Towing equipment includes devices and accessories fitted on a vehicle for the purpose of attaching 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, towbars, and other towing accessories such as chains, straps, hitch locks, hitch covers, hitch aligners, hitch adapters, fifth-wheel hitch adapters, and anti-rattles.
The rising growth of e-commerce industry and the subsequent increase in delivery services is one of the key drivers witnessed in the market during the predicted period. The increasing number of delivery orders and the rising number of courier delivery agencies will boost the sales volume of commercial vehicles that are required to transport goods. This in turn, will fuel the adoption of towing equipment in the e-commerce industry. The delivery service providers are encouraged to purchase light commercial vehicles (LCVs) due to the increasing number of delivery orders. The purchase of LCVs enables them to meet the rising requirement for parcel delivery. This in turn, will boost the demand for towing equipment within LCVs and medium and heavy commercial vehicles (MHCVs) during the forecast period.
One of the key trends that gaining traction in the global towing equipment market during the projected period is the growth of online capabilities. The global automotive aftermarket and retail channels are positively influenced by the increasing popularity of the e-commerce sector. Towing equipment manufacturers are highly benefited by the establishment of a strong online presence which improves the market penetration of several vendors.
The Americas accounted for the maximum shares during 2017 due to the growth in the automotive market in emerging economies across the region. This in turn, is expected to boost the sales of commercial vehicles and increases the demand for towing equipment in the region. The suppliers of towing equipment are encouraged to carry out manufacturing operation in countries such as China and India due to the low cost of production and the availability of skilled and unskilled labor.
The Towing Equipment Market report analyses the impact of COVID-19 on this industry. COVID-19 can affect the global market in 3 ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on enterprises and financial markets.
The report offers detailed coverage of Towing Equipment industry and main market trends. The market research includes historical and forecast market data, demand, application details, price trends, and company shares of the leading Towing Equipment by geography. The report splits the market size, by volume and value, on the basis of application type and geography.
The report forecast global Towing Equipment market to grow to reach xxx Million USD in 2020 with a CAGR of xx% during the period 2021-2027.
First, this report covers the present status and the future prospects of the global Towing Equipment market for 2015-2027.
Key Companies
BOSAL
Brink
CURT Manufacturing
Horizon Global
Towing Equipment Market by Type
Belt Towing Equipment
Crawler Towing Equipment
Towing Equipment Market by Application
Architecture
Transport
At the same time, we classify Towing Equipment according to the type, application by geography. More importantly, the report includes major countries market based on the type and application.
The report conveys the entirety of current realities about market definition, orders, applications, and commitment for the Towing Equipment market that are basic to be victorious inside the market. The principle motivation behind this report is to give a development map with respect to the activities taken by central participants of the Towing Equipment market like item dispatches, joint endeavors, propensities, consolidations, and acquisitions which is influencing the Towing Equipment market undertaking in general and furthermore influencing the business, import, fare, income and CAGR values.
Regional Analysis
North America, Latin America, Asia-Pacific countries, Europe, India, China, and over twenty countries have been analyzed based on the different marketing elements such as manufacturing capacity, consumer base, productivity, and profit margin, and ease of business. It is observed that North America, in particular, will show impressive development during the estimated time frame in marketing development. Administration organizations and outsider managers are channelizing their efforts to make client-driven items that will add to the development of an efficient marketing scenario in these regions. As the significant parts of the market business would be all around the globe, Middle East, Africa, North America along with other Asia-Pacific nations shows a great prospect of developing a good market favorable environment.
The research provides answers to the following key questions:
• What is the estimated growth rate and market share and size of the Towing Equipment market for the forecast period 2021 - 2027?
• What are the driving forces in the Towing Equipment market for the forecast period 2021 - 2027?
• Who are the prominent market players and how have they gained a competitive edge over other competitors?
• What are the market trends influencing the progress of the Towing Equipment industry worldwide?
• What are the major challenges and threats restricting the progress of the industry?
• What opportunities does the market hold for the prominent market players?
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