Yahoo Finance Automotive Roof Racks Market Worth USD 3393.27 Million at a 6.13% CAGR by 2030 - Report by Market Research Future (MRFR)
Automotive Roof Racks Market Growth Drives by Lightweight, Durability and Very less operational cost
New York, US, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Automotive Roof Racks Market Research Report Information By Type, Material, Vehicle Type, Forecast 2030”, substantially at a robust CAGR of approximately 6.13% during the assessment era from 2022 to 2030 in order to attain a valuation of over USD 3393.27 Million.
Automotive Roof Racks Market Overview:
Automotive roof racks are connected to the roof of an automobile to carry heavy luggage. They enable users to carry luggage without negotiating the boot space in the vehicle. The design of the roof rack can be altered based on the requirements for carrying the luggage. Several kinds of roof racks are available in the automotive roof racks market, based on the users' requirements. The most widely used version of the automotive roof rack has two casts supports with a squeeze-out aluminum bar joined to the extruded bar by adhesive bonding or mechanical joining. The modern automotive roof rack is incorporated into the end supports with the extrusion, thus eradicating the cast supports. This lowers the number of components involved and boosts the aesthetics of the vehicles. The global automotive roof racks market has recently gained massive traction. The rapid growth in automotive sales globally is the main parameter supporting the market's growth.
Competitive Analysis
The list of prominent players across the global automotive roof racks Market includes companies such as:
Thule Group (US)
Yakima, Inc. (US)
Atera GmbH (Germany)
JAC Products (US)
Rhino-Rack (Australia)
NEUMANN, SPOL. S R.O. (Czech Republic)
Magna International Inc. (Canada)
Perrycraft (US)
Cruzber SA (Spain)
Mont Blanc Group AB (Sweden)
ROLA (Australia)
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Automotive Roof Racks Market USP Covered
Market Drivers
The global automotive roof racks market exhibited massive growth in recent times owing to the aspects such as growing tourism & off-road trails and restricted availability of boot space in the vehicles.
Market Restraints
On the other hand, volatile raw material prices may restrict the market's growth.
Report Scope:
Report Metrics | Details |
Market Size by 2030 | USD 3393.27 Million |
CAGR during 2022-2030 | 6.13% |
Base Year | 2021 |
Forecast | 2022-2030 |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Key Market Opportunities | Proliferating electric vehicle demand |
Key Market Drivers | Increasing tourism and off-road trails Limited availability of boot space in the vehicles |
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COVID-19 Impact of Automotive Roof Racks Market
The global health crisis in the form of COVID-19 has had a significant impact on the majority of the industrial areas in recent times. The travel restrictions and social distancing norms imposed led to causing massive disruption in the supply chain networks for the majority of the market areas. Just like all the market sectors, the global automotive roof racks market witnessed several unexpected challenges during the pandemic. On the other hand, with the rapid vaccination rates across the globe, the automotive roof racks market is anticipated to witness substantial growth over the coming years.
Automotive Roof Racks Market Segment Analysis
Among all the types, the roof mount segment is predicted to dominate the global market for automotive roof racks over the review timeframe. It is deployed by the aftermarket players or automotive manufacturers on the roof of automobiles with the help of clamps connected to the vehicle doors. It does not need any gutter or bards to fix the rack. They are usually used in tourist vehicles to carry heavy luggage and bulky equipment such as camping gear and sporting goods for long-distance transport.
Among all the materials, the aluminum alloy segment is anticipated to secure the top position across the automotive roof racks market over the assessment era. An aluminum alloy comprises magnesium, copper, silicon, zinc, and iron. These elements are added to pure aluminum in a molten form to make an alloy with the needed physical properties and strength. Aluminum alloy realizes its application in roof racks given the lightweight and ability to tolerate high loading bearing capacity.
Among all the vehicle types, the passenger cars segment is anticipated to witness the maximum growth over the coming years. the growing demand for passenger cars among large population pools is the main factor boosting the growth of the regional market. Furthermore, the growing per capita income in emerging countries will likely catalyze the segment's growth over the review timeframe.
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Automotive Roof Racks Market Regional Analysis
The global market for automotive roof racks is analyzed across five major regions: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
According to the MRFR analysis reports, the North American region is predicted to secure the top position across the automotive roof racks market over the review timeframe. The elevated demand for larger boot space is the main parameter supporting the regional market's performance. Furthermore, the increase in off-road trails and tourism across the region is anticipated to boost the regional market's growth over the review timeframe. The region has the US as the leading growth contributor. Several Korean, Japanese, and European auto manufacturers have invested in the region to develop manufacturing sites and R&D facilities and grow their market reach. Additionally, the region is known for the presence of prominent leaders such as Toyota, Honda, GM, Ford, and FCA. The growing implementation of light trucks from the region is another aspect causing a rise in the regional market's performance.
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The automotive roof racks market for the Asia-Pacific region is anticipated to exhibit the highest growth rate over the assessment era. The region is known to have almost 60% of the global human population, which is considered the prime aspect that is causing a rise in the growth of the regional market. Furthermore, the factors such as rapid economic developments, postponement of the implementation of the China Six Emission Standard, availability of steel, business-friendly policies, and low labor cost are also predicted to boost the growth of the regional market over the review timeframe.
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