\r\nGlobal Towing Equipment Market

Posted By : Maximize Market Research 32

Global Towing Equipment Market was valued at US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of XX % during a forecast period.

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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 includes chains, straps, hitch locks, hitch covers, hitch aligners, hitch adapters, fifth-wheel hitch adapters, and anti-rattles.

The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.

 

Rapidly increasing e-commerce industry as well as the successive rise in delivery service. Additionally, an increasing number of courier service agencies will supplementary impel the sales size 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 towing equipment 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 towing equipment 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 towing equipment market.

The objective of the report is to present a comprehensive assessment of the global towing equipment market and contains considerate insights, facts, historical data, industry-validated market data and projections with appropriate set of traditions and methodology. The report also helps in understanding dynamics, structure by analysing the market segments by material, type, end-user and region and, project the global market size. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global towing equipment market. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders in arranging the efforts and investment in the near future to a particular market segment.

The passenger car segment held the major share contribution owing to the low car penetration in Asia Pacific region. This 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 manufacturer to increase the manufacturing rate of towing equipment for SUVs and crossovers. These are the factors, which are expected to increase segment and resulting the growth in the global towing equipment market.

The Asia Pacific is expected to share significant growth in the global towing equipment 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 within are available in these developing countries. Heavy vehicle, medium vehicle, and light-duty vehicles are used widely for transporting cargo in China and India, which is expected to increase demand for the 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.

 

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Scope of the Report Global Towing Equipment Market: Inquire before buying

Global Towing Equipment Market, By Product Type

• Boom• Hook & Chain• Flat Bed• Integrated• Wheel LiftGlobal Towing Equipment Market, By Application

• Passenger Cars• Commercial Cars• OthersGlobal Towing Equipment Market, By Geography

• North America• Europe• Asia Pacific• Middle East & Africa• South AmericaKey players in Global Towing Equipment Market

• 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

 

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