOWING PRODUCTS, Cat's Head Industries.
Key segments of the global towing equipment market include:
- Product type segment
- Hook & chain
- Flat bed
- Wheel lift
- Application segment
- Commercial cars
- Passenger cars
- Geographical segment
- North America