LONDON--(BUSINESS WIRE)--The new towing equipment market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the motorization in emerging countries,” says a senior analyst for the Industrials industry at Technavio. As the markets recover Technavio expects the towing equipment market size to grow by USD 1.59 billion during the period 2020-2024".
Towing Equipment MarketSegment Highlights 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 in the passenger car in 2019. The rising growth of the e-commerce industry and the following increase in delivery services are driving the growth of the segment.
- The market growth in the segment will be outstanding during the forecast period.
Regional Analysis
- 53% of the growth will originate from the APAC region.
- Factors such as the increasing purchase volume of cars and the growing need for higher social recognition are fostering the market growth in APAC.
- China and Japan are the key markets for towing equipment in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Notes:
- The towing equipment market size is expected to accelerate at a CAGR of almost 4% during the forecast period.
- The towing equipment market is segmented by Application (Passenger cars and commercial vehicles) and Geography (APAC, Europe, North America, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers 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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