ID: MRFR/AM/2533-CR | October 2020 | Region: Global | 106 pages
The automotive roof racks market is projected to grow at a 6.13% CAGR by 2030.
The automotive roof rack is a carrier or a stand that is mounted on top of a vehicle to carry luggage, or car gears while traveling. These roof racks are installed to enable more space inside the vehicle. Traditional roof racks were already installed on top of the car and to mount a new one, a professional was needed. Modern roof rack does not need any professional to install it. In the global automotive roof rack market, the main focus of the manufacturers will be on the low operating cost, flexibility, and low maintenance cost of the roof racks during the forecast period. The automotive roof racks market value is going to increase at a rapid pace in the coming years.
The sudden outbreak of the COVID-19 pandemic has largely affected the automotive roof racks industry across the world. The pandemic had a thrown huge impact on the demand for automotive roof racks which in turn affected the supply chain of the market. Though the automation industry was not showing a good growth rate before the outbreak of the pandemic, a decrease in industrial production and flat capital expenditure may affect the industry post the COVID-19. COVID-19 is considered the most significant virus that has affected the technology industry.
By mounting roof racks on the vehicles creates extra space in the car which is a major factor driving the growth of the market. Hence, the tourism sector is considered a driver of the market. The automotive roof racks have a very less operational cost because of the material they are made up of. They have very high durability. This is one of the reasons that are responsible for the rapid growth of the market.
The weights of the roof racks are quite heavy which creates pressure on the car roof. The manufacturers of the automotive roof racks industry are now focusing on the lightweight of the roof racks to reduce the weight on the vehicle. Also, they are checking on the durability of the roof racks as well. This can be a major reason to create new opportunities in the automotive roof rack market in the forecast period.
Installing roof racks on vehicles can be a major factor to restrain the growth of the market. Due to the heavyweight of the roof racks, mounting a roof rack can cause air resistance which in turn can increase the consumption of fuel in the vehicles. Therefore, the market of automotive roof racks is constantly trying to develop new strategies to enhance the growth.
Despite having so many factors that drive the market, there are also some challenges faced by the industry. During the COVID-19 pandemic, governments across the world imposed strict lockdown which affected the tourism industry immensely. After the lockdown, the cost of vehicles decreased. This is a major challenge that the automotive roof racks market is still facing.
The automotive roof racks market growth rate is approximately 6.69%. The market will show an extreme rise in the production of roof racks over the forecast period. The roof racks are extremely important nowadays while traveling as it allows to maintain the space inside the car. Due to the demand for roof racks in vehicles, the tourism industry growth is increasing at a rapid pace.
Value Chain Analysis
The automotive roof racks market value is going to rise at a rapid pace during the forecast period due to the increase in preference for outdoor and recreational activities. The rise in the number of tourists and the disposable income of the people are creating a very high demand for automotive roof rack vehicles. Things will get better day by day which in turn will change the automotive roof racks market outlook positively.
According to the automotive roof racks market analysis, the companies that are responsible for enhancing the growth of the market are the Thule Group, Cruzber SA, Allen Sports, Yakima Products, and Rhino-Rack. The Thule Group is known for having more than 50% of the automotive roof racks market share. The presence of the company primarily in the European and North American region are making the regions popular in the market. This company is focusing on increasing its product portfolio with the help of innovative strategies and new launches to be a huge competition to others and maintain its position in the market. Here is a list of the key players that are responsible for enhancing the growth of the market for automotive roof racks.
List of Key Companies
The automotive roof racks market size is segmented into three categories. They are by material, by propulsion, and by type. Here is a list of the major segments of the market along with their sub-segments.
Based on the type of material, the market is segmented into aluminum alloy and composite plastic. The aluminum racks play a huge role in the revenue share of the market. Therefore, it is expected to hold a major part of the automotive roof racks market. Aluminum alloy is easy to manufacture and also provides open access to metal molding as compared to composite plastic. Hence, there is a high chance of an increase in the revenue growth of aluminum alloy.
Based on application, the automotive roof racks market is divided into passenger cars and commercial vehicles. The passenger car segment holds a major automotive roof racks market revenue share in the global market. Thus, it is expected to keep going with the dominance during the forecast period. The increasing demand for passenger vehicles and the rise in the purchasing power of the consumers are expected to drive the market.
Based on product type, the market of automotive roof racks is segmented into various types. They are gutter, railing, roof mount, fixpoint, clamping, factory track, tracks, and flush rail.
Geographically, the market is divided into various segments such as North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Among these, the Asia Pacific is expected to show huge growth in the automotive roof racks industry in the coming years. The presence of well-known automotive manufacturers in countries like China and India and the investment of local and international players in the developing economies have created a huge demand for vehicles in this region. Due to the presence of many automobiles, North America is estimated to be the second-largest region responsible for the growth of the sector.
This report is based on a detailed qualitative and quantitative research analysis of the automotive roof racks industry. It outlines the growth of the market along with various factors that are affecting the growth such as drivers, opportunities, challenges, and restraints. This research report also provides knowledge on the recent developments and the constantly changing automotive roof racks market trends. The competitive landscape, COVID-19 impact on the market, regional analysis, and the various segments into which the market has been divided are also covered in this automotive roof racks market research report.
|Market Size||2027: USD 2838.6 Million|
|CAGR||6.13% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Technology, By End Market, By Application, By Vehicle type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||VDL Hapro bv (Netherlands), BOSAL (Belgium), MINTH Group Limited (China), Magna International, Inc.(Ontario), Yakima Products Inc. (U.S.), Thule Group (Sweden), Atera Gmbh (Germany), JAC Products (U.S.), Cruzber S.A (Spain), Rhino-Rack (U.S.),|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The market can growth at a rate of approximately 7.84% in the years ahead.
Given the rapid expansion of the automotive industry across the world, the automotive roof racks market is bound to surge in size considerably by 2027.
The renowned companies in the global market are Cruzber S.A (Spain), Thule Group (Sweden), JAC Products (U.S.), Yakima Products Inc. (U.S.), Atera GmbH (Germany), BOSAL (Belgium), VDL Hapro bv (Netherlands), Magna International, Inc.(Ontario), MINTH Group Limited(China), Rhino-Rack (U.S.), and others.
Gutter, rail raised, roof mount and others are the types of automotive roof racks given in the report.
Commercial and passenger vehicles are the primary applications of the market covered in the MRFR report.
The market growth is induced by the booming tourism sector, surging production of vehicles, and the limited boot space in cars.
Increasing number of transport projects in developing countries and the mounting demand for commercial and passenger vehicles are considered to be the lucrative market opportunities by MRFR.