Tow Hitch Market: Introduction
Tow Hitch also known as Tow Bar is a device which is attached to the nose gear of an aircraft, chassis of the vehicle for towing. Tow hitch acts as an important useful addition to all vehicles, aircrafts and boats. The tow hitch can be used for hauling trailers behind any vehicle where one can accommodate additional accessories for carrying and load capacity.
The main purpose of tow hitch or trailer hitch is to hook up a trailer to a vehicle. The vehicle is benefited from the traction and towing technologies such as tow assist, terrain response, and progress control for all terrains. The tow hitch is often used for large or heavy vehicles where the movement is allowed by the slack in the pivot pin.
Tow Hitch Market: Dynamics
The product for road use also counts tow hitch for the road traffic which is controlled remotely to handle road traffic accidents, unauthorized vehicle parks or emergency situations. This factor will lead the market for tow hitch. In the emergency situation of disasters the trailers used for transporting the equipment are covered by the standards which will increase the use of tow hitch. Therefore, the growing environmental disasters and the applications to maintain them will drive the market for tow hitch.
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The surge in the international and regional travel with lower air fares has proliferated the share of wide-body aircraft in the commercial aircraft. Owing to this improved air travel experience has increased the request for manufacturers to produce more tow hitch for the towing of the aircraft. This will increase the demand of the tow hitch market.
With the end user and customer demand of light weight material and components, the manufacturers are focusing more on finding more and more ways to make the product which are more reliable and light weight. This will lead to product variants with controlled cost of manufacturing. Therefore, the growing need of lightweight equipment’s are anticipated to drive the market for tow hitch. With the increase in the urbanization increase in the construction industry has been witnessed which will generate a requirement for the tow hitch for towing or lifting the heavy equipment to be used.
The original equipment manufacturers are mixing innovative features in the innovative generation which have high compatibility and excellent strength-to-weight ratio with high conductivity. This growing need of innovative tow hitch and tow trailers will drive the market for tow hitch. The growth in the traffic ad travel is anticipated to continue to be an introductory factor which will lead the market for tow hitch.
Tow Hitch Market: Segmentation
The segmentation of tow hitch market can be done by class, configuration, application, and sales channel.
By class, the segment of the tow hitch market is:
- Class I (Up to 2000 pounds)
- Class II (2000-3500 pounds)
- Class III (3500-5000 pounds)
- Class IV (5000-10000 pounds)
- Class V (More than 10000 pounds)
By configuration, the segment of the tow hitch market is:
- Fixed drawer type
- Receiver type
By application, the segment of the tow hitch market is:
- Automotive Vehicles
- Boats
- Aircrafts
- Construction equipment
By sales channel, the segment of the Tow Hitch market is:
- Original Equipment Manufacturer
- Aftermarket
Tow Hitch Market: Regional Overview
Owing to the growing adoption of the travels through airways, vehicles and ships and yachts, U.S. in the North America region is anticipated to witness a comparatively tremendous adoption of tow hitch during the forecast period. Tow hitch market is estimated to see a noteworthy growth over the forecast period globally. On a version of the rising economy of middle class and entrance of low-cost manufacturers from Asia Pacific region especially in China, is anticipated to rise as the fastest rising region during the forecast period. This will lead to usage of more air travels, more automotive vehicle usage which will in turn lead to the demand of tow hitch.
The profitable aviation industry specifically in the countries like India, China, Brazil, U.S., India, Japan, France, UK, and the Middle East proposes satisfactory growth scenarios for the originalities functioning in the tow hitch market.
In the Asia Pacific region the increase in the number of deliveries of the commercial aircrafts is driving the market growth majorly for the Tow Hitch. Changing demographics and the rise in the disposable income in the region is also one of the protuberant factor which is pouring the demand for air travel, leading to the growing demand for new aircrafts, thus, resulting in the demand for new tow hitch in the region.
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Tow Hitch Market: Market Participants
Examples of few of the key participants in the global tow hitch market are identified across the value chain which include:
- CURT Manufacturing LLC
- B&W Trailer Hitches
- MVG
- BOSAL
- Brink Group
- GDW Group
- Horizon Global Corporation
- Tow-Trust Towbars Ltd
- AL-KO.
- Tekonsha