Global Automotive Roof Racks Market Projected to Reach $4.95 Billion by 2030
The global automotive roof racks market, valued at USD 1.69 billion in 2023, is anticipated to surge to USD 4.95 billion by 2030, exhibiting a robust CAGR of 16.62% during the forecast period. This growth is driven by increasing consumer interest in outdoor recreational activities, rising disposable incomes, and the expanding tourism industry.
Key players in the market include Magna International, Inc., MINTH Group Limited, VDL Hapro bv, Yakima Products, Inc., Atera GmbH, Rhino-Rack USA, BOSAL, JAC Products, Cruzber S.A., and Thule Group. The Asia Pacific region is expected to witness the highest demand, owing to rapid industrialization and the expansion of the automotive sector.
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Competitive Landscape and Regional Demand
The automotive roof racks market is highly competitive, with major players focusing on product innovation and strategic partnerships to strengthen their market positions. The Asia Pacific region held the dominant position in the global market and is projected to continue its dominance during the forecast period.
Regional Insights
Growth and Trends in the United States
In the United States, the market is influenced by a strong culture of road trips and outdoor activities. Manufacturers are focusing on launching new models with advanced features to cater to the evolving consumer preferences. For instance, Rhino-Rack USA, LLC announced the launch of the Pioneer Thru Axle Bike Carrier in March 2022, allowing users to attach a thru axle bike directly to a Rhino-Rack Pioneer system.
Opportunities and Consolidation in Asia Pacific
Asia Pacific presents significant growth opportunities, with countries like China and India witnessing rapid urbanization and increasing vehicle ownership. The region's expanding automotive industry and increasing environmental awareness are driving the demand for roof racks. The Asia Pacific region held the dominant position in the global automotive roof racks market and is projected to continue its dominance during the forecast period.
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Trends and Updation in the Middle East and Africa
The Middle East and Africa region is witnessing a gradual shift towards outdoor recreational activities. Governments are introducing policies to promote tourism, creating a favorable environment for the adoption of automotive accessories like roof racks.
Growth and Developments in Europe
Europe holds a significant market share, attributed to stringent emission regulations and the presence of major automobile manufacturers. The region's dominance is also due to the increasing consumer demand for outdoor recreational activities, translating into higher sales of roof racks.
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Market Segmentation: In-Depth Analysis:
by Product Type
Roof Mount
Raised Rail
Bike Racks
The market is divided by product type, such as bike racks, raised rails, and roof mounts, depending on the product. In order to provide more internal room for a comfortable travel experience, roof mount racks are used to transport baggage and other items. It is divided into aluminum alloys and composite plastics by material. Something else. When making roof racks, aluminum and composite materials are equally utilized. Roof racks are available on the market through OEM and aftermarket distribution channels.
by Material Type
Composite Plastic
Aluminium Alloys
Other
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Market Key Players : In-Depth Analysis:
Magna International, Inc.
MINTH Group Limited ,
VDL Hapro bv,
Yakima Products, Inc.,
Atera GmbH,
Rhino-Rack USA,
BOSAL,
JAC Products,
Cruzber S.A.,
Thule Group
Note:
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