Research Nester has released a report titled “Automotive Roof Rack Market – Global Demand Analysis & Opportunity Outlook 2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis, and Porter’s five force model.
Organisation for Economic Co-operation and Development (OECD), in one of its statistics stated that household disposable income in USA reached to 50,291.66 USD/Capita in the year 2017 from 40,622.36 USD/Capita in the year 2010 and in Australia it reached 2010 to 39,928.82 USD/Capita in the year 2017 from 32,872.97 USD/Capita in the year 2010. Additionally, The World Bank, in one of its statistics stated that expenditures for international tourism reached to 1,449.15 billion (in current USD) in the year 2017 from 1,004.99 billion (in current USD) in the year 2010.
The statistics portray the growing tourism industry and the increasing expenditure by consumers in tourism on the back of growing household disposable income. Consumers in the recent era have moved towards products which satisfy their social needs in addition to the products required for their basic needs. Increasing focus of the governments of several nations worldwide for adventure sports and tourism activities is helping consumers to purchase accessories that are required to enjoy the allied activity. But a major problem observed with the transportation of these goods in vehicles is raising the demand amongst vehicle owners to increase their vehicle storage space by the addition of automotive roof racks. Automotive roof rack is a vehicle accessory deployed in the roof of the vehicle to store luggage and goods. The capability of the roof rack to store large bulky items so as to utilize the inner space of the vehicle more efficiently is contributing towards the deployment of a greater number of automotive roof racks amongst vehicle owners.
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The global automotive roof rack market is anticipated to record a CAGR of 6.71% during the forecast period, i.e. 2020-2028. The market is segmented by application into passenger vehicle and commercial vehicle. Among these segments, passenger vehicle segment is anticipated to hold the largest market share on account of increasing sales of passenger vehicles around the globe and a majority of the share of sales of vehicles being hold by passenger vehicles in comparison to commercial vehicles. Additionally, growing issues of shortage of space in passenger vehicles is also contributing towards the growth of the segment in the global automotive roof rack market. International Organization of Motor Vehicle Manufacturers (OICA), in one of its statistics stated that share of passenger vehicles during the year 2018 were 72.26% and that of commercial vehicles were 27.74%.
Geographically, the global automotive roof rack market is segmented by five major regions into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa region, out of which, Europe and Asia Pacific are anticipated to hold the largest market share on account of the regions contributing to the largest share for tourism expenditure around the globe. Moreover, increasing focus of the governments in the region for the development of adventure sports related activities is anticipated to boost the demand for goods and accessories supporting the allied activity. Such a factor is also anticipated to raise the demand for vehicles in the region which provide greater storage space, thereby impacting positively towards the growth of the market in the region in the upcoming years. The World Bank, in one of its statistics stated that Europe & Central Asia Region held the largest share of 35.63% for expenditure in tourism, followed by East Asia & Pacific with a share of 33.14%.
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However, concerns for the cause of air resistance on the deployment of automotive roof rack and the increase in laden weight of the vehicle are some of the factors estimated to act as a barrier to the growth of the global automotive roof rack market.
This report also studies existing competitive scenario of some of the key players of the global automotive roof rack market, which includes 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 comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Automotive Roof Rack Market – Global Demand Analysis & Opportunity Outlook 2028”, analyses the overall automotive roof rack industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global automotive roof rack market in the near future.
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