Towing Equipment Market: Global Industry Analysis and Forecast (2023-2029)

Global Towing Equipment Market was valued at US$ 1.72 Bn. in 2022 and is expected to reach US$ 2.36 Bn. by 2029, at a CAGR of 4.6% during a forecast period.
Towing Equipment Market Overview:
The 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.To know about the Research Methodology :- Request Free Sample Report
COVID-19 Impact On 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 2022, 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 2022 as a result of increased demand for towing equipment from industries such as financial institutions, telecom operators, manufacturing, and others.
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.
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 2022, 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.

On 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.
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.

The 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.
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Towing Equipment Market


Base Year
2022
Forecast Period
2023-2029


Historical Data
CAGR
Market Size in 2022
Market Size in 2029


2018 to 2022
4.6%
US$ 1.72 Bn
US$ 2.36 Bn


Segments Covered


by Product Type
Boom
Hook & Chain
Flat Bed
Integrated
Wheel Lift
by Application
Passenger Cars
Commercial Cars
Others
by Business
OEM
Aftermarket
by User Industry
Architecture
Transport


Regions Covered


North America
United States
Canada
Mexico
Europe
UK
France
Germany
Italy
Spain
Sweden
Austria
Rest of Europe
Asia Pacific
China
S Korea
Japan
India
Australia
Indonesia
Malaysia
Vietnam
Taiwan
Bangladesh
Pakistan
Rest of APAC
Middle East and Africa
South Africa
GCC
Egypt
Nigeria
Rest of ME&A
South America
Brazil
Argentina
Rest of South America



Key Players are:
1. Inventive Products
2. Maxxhaul Towing Products
3. Mumby Manufacturing
4. My Air Hitch
5. Andersen Hitches
6. B&W Trailer Hitches
7. Blue Ox
8. Butler Products
9. Buyers Products
10.CAMCO MANUFACTURING
11.Cat's Head Industries (Lynx Engineering)
12.PullRite
13.Rigid Hitch
14.Thule Group
15.Torklift International
16.TRIMAX LOCK
17.Denray Products
18.Fastway Trailer
19.Hopkins Manufacturing Corporation
20.Husky Liners
21.PopUp Hitch
22.Progress Mfg.
23.U-Haul
24.Weigh Safe
25.Westin Automotive
26.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 2022.

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 2023-2029.

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 2022 to 2029.