The automotive roof rack is a roof carrier that is used to carry heavy object for transportation so that it can reduce the boot space for the occupant. There are various types of roof racks that are attached to the roof of the car depending on the need of the consumer. The market is driven by various factors such as growth in tourism sector, increase in production of vehicles, and limited boot space in cars. The roof rack has various constraints that hinder the market such as fluctuation in raw material prices and increase in weight of the vehicle.
Tourism has experienced a continuous growth and extending its diversification to become one of the fastest growing economic sector in the world. Modern tourism is closely linked to development and covers growing number of new destinations. These dynamics have turned tourism into a key driver for the growth of automotive industry. The expanding transport projects in emerging nations are expected to reveal greater logistics opportunities and increase the demand for commercial and passenger vehicles in the Asia-Pacific, significantly over the Forecasted period. The automotive roof rack market is completely dependent on the automotive industry. Thus the increasing or decreasing demand of the automotive industry directly has an impact on the market. The total vehicle production for the year 2015 was almost 90 million units and is expected to witness further boost and reach more than 100 million units by the year 2023.
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Industry/ Innovation/ Related News:
The key strategies followed by most companies within the global automotive roof rack market are that of new product development.
On 10th August 2017, Rhino-Rack had launched pioneer platform front & side rails product design to allow flexibility of installation of the product. The company also works with the car manufacturers so as to adopt the latest trends in vehicles. The products that the company manufactures undergo various test that meet the Australian standard so that it is strongly committed to the protection of environment.
In September 2017, the company has innovated and upgraded its spring 2018 bike so as to meet wide range of the consumer. On 28 December, 2009, Yakima Products Inc. merged with Kemflo International LTD to achieve organic growth. It also believes in investing into product development to extend its product line. Moreover, the company is focusing on strengthening partnerships with retailers to reach consumers in a more fulfilling manner.
In 2017, Cruzber S.A had launched different products such as Cruz Evo Rack roof rack, Cruz Kit Optiplus Fix, and Cruz Airo Dark roof rack to diversify the product portfolio. The company has diversified in more than 30 countries such as Russia, Croatia, South Africa, Costa Rica and Morocco and other countries of Central America and Europe. The company is trying to expand its footprint in emerging markets, improving industry structure in developed markets, adding new technologies to capture additional value, and accelerating growth in regions. This will allow the roof rack market to grow in this regions.
Thule Group (Sweden), Magna International, Inc.(Ontario), VDL Hapro bv (Netherlands), MINTH Group Limited(China), Cruzber S.A (Spain), Atera GmbH (Germany), Rhino-Rack (U.S.), BOSAL (Belgium), JAC Products (U.S.) and Yakima Products Inc. ( U.S.) and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Automotive Roof Racks Market.
Automotive Roof Racks Market – Segmentation
The Global Automotive Roof Racks Market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Type : Comprises rail raised, gutter, roof mount, and others
Segmentation by Material : Comprises aluminium alloy, composite plastic, and others.
Segmentation by Application : Comprises commercial vehicles and passenger cars
Segmentation By Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Automotive Roof Racks Market: Regional Analysis
In North America, automobile manufacturer will continue to see an increase in the sales of the passenger cars. The increase in demand of the new vehicles will enable the growth of the auto components suppliers. The automotive manufacturers have shifted their preference from small cars to higher-value pickups and SUVs. This will enable more installation of roof racks on SUVs and pickup vans for transportation. The auto market in U.S. has been powered by the low interest rate and low fuel price which has allowed the market to grow during the forecast period. The buying condition will remain positive due to the low interest rate and will boost the sales of the new vehicle. This increase in sale of new vehicle will led to the growth of roof racks market. China is one of the major automotive market in Asia. The automotive industry continues to grow in China due to increased production of passenger and commercial vehicles. FDI is one of the major factor for the growth of automotive industry in China. The automaker in China are developing new and trade friendly policies that enable them to produce larger number of vehicles. The increase in the production of vehicle will led to the growth of roof rack market.
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Key Questions Addressed by the Report
- What was the historic market size (2020)?
- Which segmentation (Product/ Capacity) is driving market?
- What will be the growth rate by 2023?
- How are the key players in this market?
- What are the strategies adopted by key players?
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.2 RESEARCH OBJECTIVE
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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