The report covers forecast and analysis for the automobile roof racks market on a global and regional level. The study provides historic data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Million). The study includes drivers and restraints for the automobile roof racks along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the automobile roof racks market on a global level.
As per the report, the global demand for automobile roof racks market was valued at approximately USD 1,322.05 million in 2018 and is expected to generate revenue of around USD 2,109 million by end of 2025, growing at a CAGR of around 6.9% between 2019 and 2025.
The major driving factor of the automobile roof racks market is the extra space that is created. Moreover, the tourism sector has developed tremendously in the past years which is also a driver of the market. Traveling in cars with extra luggage space and space for comfort is always a priority for everyone. Hence, the growth of the market can be attributed to the factor. However, mounting car roofs can add up to the weight of the car which can restrain the growth of the market. Nevertheless, the constant efforts by the research and development sector to produce a strong material for roof racks come as an opportunity for the growth of the market.
The automobile roof racks market is segmented into material, type, application, and region. The type segment is bifurcated into car racks, roof bars, truck racks, and others. The market for car racks holds a considerable share in the market owing to the interior space it provides. Car racks are mounted on the top of the cars to carry heavy and large items. Roof bars are mainly used to carry huge items which cannot fit in the car like kayaks, bicycles, etc. This helps the user to carry their own items conveniently without being dependent on anyone. Truck racks are mounted on the truck to carry extremely heavy items. They avoid this item to slide down or even come towards the rear window of the truck and keep them secure on the top of the truck. They are mostly used when moving from one place to another given the amount of luggage one has while moving out.
By application, the market is bifurcated into commercial vehicles and passenger cars. The commercial vehicles segment holds a significant share in the market owing to the type of vehicle it is. Commercial vehicles help a person to move from one place to another or carry luggage from one place to another. Hence, roof racks and truck racks add on more space to carry more luggage. Whereas, passenger vehicles are used to help customers move from one place to another such as home to office. Hence, the market size for the segment is low as compared to the other segments.
North America is anticipated to hold the maximum market size in the automobile roof racks market owing to the rising adoption of cycling in the U.S. Hence, people of the country prefer cycling from one place to another. They carry the bicycle to the desired destinations by mounting it to the car roof. Moreover, the usage of snowboards is also high in these countries which is driving the growth of the market in the region.
Europe is expected to follow North America owing to the large automotive sector in the region. The growth of the car roof market is dependent on the growth of the automotive sector. Hence, more the automotive sector develops more will be the demand for the car roofs market.
Some of the key players in automobile roof racks market include Yakima Products Inc., Atera GmbH, Rhino-Rack USA, LLC., John Jordan Limited (Van-Racks), Rola, Cruzber SA, Thule, BOSAL, NEUMANN, spol. s r.o., and Perrycraft, Inc among others.
The report segments of global automobile roof racks market are as follows:
Global Automobile Roof Racks Market: Material Segment Analysis
- Aluminium Alloy
- Composite Plastic
Global Automobile Roof Racks Market: Type Segment Analysis
- Car Racks
- Roof Bars
- Truck Racks
Global Automobile Roof Racks Market: Application Segment Analysis
- Commercial Vehicles
- Passenger Cars
Global Automobile Roof Racks Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa