Introduction to Automotive Roof Racks
Automotive roof racks are a set of bars which are secured to the roof of the vehicle and are used to carry bulky items, for instance, luggage, bicycles, canoes, kayaks and others while travelling. Automotive roof racks allow users to place their luggage or goods on the roof of the vehicle so that the space inside the vehicle can be utilized more efficiently. Modern roof racks in comparison to earlier roof racks can be fitted without the help of a professional. A rood rack system usually comprises of towers, fitting pieces, cross bars and gear mounts which are assembled in a pre-designed structure. Several other roof rack types, such as box, bags and bike racks are mounted on the cross bar attached to the roof rail.
Market Size and Forecast
The global automotive roof rack market is thriving on the back of increasing sales of vehicles around the globe and the growing automotive sector. Moreover, growing need amongst consumers for luggage carriers which have low maintenance cost, greater flexibility and low operational cost is also anticipated to contribute towards the growth of the global automotive roof rack market. According to the statistical report by International Organization of Motor Vehicle Manufacturers (OICA), sales of vehicles of all types increased from 65,923,794 units in the year 2005 to 95,055,937 units in the year 2018.
The market is anticipated to record a CAGR of 6.71% throughout the forecast period, i.e. 2020-2028. 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 on the back of increasing sales of passenger vehicles and sales of passenger vehicles holding a larger share as compared to commercial vehicles. Moreover, lesser available space in passenger vehicles to carry luggage or goods raises the need amongst consumers to add accessories that can help them to carry their extra load. Automotive roof rack is one of the best solutions to solve such a problem. According to OICA, share of passenger vehicles were 72.26% in the year 2018 whereas share of commercial vehicles were 27.74% in the same year. CLICK TO DOWNLOAD SAMPLE REPORT
Growing Interests for Adventure Sports and Tourism Activities
There is a significant rise in the interests amongst consumers for adventure sports and tourism activities backed by the rising tourism industry. Tourists worldwide are increasingly spending on accessories that are required as a part of the allied activity, such as canoe for canoeing, bikes for bike riding, equipment for hang gliding, and other adventure activities. As such, it is a challenge for the user to carry those accessories in their vehicles as there isn’t much space for passengers and goods all together inside the vehicle. Automotive roof racks serve the purpose of carrying the luggage and goods thereby promoting enhanced vehicle interior space for a comfortable tourist ride.
Rising Disposable Income
According to Organisation for Economic Co-operation and Development (OECD), household disposable income in USA increased from 40,622.36 USD/Capita in the year 2010 to 50,291.66 USD/Capita in the year 2017. Moreover, Australia observed an increase in household disposable income from 32,872.97 USD/Capita in the year 2010 to 39,928.82 USD/Capita in the year 2017.
Increasing household disposable income amongst consumers around the globe is contributing to the rising standards of living of people. Owing to such a factor, consumers are increasingly spending on other goods that meet their social needs apart from their regular basic needs. Increasing expenditure on tourism around the globe coupled with rising focus by the government of various nations for tourism is helping to contribute towards the growth of the tourism industry as well as other associated industries. It is anticipated that with the increasing household income supported by the growing tourism industry, consumers will spend more on leisure activities, raising the need for the deployment of automotive roof racks in vehicles. According to The World Bank, expenditures for international tourism increased from 1,004.99 billion (in current USD) in the year 2010 to 1,449.15 billion (in current USD) in the year 2017.
Increase In Laden Weight Of The Vehicle
Adding any bulky accessory to the vehicle increases the overall unladen weight of the vehicle. Once loaded with goods, there is an increase in the laden weight which might affect the fuel consumption of the vehicle. Moreover, deploying a roof rack also causes air resistance which also contributes to a high fuel consumption of the vehicle. Such factors are anticipated to hinder the growth of the global automotive roof rack market during the forecast period.
Our in-depth analysis of the global automotive roof rack market includes the following segments:
By Product Type
By Distribution Channel
On the basis of regional analysis, 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.
Europe and Asia Pacific market are anticipated to hold the largest market share on the back of greater share of expenditure for tourism across the regions. Governments across nations in the regions are increasingly boosting up activities that are contributing towards the growth of the tourism industry. Rising expenditure for tourism in the regions is anticipated to raise the demand for vehicles with greater storage space of tourism related activity goods thereby helping to contribute towards the growth of the automotive roof rack market in the region. According to The World Bank, Europe & Central Asia constituted the largest share of 35.63% for tourism expenditure in comparison to the world during the year 2017. It was followed by East Asia & Pacific region with a share of 33.14%.
Moreover, North America is anticipated to gain significant market share on the back of interests amongst the people for adventure activities backed by increasing household income in nations such as USA and Canada.
The global automotive roof rack market is further classified on the basis of region as follows:
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