Automotive Roof Racks Market Size by Product Type, Material Type, End-Use Segment, and Region - Segment-Level Market Assessment, Growth Opportunity Analysis, Competitive Mapping & Forecast to 2030
Overview
The Automotive Roof Racks Market was valued US$ 1687.49 Mn in 2023 and is expected to reach US$ 4950.54 Mn by 2030, at a CAGR of 16.62% during a forecast period.
Automotive Roof Rack Market Dynamics:
Increasing household disposable income amongst consumers around the globe is contributing to the rising standards of living of people. Owing to such a factor, consumers are progressively more spending on other goods that meet their social needs apart from their regular basic needs. Increasing expenditure on tourism around the globe coupled with rising focus by the government of various nations for tourism is helping to contribute towards the growth of the tourism industry as well as other associated industries.
Vehicles loaded with goods, there is an increase in the laden weight which might affect the fuel consumption of the vehicle. Moreover, deploying a roof rack also causes air resistance which also contributes to a high fuel consumption of the vehicle.
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Automotive roof racks allow users to place their luggage or goods on the roof of the vehicle so that the space inside the vehicle can be utilized more efficiently. Modern roof racks in comparison to earlier roof racks can be fitted without the help of a professional.
Automotive Roof Racks Market Taxonomy:
Commercial Vehicles are dominating the segment. There is a significant rise in the interests amongst consumers for adventure sports and tourism activities backed by the rising tourism industry. Tourists worldwide are increasingly spending on accessories that are required as a part of the allied activity, such as canoe for canoeing, bikes for bike riding, equipment for hang gliding, and other adventure activities. As such, it is a challenge for the user to carry those accessories in their vehicles as there isn’t much space for passengers and goods all together inside the vehicle.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Automotive Roof Rack Market, Segment Analysis.
Depending upon the Product market is segmented by product type Roof Mount, Raised Rail, Bike Racks. Roof mount racks serve the purpose of carrying the luggage and goods thereby promoting enhanced vehicle interior space for a comfortable tourist ride. By Material it is segmented into composite plastics, aluminium alloys. Other. Both composite and aluminium material are equally used in production of roof racks. By Distribution channels both OEM and aftermarket the roof racks are available in the market.
Recent Development: March 2022: Rhino-Rack USA, LLC announced the launch of Pioneer Thru Axle Bike Carrier which allows user to attach a thru axle bike directly to a Rhino-Rack Pioneer system.
Automotive Roof Rack Market, Regional Analysis.
Region-wise, APAC region held the dominant position in the global automotive roof racks market and is projected to continue its dominance during the forecast period. An increase in the awareness of adventure sports in this region. Helping this market to expand in US $ xx Mn in the market. In Asia-Pacific, increasing focus of the governments in the region for the development of adventure sports related activities is anticipated to boost the demand for goods and accessories supporting the allied activity. Such a factor is also expected to raise the demand for vehicles in the region which provide greater storage space, thereby impacting positively towards the growth of the market in the region in the upcoming years.
North America is expected to grow in US $ xx Mn Growing tourism industry and the adventure sports in this region are driving factors to this market. However changing lifestyle of the consumers are also the main reason to expand this market.
Automotive Roof Racks Market: Objective
The objective of the report is to present a comprehensive analysis of Global Automotive Roof Racks Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in
the report with the analysis of complicated data in simple language. The report covers all aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Automotive Roof Racks Market dynamics, structure by analysing the market segments and project the Global Automotive Roof Racks Market size. Clear representation of competitive analysis of key players by Type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Automotive Roof Racks Market make the report investor’s guide.
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| Global Automotive Roof Racks Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | US $ 1687.49 Mn. |
| Forecast Period 2024 to 2030 CAGR: | 16.62% | Market Size in 2030: | US $ 4950.54 Mn. |
| Segments Covered: | by Product Type | Roof Mount Raised Rail Bike Racks |
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| by Material Type | Composite Plastic Aluminium Alloys Other |
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Automotive Roof Rack Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Automotive Roof Racks Market, Key Players are:
Magna International, Inc.
MINTH Group Limited ,
VDL Hapro bv,
Yakima Products, Inc.,
Atera GmbH,
Rhino-Rack USA,
BOSAL,
JAC Products,
Cruzber S.A.,
Thule Group
Delphi Automotive
Yazaki Corporation
Sumitomo Electric
TE Connectivity
Kyocera Corporation.
Frequently Asked Questions:
1. Which region has the largest share in Global Automotive Roof Racks Market ?
Ans: Asia Pacific region held the highest share in 2023.
2. What is the growth rate of Global Automotive Roof Racks Market ?
Ans: The Global Automotive Roof Racks Market is growing at a CAGR of 16.62% during forecasting period 2024-2030.
3. What is scope of the Global Automotive Roof Racks Market report?
Ans: Global Automotive Roof Racks Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Global Market ?
Ans: The important key players in the Global Market are – Magna International, Inc.MINTH Group Limited ,VDL Hapro bv,Yakima Products, Inc.,Atera GmbH,BOSAL,JAC Products.
5. What is the study period of this Market?
Ans: The Global Market is studied from 2023 to 2030.