Market Research Future published a Cooked research report on “Global Automotive Roof Racks Market Research Report - Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Automotive Roof Racks Market Global Market – Overview

The automotive roof rack is a roof carrier that is used to carry heavy object for transportation so that it can reduce the boot space for the occupant. There are various types of roof racks that are attached to the roof of the car depending on the need of the consumer. The market is driven by various factors such as growth in tourism sector, increase in production of vehicles, and limited boot space in cars. The roof rack has various constraints that hinder the market such as fluctuation in raw material prices and increase in weight of the vehicle.

Tourism has experienced a continuous growth and extending its diversification to become one of the fastest growing economic sector in the world. Modern tourism is closely linked to development and covers growing number of new destinations. These dynamics have turned tourism into a key driver for the growth of automotive industry. The expanding transport projects in emerging nations are expected to reveal greater logistics opportunities and increase the demand for commercial and passenger vehicles in the Asia-Pacific, significantly over the Forecasted period. The automotive roof rack market is completely dependent on the automotive industry. Thus the increasing or decreasing demand of the automotive industry directly has an impact on the market. The total vehicle production for the year 2015 was almost 90 million units and is expected to witness further boost and reach more than 100 million units by the year 2023.

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Industry/ Innovation/ Related News:

The key strategies followed by most companies within the global automotive roof rack market are that of new product development.

On 10th August 2017, Rhino-Rack had launched pioneer platform front & side rails product design to allow flexibility of installation of the product. The company also works with the car manufacturers so as to adopt the latest trends in vehicles. The products that the company manufactures undergo various test that meet the Australian standard so that it is strongly committed to the protection of environment.
In September 2017, the company has innovated and upgraded its spring 2018 bike so as to meet wide range of the consumer. On 28 December, 2009, Yakima Products Inc. merged with Kemflo International LTD to achieve organic growth. It also believes in investing into product development to extend its product line. Moreover, the company is focusing on strengthening partnerships with retailers to reach consumers in a more fulfilling manner.

In 2017, Cruzber S.A had launched different products such as Cruz Evo Rack roof rack, Cruz Kit Optiplus Fix, and Cruz Airo Dark roof rack to diversify the product portfolio. The company has diversified in more than 30 countries such as Russia, Croatia, South Africa, Costa Rica and Morocco and other countries of Central America and Europe. The company is trying to expand its footprint in emerging markets, improving industry structure in developed markets, adding new technologies to capture additional value, and accelerating growth in regions. This will allow the roof rack market to grow in this regions.

Key Players:

Thule Group (Sweden), Magna International, Inc.(Ontario), VDL Hapro bv (Netherlands), MINTH Group Limited(China), Cruzber S.A (Spain), Atera GmbH (Germany), Rhino-Rack (U.S.), BOSAL (Belgium), JAC Products (U.S.) and Yakima Products Inc. ( U.S.) and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Automotive Roof Racks Market.

Automotive Roof Racks Market – Segmentation

The Global Automotive Roof Racks Market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;

Segmentation by Type: Comprises rail raised, gutter, roof mount, and others

Segmentation by Material: Comprises aluminium alloy, composite plastic, and others.

Segmentation by Application: Comprises commercial vehicles and passenger cars

Segmentation By Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

More news on Automotive Roof Racks Market at:

https://www.reuters.com/brandfeatures/venture-capital/article?id=120013

https://www.marketwatch.com/press-release/automotive-roof-racks-market-2018-global-industry-growth-trends-size-share-key-country-analysis-competitive-landscape-and-regional-forecast-to-2023-2018-11-05