LONDON–(COMMERCIAL THREAD) – Technavio’s new towing equipment market research indicates near-term neutral growth as the business impact of COVID-19 spreads.
Get detailed insights into the COVID-19 Pandemic Crisis and Recovery Analysis of Towing Equipment Market.
“One of the main growth engines in this market is powertrain in emerging countries,” said a senior analyst for the industrial products industry at Technavio. As the markets recover, Technavio expects the towing equipment market size to increase by $ 1.59 billion in the period 2020-2024 ”.
Highlights of the towing equipment market segment for 2020
The towing equipment market is expected to post a year-over-year growth rate of -7.25%.
Based on the application, the market saw maximum growth of passenger car in 2019. The increasing growth of the e-commerce industry and the subsequent increase in delivery services are driving the growth of the segment.
Market growth in the segment will be exceptional during the forecast period.
53% of the growth will come from the APAC region.
Factors such as increasing volume of car purchases and the growing need for greater social recognition are driving the growth of the APAC market.
China and Japan are the key markets for towing equipment in APAC. The market growth in this region will be faster than the market growth in other regions.
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The towing equipment market size is expected to accelerate at a CAGR of nearly 4% during the forecast period.
The towing equipment market is segmented by application (passenger cars and utility vehicles) and geography (APAC, Europe, North America, South America and MEA).
The market is fragmented due to the presence of many established suppliers holding a significant market share.
The research report provides information on several market vendors including Andersen Manufacturing Inc., Automatic Manufacturing Co., Bosal Nederland BV, Brink Group BV, CURT Manufacturing LLC, Dethmers Manufacturing Co., Horizon Global Corp., U Haul International Inc ., Westin Automotive Inc. and Winston Products LLC
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