Pune, India, Feb. 07, 2022 (GLOBE NEWSWIRE) -- The global automotive roof rack market size was valued at USD 2.11 billion in 2020. The market valuation is slated to rise from USD 2.18 billion in 2021 to USD 3.39 billion in 2028 at a CAGR of 6.49% during the forecast period. The market growth can be closely tied to the expansion of the travel & tourism sector in the forthcoming years. Increasing number of tourists, especially after COVID-19 restrictions, fueled by rising disposable income levels will augment the market growth. Fortune Business Insights presents this information in its report titled “Automotive Roof Rack Market, 2021-2028."
Automotive roof rack, which are alternatively known as car roof racks of automotive roof carriers, are fitted over the top of the vehicle to transport load conveniently while traveling. These racks possess a strong bar assembly structure and can carry bulk loads, leaving the in-vehicle space to be used more comfortably. Unlike older roof racks, which required a mechanic for fitting and disassembling, newer varieties can be fitted or disassembled temporarily using normal joints. Manufacturers are focusing on designing lightweight and durable racks to lower the vehicle’s overall weight.
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Notable Industry Development:
- July 2021: Yazaki set up a new production unit in Manipur, India. This expansion strategy would help create 1,500-2,000 new job opportunities across the state of Manipur.
Drivers & Restraints:
Expansion of Travel & Tourism Sector to Augment Market Growth
The number of tourists and travel enthusiasts has surged rapidly in the past few years. Rise in household income levels is a key factor responsible for this surge. Increased vehicle demand and the trend of personal mobility are augmenting the market growth. Germany, Italy, France, Dubai, China, and India are among the popular tourist destinations in the world. Increasing demand for outdoor and recreational activities is fueling the market growth.
However, roof carriers can increase the weight of the vehicle, which may limit their adoption in the future.
Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Market Segments:
Based on product type, the market is divided into raised rail, gutter, and roof mount.
On the basis of vehicle type, the market is bifurcated into passenger cars and commercial vehicles.
In terms of geography, the market is studied across North America, Asia Pacific, Europe, and the rest of the world.
Regional Insights:
Asia Pacific recorded USD 0.73 billion in revenue in 2020 and will dominate the automotive roof rack market share during 2021-2028. Dominance of the region is primarily attributed to the high population in China and India. The two countries account for an estimated 38% of the world population. These factors, along with rising automotive ownership, will augment the regional growth.
North America will experience notable growth in the market during the forecast period, led by an uptick in leisure travel. As per the U.S. Travel Association, domestic travel in the country rose by 1.7% in 2019 compared to the previous year. Also, leisure travel accounted for more than 80% of all domestic travel in the country in 2019.
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The Report Lists the Key Players Profiled in the Market Report:
- Thule Group (Smaland, Sweden)
- Magna International, Inc. (Ontario, Canada)
- Minth Group Limited (Ningbo, China)
- VDL Hapro bv (Kapelle, Netherlands)
- Yazaki Corporation (Tokyo, Japan)
- Yakima Products Inc (Oregon, U.S.)
- Atera GmbH (Allgäu, Germany)
- Sumitomo Electric (Tokyo, Japan)
- Rhino-Rack (Sydney, Australia)
- JAC Products (Michigan, U.S.)
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