Global Towing Equipment Market: Industry Analysis and Forecast (2021-2027) by Product Type, Application and Region.

Global Towing Equipment Market was valued at US$ 1.58 Bn. in 2020 and is expected to reach US$ 2.16 Bn. by 2027, at a CAGR of 4.6% during a forecast period.

Global Towing Equipment Market

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Global Towing Equipment Market Overview:

Towing equipment contains devices and accessories fitted on a vehicle for the purpose of connecting a camper, trailer, etc. Towing equipment includes fifth wheels, hitches, gooseneck hitches, and wiring harnesses for drawbars, weight distribution systems, crossbars, tow sling, tow dollies, ball mounts, tow bars. Towing accessories include chains, straps, hitch locks, hitch covers, hitch aligners, and hitch adapters, fifth-wheel hitch adapters, and anti-rattles. Devices and accessories for attaching a belt or crawler to a vehicle are referred to as towing equipment. Boom, hook & chain, flat bed, wheel lift, and other towing equipment are examples. The towing equipment market is predicted to grow in tandem with the e-commerce industry's growth. The report has covered the market trends from 2016 to forecast the market through 2027. 2020 is considered a base year. Special attention is given to 2020 and effect of lockdown on the demand and supply, and also the impact of lockdown for next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.

COVID-19 impact on global towing equipment market:

The COVID-19 pandemic is expected to have a significant impact on the towing equipment industry's growth. Despite the fact that the advent of COVID-19 has had an impact on all key industrial sectors, the Towing Equipment market is likely to contract in the first two quarters of 2020, owing to an increase in COVID-19 patients around the world and the closure of several banks and fintech companies. Furthermore, the market is predicted to grow in the third and fourth quarters of 2020 as a result of increased demand for towing equipment from industries such as financial institutions, telecom operators, manufacturing, and others.

Global Towing Equipment Market Dynamics

Rapidly increasing e-commerce the industry as well as the successive rise in delivery service. Additionally, an increasing number of courier service agencies will supplementary impel the size of the sale of light commercial vehicles that are essential to transport goods that will aid prompt delivery services. These are the factors, which are expected to increase demand for towing equipment market across the globe. Furthermore, the rapidly rising cost of transporting carriage through trucks is hampering the growth of the global market. The increasing cost of transporting freight over heavy-duty trucks poses a main challenge to the global towing equipment market during the forecast period. Augmented freight transportation costs drive cargo operators to compress their purchase of new commercial vehicles, thereby distressing the global market during the forecast period. The cost of transporting cargo in the region of the Americas is growing owing to the increase in rates like linehaul rates are increased slightly, which is limiting the growth of global market. Increased motorization in emerging nations, as well as automotive aftermarket services are driving this market's growth, but the rising cost of transporting freight via trucks may act as a restraining factor. Light commercial vehicles are being used by delivery service agencies, which will help with timely delivery and create prospects for this sector in the next years.

Global Towing Equipment Market segment analysis:

On the basis of product type, the towing equipment market is sub-segmented into Boom, Hook & Chain, Flat Bed, Integrated, and Wheel Lift. The boom segment held the largest share of xx% in 2020, due to the growing demand for high-quality industrial valves. The need for towing equipment is currently being driven by the need to reduce the danger of contamination. The Towing Equipment market is likely to benefit from the growing worry about the market and industry. Global Towing Equipment Market1On the basis of application, the global towing equipment market is sub-segmented into Passenger Cars, Commercial Cars, Others. The passenger car segment held the major share contribution owing to the low car penetration in the Asia Pacific region. These cars are projected to grow during the forecast period owing to the growing purchase volume of cars and the rising need for higher social recognition. Sports utility vehicles (SUV) underwrite to the maximum growth in passenger car sales. This boosts original equipment manufacturers to increase the manufacturing rate of towing equipment for SUVs and crossovers. These are the factors, which are expected to increase segment and resulting in the growth in the global market.

Global Towing Equipment Market Regional Insights:

The Asia Pacific is expected to share significant growth in the global market. The growth in the market is attributed to the growing preference for road transportation in emergent countries such as India and China. A limited number of freight rail services are available in these developing countries. Heavy vehicles, medium vehicles, and light-duty vehicles are used widely for transporting cargo in China and India, which is expected to increase the demand for towing equipment in this region. The key players of towing equipment are fortified to bring out a manufacturing operation in developing countries such as China and India owing to the low cost of production and the availability of skilled and unskilled labor. Global Towing Equipment Market2The objective of the report is to present a comprehensive analysis of the global Towing Equipment market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global market dynamics, structure by analyzing the market segments and project the global market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global market make the report investor’s guide.

Global Towing Equipment Market Scope: Inquire before buying

Global Towing Equipment Market3Global Towing Equipment Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Global Towing Equipment Market Key Players

• Inventive Products • Maxxhaul Towing Products • Mumby Manufacturing • My Air Hitch • Andersen Hitches • B&W Trailer Hitches • Blue Ox • Butler Products • Buyers Products • CAMCO MANUFACTURING • Cat's Head Industries (Lynx Engineering) • PullRite • Rigid Hitch • Thule Group • Torklift International • TRIMAX LOCK • Denray Products • Fastway Trailer • Hopkins Manufacturing Corporation • Husky Liners • PopUp Hitch • Progress Mfg. • U-Haul • Weigh Safe • Westin Automotive • Winston Products Frequently Asked Questions: 1. Which region has the largest share in Global Towing Equipment Market? Ans: Asia pacific region holds the highest share in 2020. 2. What is the growth rate of Global Towing Equipment Market? Ans: The Global market is growing at a CAGR of 4.6 % during forecasting period 2021-2027. 3. What segments are covered in Global Towing Equipment market? Ans: Global Towing Equipment Market is segmented into product type, application and region. 4. Who are the key players in Global Towing Equipment market? Ans: The important key players in the Global Towing Equipment Market are –Inventive Products, Maxxhaul Towing Products, Mumby Manufacturing, My Air Hitch, Andersen Hitches, B&W Trailer Hitches, Blue Ox, Butler Products, Buyers Products, CAMCO MANUFACTURING, Cat's Head Industries (Lynx Engineering), PullRite 5. What is the study period of this market? Ans: The Global Towing Equipment Market is studied from 2020 to 2027.

Global Towing Equipment Market

1. Preface 1.1. Report Scope and Market Segmentation 1.2. Research Highlights 1.3. Research Objectives 2. Assumptions and Research Methodology 2.1. Report Assumptions 2.2. Abbreviations 2.3. Research Methodology 2.3.1. Secondary Research 2.3.1.1. Secondary data 2.3.1.2. Secondary Sources 2.3.2. Primary Research 2.3.2.1. Data from Primary Sources 2.3.2.2. Breakdown of Primary Sources 3. Executive Summary: Global Towing Equipment Market Size, by Market Value (US$ Bn) and Market Volume (Units) 4. Market Overview 4.1. Introduction 4.2. Market Indicator 4.2.1. Drivers 4.2.2. Restraints 4.2.3. Opportunities 4.2.4. Challenges 4.3. Porter’s Analysis 4.4. Value Chain Analysis 4.5. Market Risk Analysis 4.6. SWOT Analysis 4.7. Industry Trends and Emerging Technologies 5. Supply Side and Demand Side Indicators 6. Global Towing Equipment Market Analysis and Forecast 6.1. Global Towing Equipment Market Size & Y-o-Y Growth Analysis 6.1.1. North America 6.1.2. Europe 6.1.3. Asia Pacific 6.1.4. Middle East & Africa 6.1.5. South America 7. Global Towing Equipment Market Analysis and Forecast, by Application 7.1. Introduction and Definition 7.2. Key Findings 7.3. Global Towing Equipment Market Value Share Analysis, by Application 7.4. Global Towing Equipment Market Size (US$ Bn) Forecast, by Application 7.5. Global Towing Equipment Market Analysis, by Application 7.6. Global Towing Equipment Market Attractiveness Analysis, by Application 8. Global Towing Equipment Market Analysis and Forecast, by Product Type 8.1. Introduction and Definition 8.2. Key Findings 8.3. Global Towing Equipment Market Value Share Analysis, by Product Type 8.4. Global Towing Equipment Market Size (US$ Bn) Forecast, by Product Type 8.5. Global Towing Equipment Market Analysis, by Product Type 8.6. Global Towing Equipment Market Attractiveness Analysis, by Product Type 9. Global Towing Equipment Market Analysis, by Region 9.1. Global Towing Equipment Market Value Share Analysis, by Region 9.2. Global Towing Equipment Market Size (US$ Bn) Forecast, by Region 9.3. Global Towing Equipment Market Attractiveness Analysis, by Region 10. North America Towing Equipment Market Analysis 10.1. Key Findings 10.2. North America Towing Equipment Market Overview 10.3. North America Towing Equipment Market Value Share Analysis, by Application 10.4. North America Towing Equipment Market Forecast, by Application 10.4.1. Passenger Cars 10.4.2. Commercial Cars 10.4.3. Others 10.5. North America Towing Equipment Market Value Share Analysis, by Product Type 10.6. North America Towing Equipment Market Forecast, by Product Type 10.6.1. Boom 10.6.2. Hook & Chain 10.6.3. Flat Bed 10.6.4. Integrated 10.6.5. Wheel Lift 10.7. North America Towing Equipment Market Value Share Analysis, by Country 10.8. North America Towing Equipment Market Forecast, by Country 10.8.1. U.S. 10.8.2. Canada 10.9. North America Towing Equipment Market Analysis, by Country 10.10. U.S. Towing Equipment Market Forecast, by Application 10.10.1. Passenger Cars 10.10.2. Commercial Cars 10.10.3. Others 10.11. U.S. Towing Equipment Market Forecast, by Product Type 10.11.1. Boom 10.11.2. Hook & Chain 10.11.3. Flat Bed 10.11.4. Integrated 10.11.5. Wheel Lift 10.12. Canada Towing Equipment Market Forecast, by Application 10.12.1. Passenger Cars 10.12.2. Commercial Cars 10.12.3. Others 10.13. Canada Towing Equipment Market Forecast, by Product Type 10.13.1. Boom 10.13.2. Hook & Chain 10.13.3. Flat Bed 10.13.4. Integrated 10.13.5. Wheel Lift 10.14. North America Towing Equipment Market Attractiveness Analysis 10.14.1. By Application 10.14.2. By Product Type 10.15. PEST Analysis 10.16. Key Trends 10.17. Key Developments 11. Europe Towing Equipment Market Analysis 11.1. Key Findings 11.2. Europe Towing Equipment Market Overview 11.3. Europe Towing Equipment Market Value Share Analysis, by Application 11.4. Europe Towing Equipment Market Forecast, by Application 11.4.1. Passenger Cars 11.4.2. Commercial Cars 11.4.3. Others 11.5. Europe Towing Equipment Market Value Share Analysis, by Product Type 11.6. Europe Towing Equipment Market Forecast, by Product Type 11.6.1. Boom 11.6.2. Hook & Chain 11.6.3. Flat Bed 11.6.4. Integrated 11.6.5. Wheel Lift 11.7. Europe Towing Equipment Market Value Share Analysis, by Country 11.8. Europe Towing Equipment Market Forecast, by Country 11.8.1. Germany 11.8.2. U.K. 11.8.3. France 11.8.4. Italy 11.8.5. Spain 11.8.6. Rest of Europe 11.9. Europe Towing Equipment Market Analysis, by Country 11.10. Germany Towing Equipment Market Forecast, by Application 11.10.1. Passenger Cars 11.10.2. Commercial Cars 11.10.3. Others 11.11. Germany Towing Equipment Market Forecast, by Product Type 11.11.1. Boom 11.11.2. Hook & Chain 11.11.3. Flat Bed 11.11.4. Integrated 11.11.5. Wheel Lift 11.12. U.K. Towing Equipment Market Forecast, by Application 11.12.1. Passenger Cars 11.12.2. Commercial Cars 11.12.3. Others 11.13. U.K. Towing Equipment Market Forecast, by Product Type 11.13.1. Boom 11.13.2. Hook & Chain 11.13.3. Flat Bed 11.13.4. Integrated 11.13.5. Wheel Lift 11.14. France Towing Equipment Market Forecast, by Application 11.14.1. Passenger Cars 11.14.2. Commercial Cars 11.14.3. Others 11.15. France Towing Equipment Market Forecast, by Product Type 11.15.1. Boom 11.15.2. Hook & Chain 11.15.3. Flat Bed 11.15.4. Integrated 11.15.5. Wheel Lift 11.16. Italy Towing Equipment Market Forecast, by Application 11.16.1. Passenger Cars 11.16.2. Commercial Cars 11.16.3. Others 11.17. Italy Towing Equipment Market Forecast, by Product Type 11.17.1. Boom 11.17.2. Hook & Chain 11.17.3. Flat Bed 11.17.4. Integrated 11.17.5. Wheel Lift 11.18. Spain Towing Equipment Market Forecast, by Application 11.18.1. Passenger Cars 11.18.2. Commercial Cars 11.18.3. Others 11.19. Spain Towing Equipment Market Forecast, by Product Type 11.19.1. Boom 11.19.2. Hook & Chain 11.19.3. Flat Bed 11.19.4. Integrated 11.19.5. Wheel Lift 11.20. Rest of Europe Towing Equipment Market Forecast, by Application 11.20.1. Passenger Cars 11.20.2. Commercial Cars 11.20.3. Others 11.21. Rest Of Europe Towing Equipment Market Forecast, by Product Type 11.21.1. Boom 11.21.2. Hook & Chain 11.21.3. Flat Bed 11.21.4. Integrated 11.21.5. Wheel Lift 11.22. Europe Towing Equipment Market Attractiveness Analysis 11.22.1. By Application 11.22.2. By Product Type 11.23. PEST Analysis 11.24. Key Trends 11.25. Key Developments 12. Asia Pacific Towing Equipment Market Analysis 12.1. Key Findings 12.2. Asia Pacific Towing Equipment Market Overview 12.3. Asia Pacific Towing Equipment Market Value Share Analysis, by Application 12.4. Asia Pacific Towing Equipment Market Forecast, by Application 12.4.1. Passenger Cars 12.4.2. Commercial Cars 12.4.3. Others 12.5. Asia Pacific Towing Equipment Market Value Share Analysis, by Product Type 12.6. Asia Pacific Towing Equipment Market Forecast, by Product Type 12.6.1. Boom 12.6.2. Hook & Chain 12.6.3. Flat Bed 12.6.4. Integrated 12.6.5. Wheel Lift 12.7. Asia Pacific Towing Equipment Market Value Share Analysis, by Country 12.8. Asia Pacific Towing Equipment Market Forecast, by Country 12.8.1. China 12.8.2. India 12.8.3. Japan 12.8.4. ASEAN 12.8.5. Rest of Asia Pacific 12.9. Asia Pacific Towing Equipment Market Analysis, by Country 12.10. China Towing Equipment Market Forecast, by Application 12.10.1. Passenger Cars 12.10.2. Commercial Cars 12.10.3. Others 12.11. China Towing Equipment Market Forecast, by Product Type 12.11.1. Boom 12.11.2. Hook & Chain 12.11.3. Flat Bed 12.11.4. Integrated 12.11.5. Wheel Lift 12.12. India Towing Equipment Market Forecast, by Application 12.12.1. Passenger Cars 12.12.2. Commercial Cars 12.12.3. Others 12.13. India Towing Equipment Market Forecast, by Product Type 12.13.1. Boom 12.13.2. Hook & Chain 12.13.3. Flat Bed 12.13.4. Integrated 12.13.5. Wheel Lift 12.14. Japan Towing Equipment Market Forecast, by Application 12.14.1. Passenger Cars 12.14.2. Commercial Cars 12.14.3. Others 12.15. Japan Towing Equipment Market Forecast, by Product Type 12.15.1. Boom 12.15.2. Hook & Chain 12.15.3. Flat Bed 12.15.4. Integrated 12.15.5. Wheel Lift 12.16. ASEAN Towing Equipment Market Forecast, by Application 12.16.1. Passenger Cars 12.16.2. Commercial Cars 12.16.3. Others 12.17. ASEAN Towing Equipment Market Forecast, by Product Type 12.17.1. Boom 12.17.2. Hook & Chain 12.17.3. Flat Bed 12.17.4. Integrated 12.17.5. Wheel Lift 12.18. Rest of Asia Pacific Towing Equipment Market Forecast, by Application 12.18.1. Passenger Cars 12.18.2. Commercial Cars 12.18.3. Others 12.19. Rest of Asia Pacific Towing Equipment Market Forecast, by Product Type 12.19.1. Boom 12.19.2. Hook & Chain 12.19.3. Flat Bed 12.19.4. Integrated 12.19.5. Wheel Lift 12.20. Asia Pacific Towing Equipment Market Attractiveness Analysis 12.20.1. By Application 12.20.2. By Product Type 12.21. PEST Analysis 12.22. Key Trends 12.23. Key Developments 13. Middle East & Africa Towing Equipment Market Analysis 13.1. Key Findings 13.2. Middle East & Africa Towing Equipment Market Overview 13.3. Middle East & Africa Towing Equipment Market Value Share Analysis, by Application 13.4. Middle East & Africa Towing Equipment Market Forecast, by Application 13.4.1. Passenger Cars 13.4.2. Commercial Cars 13.4.3. Others 13.5. Middle East & Africa Towing Equipment Market Value Share Analysis, by Product Type 13.6. Middle East & Africa Towing Equipment Market Forecast, by Product Type 13.6.1. Boom 13.6.2. Hook & Chain 13.6.3. Flat Bed 13.6.4. Integrated 13.6.5. Wheel Lift 13.7. Middle East & Africa Towing Equipment Market Value Share Analysis, by Country 13.8. Middle East & Africa Towing Equipment Market Forecast, by Country 13.8.1. GCC 13.8.2. South Africa 13.8.3. Rest of Middle East & Africa 13.9. Middle East & Africa Towing Equipment Market Analysis, by Country 13.10. GCC Towing Equipment Market Forecast, by Application 13.10.1. Passenger Cars 13.10.2. Commercial Cars 13.10.3. Others 13.11. GCC Towing Equipment Market Forecast, by Product Type 13.11.1. Boom 13.11.2. Hook & Chain 13.11.3. Flat Bed 13.11.4. Integrated 13.11.5. Wheel Lift 13.12. South Africa Towing Equipment Market Forecast, by Application 13.12.1. Passenger Cars 13.12.2. Commercial Cars 13.12.3. Others 13.13. South Africa Towing Equipment Market Forecast, by Product Type 13.13.1. Boom 13.13.2. Hook & Chain 13.13.3. Flat Bed 13.13.4. Integrated 13.13.5. Wheel Lift 13.14. Rest of Middle East & Africa Towing Equipment Market Forecast, by Application 13.14.1. Passenger Cars 13.14.2. Commercial Cars 13.14.3. Others 13.15. Rest of Middle East & Africa Towing Equipment Market Forecast, by Product Type 13.15.1. Boom 13.15.2. Hook & Chain 13.15.3. Flat Bed 13.15.4. Integrated 13.15.5. Wheel Lift 13.16. Middle East & Africa Towing Equipment Market Attractiveness Analysis 13.16.1. By Application 13.16.2. By Product Type 13.17. PEST Analysis 13.18. Key Trends 13.19. Key Developments 14. South America Towing Equipment Market Analysis 14.1. Key Findings 14.2. South America Towing Equipment Market Overview 14.3. South America Towing Equipment Market Value Share Analysis, by Application 14.4. South America Towing Equipment Market Forecast, by Application 14.4.1. Passenger Cars 14.4.2. Commercial Cars 14.4.3. Others 14.5. South America Towing Equipment Market Value Share Analysis, by Product Type 14.6. South America Towing Equipment Market Forecast, by Product Type 14.6.1. Boom 14.6.2. Hook & Chain 14.6.3. Flat Bed 14.6.4. Integrated 14.6.5. Wheel Lift 14.7. South America Towing Equipment Market Value Share Analysis, by Country 14.8. South America Towing Equipment Market Forecast, by Country 14.8.1. Brazil 14.8.2. Mexico 14.8.3. Rest of South America 14.9. South America Towing Equipment Market Analysis, by Country 14.10. Brazil Towing Equipment Market Forecast, by Application 14.10.1. Passenger Cars 14.10.2. Commercial Cars 14.10.3. Others 14.11. Brazil Towing Equipment Market Forecast, by Product Type 14.11.1. Boom 14.11.2. Hook & Chain 14.11.3. Flat Bed 14.11.4. Integrated 14.11.5. Wheel Lift 14.12. Mexico Towing Equipment Market Forecast, by Application 14.12.1. Passenger Cars 14.12.2. Commercial Cars 14.12.3. Others 14.13. Mexico Towing Equipment Market Forecast, by Product Type 14.13.1. Boom 14.13.2. Hook & Chain 14.13.3. Flat Bed 14.13.4. Integrated 14.13.5. Wheel Lift 14.14. Rest of South America Towing Equipment Market Forecast, by Application 14.14.1. Passenger Cars 14.14.2. Commercial Cars 14.14.3. Others 14.15. Rest of South America Towing Equipment Market Forecast, by Product Type 14.15.1. Boom 14.15.2. Hook & Chain 14.15.3. Flat Bed 14.15.4. Integrated 14.15.5. Wheel Lift 14.16. South America Towing Equipment Market Attractiveness Analysis 14.16.1. By Application 14.16.2. By Product Type 14.17. PEST Analysis 14.18. Key Trends 14.19. Key Developments 15. Company Profiles 15.1. Market Share Analysis, by Company 15.2. Competition Matrix 15.2.1. Competitive Benchmarking of key players by price, presence, market share, Applications and R&D investment 15.2.2. New Product Launches and Product Enhancements 15.2.3. Market Consolidation 15.2.3.1. M&A by Regions, Investment and Applications 15.2.3.2. M&A Key Players, Forward Integration and Backward Integration 15.3. Company Profiles: Key Players 15.3.1. Inventive Products 15.3.1.1. Company Overview 15.3.1.2. Financial Overview 15.3.1.3. Product Portfolio 15.3.1.4. Business Strategy 15.3.1.5. Recent Developments 15.3.1.6. Manufacturing Footprint 15.3.2. Maxxhaul Towing Products 15.3.3. Mumby Manufacturing 15.3.4. My Air Hitch 15.3.5. Andersen Hitches 15.3.6. B&W Trailer Hitches 15.3.7. Blue Ox 15.3.8. Butler Products 15.3.9. Buyers Products 15.3.10. CAMCO MANUFACTURING 15.3.11. Cat's Head Industries (Lynx Engineering) 15.3.12. PullRite 15.3.13. Rigid Hitch 15.3.14. Thule Group 15.3.15. Torklift International 15.3.16. TRIMAX LOCK 15.3.17. Denray Products 15.3.18. Fastway Trailer 15.3.19. Hopkins Manufacturing Corporation 15.3.20. Husky Liners 15.3.21. PopUp Hitch 15.3.22. Progress Mfg. 15.3.23. U-Haul 15.3.24. Weigh Safe 15.3.25. Westin Automotive 15.3.26. Winston Products 16. Primary Key Insights

About This Report

Report ID25552
Category Automotive and Transportation
Published DateJAN 2020
Updated DateSept 2021
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