Automotive Roof Racks Market Projected to Reach USD 2215.4 Million at a 5.9% CAGR by 2030 – Report by Market Research Future (MRFR)
Automotive Roof Racks Market Research Report Information By Type (Roof Mount, Raise Grill, Gutter, Others) Material (Aluminum alloy, Composite plastic, Others) Vehicle Type (Commercial Vehicle, Passenger Cars) Forecast 2030
New York, US, Feb. 24, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Roof Racks Market Research Report Information By Type, Material, Vehicle Type – Forecast 2030”, By 2030, the market for automotive roof racks is expected to reach USD 2215.4 million, growing at a 5.9% CAGR during the forecast period (2022–2030).
Automotive Roof Racks Market Research Insights
Across the world, the number of enthusiasts or people who regularly take longer road trips in their cars has dramatically grown in recent years. Such people need a lot of space to accommodate the large quantity of stuff they bring, but the limited boot area in typical cars makes this impossible. The presence of roof rails on the trucks allows for the support of carrying more goods. Throughout the course of the research period, this factor will considerably influence demand for automobile roof racks market.
To boost their ability to carry more luggage, some people have a tendency to add or replace outdated accessories, such as the roof racks of their cars. Customers who purchase roof racks from aftermarket suppliers receive high-quality parts providing great dependability and longevity, which will increase product demand in the automobile industry.
Top Key Players:
- SPOL. S R.O. (Czech Republic)
- Yakima Inc. (United states)
- JAC Products (United states of america)
- Perrycraft (United states)
- ROLA (China)
- Mont Blanc Group AB
- Thule Group (United states of america)
- Atera GmbH (Europe)
- Rhino Rack (Australia)
- Magna International Inc. (Germany)
- Cruzber SA (Italy)
- Among others.
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At the moment, there isn’t much of a need for roof racks, which is holding back the market’s expansion. Nonetheless, consumer awareness of the available space for bags and other items in the vehicle is steadily rising. As a result, throughout the projection period, it is anticipated that the impact of the restricted boot capacity in cars would increase from a moderate level to a high one.
Automotive Roof Racks Market Competitive Analysis
Several local, regional, and international suppliers are present in the global market for automobile roof racks. All of the businesses are always vying for a greater market share in this fiercely competitive industry. High levels of competition, quick technological development, frequent policy changes by the government, and strict environmental restrictions are a few of the important variables that might limit market expansion. Cost, product quality, dependability, and aftermarket services are all competitive factors amongst the providers. In order to compete and prosper in a cutthroat market climate, vendors must offer affordable and effective items.
|Market Size 2030||2030: USD 2215.4 Million|
|CAGR during 2022-2030||5.9% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Material and Vehicle Type|
|Key Market Opportunities||Proliferating electric vehicle demand|
|Key Market Drivers||Increasing tourism and off-road trails Limited availability of boot space in the vehicles|
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Automotive Roof Racks Market Covid 19 Impact
Automakers are taking drastic steps, such as closing plants, to stop the spread of COVID-19 due to the new coronavirus’s ongoing spread around the world. Every day, COVID-19’s effects on the world economy change. A lot of industries are finding it to be difficult, which is leading to employment losses. Recreational and sports events have been mostly postponed or canceled as a result of the pandemic owing to the global lockdown.
Transport, travel, and labor supply are presently directly impacted in ways they were not during the financial crisis in 2008–2009 because of the limits on movement and the promotion of social distance to prevent the spread of the illness.
Restaurants, hotels, tourism, non-essential retail commerce, and sizable portions of manufacturing are just a few of the whole sectors of national economies that have been shut down. The situation with the COVID-19 coronavirus is changing quickly, posing serious problems for the healthcare sector and disrupting supply chain activities.
Automotive Roof Racks Market Segmentation
The Global Automobile Roof Racks Market is segmented based on application into roof mount, raise grill, gutter, and others. Over the projected period, the market share will be dominated by the roof mount segment and is anticipated to grow at the highest CAGR. The clamps that are fastened to the car doors are used to support roof mount roof racks that are mounted on the roof of automobiles by automakers or aftermarket companies. The rack may be fixed without any form of bars or gutter. They are typically employed in tourist cars for long-distance transportation of big equipment such as sporting goods, camping gear, and other bulky items.
The categories of the global automotive roof racks market based on material include aluminum alloy, composite plastic, and others. Over the forecast period, the aluminum alloy segment is anticipated to grow at the fastest rate and hold the largest market share. Metals like iron, silicon, copper, magnesium, and zinc make up an aluminum alloy. To create an alloy with the necessary strength and physical qualities, these components are mixed with pure aluminum while it is still molten. Due to its lightweight nature and capacity to endure heavy loading, aluminum alloy is used in roof racks.
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The divisions of the global automotive roof racks market based on vehicle type include commercial vehicles and passenger automobiles. Over the projection period, the passenger car sector is anticipated to grow at the fastest rate and have the largest market share. The consistent market share for vehicle roof racks was held by passenger cars. The expanding demand for passenger automobiles among sizable populations and the rising per capita income in emerging nations are the main factors driving the automotive roof racks market.
Automotive Roof Racks Market Regional Analysis
North America, Europe, Asia-Pacific, and the rest of the world are used to categorize the regions. A sizable portion of the market is controlled by North America. Due to the rising need for more trunk space, as well as the growth of tourism and off-road trails, North America is expected to be the region with the greatest market for car roof racks over the research period. The US is one of the world’s biggest marketplaces for automobiles, nevertheless. Automobile producers from Europe, Japan, and Korea have made significant investments in the area to establish production and R&D facilities and increase their market share.
With key automakers like FCA, Ford, GM, Honda, and Toyota present, North America’s automotive sector is among the top producers of light-duty cars. There are several car roof rack producers in this area, including Thule, Yakima, Whispbar, Sportrack, Inno, Hollywood, Swagman, Kuat, Arvika, Rockymounts, TracRac, Pro Rac, Skinz Protective Gear, and Saris. The demand for vehicle roof racks is anticipated to rise throughout the projected period as a result of the region’s increasing light truck usage.
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More than 60% of the world’s population resides in Asia and the Pacific. Also, the economies of densely populated nations like China and India help the area. The continent’s fast economic expansion is driving up the need for efficient transportation solutions, which in turn is driving up demand for automotive cars and aftermarket components. Also, nations like China and India lead the world in steel production, which influences the methods used in the construction of automobiles. One of the important marketplaces for regional and international businesses is the Chinese automobile sector.
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