Research Nester has released a report titled “Automotive Roof Rack Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the automotive roof rack market in terms of market segmentation by product type, by material, by application, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global automotive roof rack market is segmented by application into passenger vehicle and commercial vehicle, out of which, passenger vehicle segment is anticipated to hold the largest market share owing to passenger vehicles being sold much more when compared to commercial vehicles along with increasing sales of passenger vehicles. Additionally, availability of less space for luggage and goods in passenger vehicles is also anticipated to contribute significantly towards the growth of the segment in the global automotive roof rack market. In the statistics by International Organization of Motor Vehicle Manufacturers (OICA), during the year 2018, share of sales of passenger vehicles constituted to 72.26% and that of commercial vehicles were 27.74%.
The global automotive roof rack market is anticipated to record a CAGR of 6.71% during the forecast period, i.e. 2020-2028. Growing automotive industry and increasing sales of vehicles, along with the need amongst vehicle owners to have luggage carriers that have low maintenance cost, greater flexibility and low operational cost are some of the factors anticipated to promote towards the growth of the global automotive roof rack market throughout the forecast period. In the statistics by OICA, sales for vehicles of all types peaked to 95,055,937 units from 65,923,794 units in-between 2005-2018.
Regionally, the global automotive roof rack market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Europe and Asia Pacific is expected to hold the largest market share owing to the region contributing to greater share of expenditure in the tourism industry in comparison to other regions. Moreover, increasing focus of the government of the nations in region towards the development of the tourism industry and promoting various tourism related activities are some of the factors anticipated to promote the growth of the market in the region in the upcoming years. In the statistics by The World Bank, the largest share of tourism expenditure was observed in Europe & Central Asia Region with a tourism expenditure share of 35.63%, followed by East Asia & Pacific with a share of 33.14%.
Growing Interests for Adventure Sports and Tourism Activities And Rising Disposable Income
In the statistics by the Organisation for Economic Co-operation and Development (OECD), household disposable income in USA peaked to 50,291.66 USD/Capita from 40,622.36 USD/Capita in-between 2010-2017, and in Australia it peaked to 39,928.82 USD/Capita from 32,872.97 USD/Capita in-between 2010-2017. Moreover, in one of the statistics by The World Bank, expenditures for international tourism peaked to 1,449.15 billion (in current USD) from 1,004.99 billion (in current USD) in-between 2010-2017.
People around the globe are increasingly spending on tourism and other leisure activities on the back of their increasing household disposable income. Moreover, with the raising standards of living of people, consumers are shifting more towards purchase of leisure goods in addition to goods that satisfy their basic needs to meet their social demands. Owing to such factors, there is a significant rise in adventure sports and tourism activities. Consumers are increasingly spending on accessories that are required to enjoy such activities. A significant issue observed meanwhile is to carry these large number of goods during the period of their travel. Several consumers and vehicle operators are shifting towards the deployment of automotive roof racks to solve the issue of shortage of space occupied by goods inside vehicles. Such a factor is anticipated to drive the growth of the global automotive roof rack market during the forecast period.
However, concerns regarding the increase in laden weight of the vehicle and the cause of air resistance when a rooftop carrier is deployed are some of the factors anticipated to limit the growth of the global automotive roof rack market.
The market also provides the existing competitive scenario of some of the key players of the global automotive roof rack market, which includes company profiling of Magna International, Inc. (TSE: MG), MINTH Group Limited (HKG: 0425), VDL Hapro bv, Yakima Products, Inc., Atera GmbH, Rhino-Rack USA, LLC, BOSAL, JAC Products, Cruzber S.A., and Thule Group (STO: THULE). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive roof rack market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.