The Trailer Hitch market has been experiencing steady growth graph since past years. During the 2018-2025 timeline, the global market for Trailer Hitch is expected to reflect a 2.8% increase in the revenue growth.
The global Trailer Hitch market is valued at USD 846 million in 2017 and is expected to reach USD 1,064 million by the end of 2025, growing at a CAGR of 2.8% between 2018-2025.
Global Trailer Hitch Market: Market Driver
Applications of Trailer Hitch are anticipated to create new business segments in the market. Trailer Hitch is in use for a broad range of vehicles such as Cars, SUV and ATVs, Recreational Vehicle (RV)/Motorhomes, Vans/Pickup Truck and Boat Trailers etc.
The companies are focusing on launching products that are launched in few regions, especially in China, Brazil, Southeast Asia and India.
Global Trailer Hitch Market: Forecast by Product Type
Class III Trailer Hitch has the largest market share, and the Class IV segment will increase fast in next few years. Class 3 trailer hitches are able to tow most standard size trailers, including utility trailer, boat trailers, campers, single-horse livestock trailers and trailers designed to haul ATVs, personal watercraft, snowmobiles and other similar recreational vehicles. The class 4 trailer hitch is commonly found on such vehicles as mid to full-size pickup trucks and SUVs.
Global Trailer Hitch Market: Forecast by Application
Nowadays the RVs, Cars, Vans/Pickup Truck, SUV and Boat Trailers are the major market, especially the segment RVs and Vans/Pickup Truck, will grow rapidly in future.
Global Trailer Hitch Market: Forecast by Region
Currently the trailer hitch market is dominated by North America and Europe, both occupy for over 80 percent of trailer hitch production.
Asia-Pacific will play a more important role in future, especially in China, Southeast Asia and India etc. Now China market relies import the high-end trailer hitch from Europe.
Global Trailer Hitch Market: Key Players
The global trailer hitch market has developed for many years and now it has developed maturely in the world, especially in Europe, North America, Australia etc. Currently the global trailer hitch market is dominated by the players from Europe and North America, like BOSAL MVG, AL-KO (Sawiko), Brink Group, Tow-Trust Towbars Ltd and GDW Group from Europe; while Horizon Global Corporation, CURT Manufacturing LLC and B&W Trailer Hitches from North America. Horizon Global Corporation is a leader of trailer hitch through acquisitions to strengthen its market position, like Horizon Global Corporation acquired Witter Towbars and Westfalia-Automotive in 2013 and 2016. Now Horizon Global Corporation has several brands to produce and sell trailer hitch in the world, like Westfalia-Automotive from Germany, TriMotive, Draw Tite and Reese from United States, Hayman Reese from Australia, Hidden Hitch from Canada while Witter Towbars from UK.