Toronto, Ontario — December 4, 2017 — The Global Towing Equipment Market 2017-2018 report is now available to purchase. In the report, analysts forecast that the global towing equipment market will grow at a CAGR of 6.13 percent during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global towing equipment market for 2017-2021. To calculate the market size, the report considers new sales and retrofit market. It has been prepared based on an in-depth market analysis with inputs from industry experts. It covers the market landscape and its growth prospects over the coming years, along with a discussion on the key vendors operating in this market.
Commenting on the report, an analyst from the research team noted, “One trend in the market is an increase in private label brands. In more mature markets like the US, there has been an uptick in store brands or private label sold by retailers and aftermarket distributors, commonly sold at a lower price point than premium brands of the same products. Nevertheless, in many cases, retailers or wholesale distributors who create private label brands still rely on established suppliers such as Horizon Global and Demco to manufacture their private label or store brand products.”
According to the report, one driver in the market is increasing motorization in emerging countries. Passenger cars occupy a major share of the towing equipment market. Therefore, the increase in sales of passenger cars will lead to an increased demand for towing equipment units. Emerging countries, such as China and India, have a lesser penetration of motorization when compared with the developed economies of the US and Europe. Hence, car OEMs are largely concentrating on effectively penetrating passenger car markets in emerging countries.
Further, the report states that one challenge in the market is increasing cost of transporting freight through trucks. Rising cost of transporting freight through heavy-duty trucks poses a major challenge to the towing equipment market during the forecast period. Increased freight transportation costs drive freight operators to constrict their purchase of new commercial vehicles, thereby affecting the towing equipment market during the forecast period. The cost for transporting freight in the Americas is increasing due to the rise in surcharges and rates like linehaul rates being increased by 2 percent since 2016.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
You can request one free hour of the analyst’s time when you purchase this market report. Details are provided within the report.
Order online or request additional information at researchandmarkets.com/publication/mo19dya/4335602.