Automotive Roof Racks Market Analysis
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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