Automotive Roof Racks Market is Prospering by , Size, Share
The global automotive roof racks market is predicted to develop at a healthy 6.69% CAGR between 2023- 2030, states the recent Market Research Future (MRFR) analysis. An automotive roof rack, simply put, is a carrier or stand that is fixed over the car top for holding or supporting goods or luggage on the top of the car for effective transportation at the time of traveling. Automotive roof racks include pillars, rail, and mount. It is generally made of composite plastic, aluminum alloy, and others and finds wide applications in passenger cars as well as commercial vehicles.
Various factors are propelling the global automotive roof racks market share. As per the current MRFR report, such factors include low maintenance cost, low operational cost, flexibility, development of durable and lightweight roof racks by manufacturers to cut down the weight of the car, an increasing number of tourists worldwide, rise in disposable income, and increasing preference for recreational and outdoor activities.
On the contrary, the rise in fuel consumption, increase in car weight for the use of heavy roof racks, and the ongoing COVID-19 impact are factors that may limit the global automotive roof racks market growth over the forecast period.
Market Segmentation
· The MRFR report offers an inclusive segmental analysis of the global automotive roof racks market based on type, material, and application.
· By type, the global automotive roof racks market is segmented into roof mount, gutter, rail raised, and others.
· By material, the global automotive roof racks market is segmented into composite plastic, aluminum alloy, and others.
· By application, the global automotive roof racks market is segmented into passenger cars and commercial vehicles. Of these, commercial vehicles will lead the market over the forecast period.
Regional Analysis
Based on the region, the global automotive roof racks market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Among these, North America will spearhead the market over the forecast period. Increasing adoption of cycling, especially in the US, the growing use of snowboards, rising sales of passenger cars, burgeoning demand for new cars, shifting preference of auto manufacturers to higher-value pickups & SUVs from small cars, and low fuel price and low-interest rate in the automotive market in the US are adding to the global automotive roof racks market growth in the region.
China will hold the maximum share in the market over the forecast period as it is a key automotive market, increased production of commercial and passenger cars in China, rising production of cars, and new & trade-friendly policies developed by car makers in China.
The global automotive roof racks market in Europe is predicted to have the second-largest share over the forecast period. Booming automotive sector is adding to the global automotive roof racks market growth over the forecast period.
The global automotive roof racks market in the APAC region is predicted to have favorable growth over the forecast period. Increase in car production, growing sales of cars for the boost in disposable income, burgeoning demand for cars from the tourism industry, and the booming tourism sector are adding to the global automotive roof racks market growth in the region.
The global automotive roof racks market in the RoW is predicted to have sound growth over the forecast period.
Key Players
Eminent contenders profiled in the global automotive roof racks market report include Yakima Products Inc. (U.S.), JAC Products (U.S.), BOSAL (Belgium), Rhino-Rack (U.S.), Atera GmbH (Germany), Cruzber S.A (Spain), MINTH Group Limited(China), VDL Hapro BV (Netherlands), Magna International, Inc.(Ontario), and Thule Group (Sweden), among others.
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