Automotive Roof Racks Market to rise at CAGR of 7.84% through 2027 – Report by Market Research Future (MRFR)
New York, July 08, 2021 (GLOBE NEWSWIRE) — Automotive Roof Racks Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Roof Racks Market Research Report, Material, Type, Application and Region – Forecast till 2027” the market is projected to grow at a 7.84% CAGR during the forecast period 2020-2027 .
The automotive roof racks market is proliferating globally, witnessing increasing installations of different types of racking solutions. Rapid rise in automotive sectors worldwide is a major driving force behind the significant rise in automotive roof racks market value.
After-market roof racks are the most commonly installed components to a vehicle for carrying oversized items. Consumers increasingly install these roofing racks suitable to their needs. With the rapid economic growth worldwide, increasing consumer purchasing power, and changing lifestyles, the market is projected to witness significant demand in the years to come.
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Competitive Landscape
List of the Key Players Profiled in the Automotive Roof Racks Market include-
- VDL Hapro B V (Netherlands)
- BOSAL (Belgium)
- MINTH Group Limited (China)
- Magna International Inc. (Ontario)
- Yakima Products Inc. (US)
- Thule Group (Sweden)
- Atera Gmbh (Germany)
- JAC Products (US)
- Cruzber S.A (Spain)
- Rhino-Rack (US)
- others
Fiercely competitive, the automotive roof racks market appears fragmented due to the presence of numerous players forming a competitive landscape. These players initiate strategies such as expansion, collaboration, and merger & acquisitions.
For instance; on July 01, 2021, Clarus Corporation (the US), a leading global company focused on the outdoor and consumer enthusiast markets, announced the completion of the acquisition of Rhino-Rack Pty Ltd (Australia), a leading manufacturer and distributor of highly engineered automotive roof racks, mounting systems, trays, luggage boxes, and carriers & accessories.
The acquisition is a major addition to Clarus’s portfolio of super-fan brands and accelerates the brand’s penetration in Australia and North America. Moreover, Rhino-Rack’s strong profitability and cash flow profile would further strengthen Clarus’ balance sheet capacity as it continues to evaluate new M&A and organic growth opportunities.
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Automotive Roof Racks Market Outlook Appears Promising
The best thing about automotive roof racks is that they offer a wide range of quality and attractive solutions that can last longer. Depending on their designs, most of them are made by employing aluminum alloy and composite plastic materials. There are many innovations in component technologies and materials that can bear huge weight and higher volume traction, witnessing vast adoption.
The tourism sector is a major growth driver responsible for the rapid growth of the market. Additionally, the rapid uptake of roof racks in personal and commercial vehicles is a major driving force behind the market growth.
Increased Fuel Consumption is a Major Headwind
It is important to understand that installing these racks increases fuel consumption in individual vehicles and public transport fleets. Also, some racking materials cannot withstand heavy loads and get damaged by sharp objects and extreme temperatures. Similarly, the lack of awareness about emerging trends in racking materials hampers the growth of the market.
High manufacturing costs that increase the overall cost of automotive roof racks impede the market growth. Nevertheless, the convenience of carrying heavy loads that automotive roof racks offer would support the market growth throughout the review period. Also, improvements in racking systems Manufacturers focus more on low operating cost, flexibility, and low maintenance, allowing the automotive roof racks market to increase rapidly during the forecast period.
COVID 19 Impacts in the Market
The COVID 19 disruptions hit the automotive roof racks industry severely. Due to the coronavirus-driven lockdowns, industry players faced a number of challenges, including disrupted supply chains & logistic issues that further caused difficulties in obtaining raw materials, attracting workforces, and delivering end products.
However, the industry is rapidly regaining its momentum, witnessing augmented demand worldwide. The market is estimated to reboot soon, witnessing exponential growth in the automotive sector.
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Segmentation
The automotive roof racks market analysis is segmented into types, materials, applications, and regions. The type segment is sub-segmented into gutter, railing, roof mount, fixpoint, clamping, factory track, tracks, and flush rail.
The material segment is sub-segmented into aluminum alloy and composite plastic. Of these, the aluminum material holds a major part of the automotive roof racks market. The application segment is sub-segmented into passenger cars and commercial vehicles. The region segment is sub-segmented into the Asia Pacific, Americas, Europe, and rest-of-the-world.
Regional Analysis
The Asia Pacific region leads the global automotive roof racks market, heading with the rapid growth in the economy. Besides, the presence of well-known automotive manufacturers in countries like China and India and the increasing foreign direct investments have created a huge demand for automotive roof racks in this region.
Rapid urbanization & industrialization, and changing lifestyle drive regional market growth. Additional factors influencing the market rise include technological advances that help develop novel properties in materials like high durability, cost efficiency, and low maintenance. The region is anticipated to continue with its leadership further throughout the forecast period, witnessing high sales.
Segmentation of Market covered in the research:
Information by Material (Aluminum Alloy, Composite Plastic and Others), By Type (Roof Mount, Raised Rail, Gutter and others), By Application (Commercial Vehicles and Passenger Cars) and Region (North America, Europe, Asia-Pacific, and Rest of the World)
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