Pune, India., Feb. 09, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global automotive roof rack market to grow at a CAGR of 6.49% and reach USD 3.39 billion during forecast period of 2021-2028. The market was valued USD 2.11 billion in 2020. The market growth is attributed to factors such as expansion of the travel & tourism sector in the forthcoming years. Increasing number of tourists, especially after COVID-19 restrictions, fueled by rising disposable income levels will augment the market growth. Fortune Business Insights presents this information in its report titled “Automotive Roof Rack Market, 2021-2028."
Automotive roof rack, which are alternatively known as car roof racks of automotive roof carriers, are fitted over the top of the vehicle to transport load conveniently while traveling. These racks possess a strong bar assembly structure and can carry bulk loads, leaving the in-vehicle space to be used more comfortably. Unlike older roof racks, which required a mechanic for fitting and disassembling, newer varieties can be fitted or disassembled temporarily using normal joints. Manufacturers are focusing on designing lightweight and durable racks to lower the vehicle’s overall weight.
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Automotive Roof Rack Market Overview:
| Study Period: | 2021-2028 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Asia-Pacific |
| CAGR | 6.49% |
| Major Players: | Thule Group, Magna International, Minth Group Limited, VDL Hapro bv, Yazaki Corporation, Yakima Products Inc, Atera GmbH, Sumitomo Electric, Rhino-Rack, JAC Products |
Key Takeaways:
- Increased Overall Weight Of Vehicle Decreasing Fuel Efficiency Hinders Market Growth
- Growth in Adventure Sports & Tourism Activities To Drive Market Growth
- Passenger Car Segment Expected To Hold the Largest Market Share Due To Rising Recreational Activities
- Acquisition Of ‘Denver Outfitters’ Will Scale Up The Competitive Landscape For ‘Thule Group’
Drivers & Restraints-
Expansion of Travel & Tourism Sector to Augment Market Growth
The number of tourists and travel enthusiasts has surged rapidly in the past few years. Rise in household income levels is a key factor responsible for this surge. Increased vehicle demand and the trend of personal mobility are augmenting the automotive roof rack market growth. Germany, Italy, France, Dubai, China, and India are among the popular tourist destinations in the world. Increasing demand for outdoor and recreational activities is fueling the market growth.
However, roof carriers can increase the weight of the vehicle, which may limit their adoption in the future.
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COVID-19 Impact:
Slowdown of Automotive Sector to Impede Market Expansion
To contain the spread of the COVID-19 pandemic, strict lockdown restriction was imposed in most parts of the world in 2020, affecting the growth of the worldwide travel & tourism sector. Decline in travel activities has greatly affected the demand for car roof racks worldwide. The pandemic also led to the slowdown of the automotive sector, with various automakers and automotive OEMs shutting down operations temporarily. Supply chain hurdles, workforce shortages, and strict protocols created additional challenges for the auto industry. All these factors have taken a toll on the global automotive roof rack market growth between 2020 and 2021.
Segments-
- Based on product type, the market is divided into raised rail, gutter, and roof mount.
- On the basis of vehicle type, the market is bifurcated into passenger cars and commercial vehicles.
- In terms of geography, the market is studied across North America, Asia Pacific, Europe, and the rest of the world.
| Segmentation | By Product Type
|
By Vehicle Type
|
Regional Insights-
Asia Pacific recorded USD 0.73 billion in revenue in 2020 and will dominate the automotive roof rack market share during 2021-2028. Dominance of the region is primarily attributed to the high population in China and India. The two countries account for an estimated 38% of the world population. These factors, along with rising automotive ownership, will augment the regional growth.
North America will experience notable growth in the market during the forecast period, led by an uptick in leisure travel. As per the U.S. Travel Association, domestic travel in the country rose by 1.7% in 2019 compared to the previous year. Also, leisure travel accounted for more than 80% of all domestic travel in the country in 2019.
The market in Europe is driven by the presence of major automakers in Germany. Rise in leisure trips in the region will offer promising opportunities to the market players.
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Report Coverage:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisition
A list of prominent Automotive Roof Racks manufacturers operating in the global market:
- Thule Group (Smaland, Sweden)
- Magna International, Inc. (Ontario, Canada)
- Minth Group Limited (Ningbo, China)
- VDL Hapro bv (Kapelle, Netherlands)
- Yazaki Corporation (Tokyo, Japan)
- Yakima Products Inc (Oregon, U.S.)
- Atera GmbH (Allgäu, Germany)
- Sumitomo Electric (Tokyo, Japan)
- Rhino-Rack (Sydney, Australia)
- JAC Products (Michigan, U.S.)
Notable Industry Development:
- July 2021: Yazaki set up a new production unit in Manipur, India. This expansion strategy would help create 1,500-2,000 new job opportunities across the state of Manipur.
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Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Distribution Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Impact of COVID-19
- Global Automotive Roof Rack Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Raised Rail
- Roof Mount
- Gutter
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Automotive Roof Rack Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Product Type
- Raised Rail
- Roof Mount
- Gutter
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis – By Country (Value)
- U.S.
- By Vehicle Type
- Canada
- By Vehicle Type
- Mexico
- By Vehicle Type
- Europe Automotive Roof Rack Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Product Type
- Raised Rail
- Roof Mount
- Gutter
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis – By Country (Value)
- U.K.
- By Vehicle Type
- Germany
- By Vehicle Type
- France
- By Vehicle Type
- Rest of Europe
- By Vehicle Type
- Asia Pacific Automotive Roof Rack Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Product Type
- Raised Rail
- Roof Mount
- Gutter
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis – By Country (Value)
- China
- By Vehicle Type
- Japan
- By Vehicle Type
- India
- By Vehicle Type
- South Korea
- By Vehicle Type
- Rest of Asia Pacific
- By Vehicle Type
- Rest of the World Automotive Roof Rack Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Product Type
- Raised Rail
- Roof Mount
- Gutter
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Competitive Analysis
- Key Industry Developments
- Global Market Share Analysis (2020)
- Competition Dashboard
- Comparative Analysis – Major Players
- Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
- JAC Products (Michigan, USA)
- Magna International, Inc. (Ontario, Canada)
- Minth Group Limited (Ningbo, China)
- VDL Hapro bv (Kapelle, Netherlands)
- Yazaki Corporation (Tokyo, Japan)
- Yakima Products Inc (Oregon, USA)
- Atera GmbH (Allgäu, Germany)
- Sumitomo Electric (Tokyo, Japan)
- Rhino-Rack (Sydney, Australia)
- Thule Group (Smaland, Sweden)
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