Engine Support Bar Market Forecast and CAGR
According to Fact.MR’ latest report, the engine support bar market is expected to expand steadily between 2021 and 2031 with a CAGR of 3%-5%. Though due to COVID-19 pandemic the overall sales were hampered and the demand drastically declined during 2020. However, it is estimated that the market will show positive growth from 2021 onwards.
With the increase in automobile sales, the need for engine repair and engine maintenance has increased too, which is expected to boost the sales of engine support bar that help in easily removing the engine from the car. Motorsports and the increased interest of customers to modify their engines has also led to the growth of the product.
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What is Driving Demand for Engine Support Bar?
Engine support bars are used in a variety of situations to lift the engines out of the vehicle, including custom hot rod street builds, motorsports events, and car engine replacements. Engine support bars are in high demand due to growing demand for high-performance components in the automotive industries. Increased motorsport events, as well as passenger and commercial vehicles, will expand the range of applications available, assisting demand growth in the coming years.
Drag racing, dirt track racing, and asphalt racing are some of the most common motorsports competitions around the world. Engine support bars have gained popularity in motorsports for a variety of reasons, and they are widely regarded as the efficient way to handle the engines. All of these factors, as well as customer loyalty, effective distribution channels, and advantageous partnerships with local vendors, are helping to drive the global market forward.
The increasing number of commercial and passenger vehicles in developing countries, significant investments by key players in R&D activities to improve the features of the Engine support bars, and emerging market players are all contributing to the market development.
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North America Engine Support Bar Market Outlook
During the forecast period, it is estimated that the US will remain one of the most profitable market. One of the main factors supporting this is the motor sports-oriented population in US, which has resulted in a growing interest in motorsports.
As a number of end-use industries gradually recover, demand is expected to remain subdued in the coming 2 years. In the last couple of years, the number of racing events in the US has increased. Also the population is one inclined towards engine modification which gives rise to the sales of the engine support bars.
Europe Demand Outlook for Engine Support Bar
The COVID-19 crisis has had an adverse effect on many European countries, resulting in a drop in economic activity. Germany is expected to boost the sales in the Europe region, because of the increased activities related to engine modifications in the country. In recent years, manufacturers have been gradually building a new customer base in the region.
Demand is expected to increase as the German automotive sector continues to develop. Since motorsports competition events are becoming more common around the world, drivers in the country are demanding high-performance vehicles which require frequent engine repairs and modification leading to the rise in demand.
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Who are the Key Manufacturers and Suppliers of Engine Support Bar?
Some of the leading manufacturers and suppliers include
- Bosch Automotive Service Solutions (OTC)
- Narco Industries
- American Forge & Foundry
- Harbor Freight
- Sunex International
- Astro Pnuematic Tool Company
- Ningbo Dicong Machinery Co., Ltd
- Jiashan Powerful Machinery Co. Ltd.
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