The Latest Automotive Roof Racks Industry Statistics Explained
Global Roof Rack Market was valued at 1.6 Billion USD in 2020.
The statistic “Global Roof Rack Market was valued at 1.6 Billion USD in 2020” indicates the total market worth of roof racks worldwide in the year 2020. This figure represents the collective value of roof rack sales across various regions, including both aftermarket and original equipment manufacturer (OEM) sales. The value of 1.6 billion USD suggests the significant market size and demand for roof racks, which are accessories mounted on the roofs of vehicles to transport items such as luggage, sports equipment, or other cargo. This statistic highlights the scale of the roof rack industry and its economic impact on the global automotive market.
The Roof Rack Market will touch a new level of 2.14 Billion USD in 2028.
The statistic regarding the Roof Rack Market reaching 2.14 billion USD in 2028 suggests a significant growth and expansion in the market over the years. This projection indicates that the demand for roof racks, used for carrying luggage, bikes, and other items on vehicles, is expected to increase substantially in the coming years. Such growth may be attributed to factors such as the rise in outdoor recreational activities, increasing popularity of road trips, and the overall growth in the automotive industry. This statistic serves as a valuable insight for businesses operating in the roof rack market, guiding them towards potential opportunities for expansion and market positioning strategies to capitalize on the projected market size in 2028.
The global automotive roof rack market is projected to grow with a CAGR of over 6.5%, during the forecast period.
This statistic indicates that the global market for automotive roof racks is expected to experience considerable growth in the coming years, with a Compound Annual Growth Rate (CAGR) surpassing 6.5%. This suggests that the demand for automotive roof racks is robust and is anticipated to steadily increase over the forecast period. Factors driving this growth may include a rise in outdoor recreational activities, an increase in road trips and travel, as well as a growing trend towards customization and personalization of vehicles. Such growth projections can be valuable for companies operating in the automotive roof rack industry to plan their strategies and investments accordingly to capitalize on the expanding market opportunities.
North America held roughly 35% share of roof rack global market share in 2019.
The statistic “North America held roughly 35% share of roof rack global market share in 2019” indicates that North America accounted for approximately one-third (35%) of the total market for roof racks worldwide in the year 2019. This suggests that North America was a significant player in the global roof rack industry, capturing a sizable portion of the market compared to other regions. The statistic highlights the market dominance or presence of North America in the roof rack sector and underscores the region’s importance in terms of sales, production, and consumer demand for roof rack products.
The Asia Pacific is expected to exhibit the highest CAGR over the forecast period.
The statistic “The Asia Pacific is expected to exhibit the highest CAGR over the forecast period” means that the Asia Pacific region is anticipated to experience the highest Compound Annual Growth Rate (CAGR) compared to other regions during the specified forecast timeframe. This suggests that the economies in the Asia Pacific region are expected to grow at a faster pace in the coming years compared to other regions globally. It signifies that there is strong potential for growth and development in the Asia Pacific region, making it an attractive market for investments and business opportunities. It also highlights the increasing importance of the Asia Pacific region in the global economy and markets.
The SUVs car type segment dominated the market with a share of 45.7% in 2020.
The statistic reveals that in 2020, the SUVs car type segment had the largest market share, accounting for 45.7% of all car sales. This indicates that SUVs were the most popular car type among consumers during that time. The dominance of the SUV segment suggests a strong preference for these vehicles, possibly due to factors such as their spaciousness, versatility, and perceived safety features. As SUVs tend to be favored for their practicality and functionality, the market share data suggests that manufacturers and dealers may prioritize producing and promoting SUV models to meet the demand of consumers.
The OEM distribution channel segment held the largest share of 62.3% in 2020.
The statistic indicates that in 2020, the original equipment manufacturer (OEM) distribution channel segment held the highest proportion of market share compared to other distribution channel segments within the industry being analyzed. Specifically, the OEM distribution channel accounted for 62.3% of the total market share. This suggests that a majority of products within the industry were sold directly through OEMs to end customers or downstream distributors, bypassing other distribution channels such as retailers or wholesalers. This information highlights the significant role and influence of OEMs in the distribution process for products in the industry during the specified year.
Thule Group held the lion’s share in the automotive roof racks market in 2019.
This statistic indicates that Thule Group dominated and held the largest market share in the automotive roof racks industry in 2019, implying that the majority of consumers purchasing automotive roof racks chose Thule Group products over competitors. This suggests that Thule Group’s products were perceived as more desirable, reliable, or better suited to customer needs compared to other brands in the market during that time period. As a result of this significant market share, Thule Group was likely a key player in shaping industry trends, setting competitive standards, and may have enjoyed strong brand recognition and customer loyalty within the automotive roof racks market in 2019.
Aluminum is the most preferred type of material for roof rack manufacturing which contributes to more than 44% of the overall market sales.
The statistic indicates that aluminum is the most favored material for manufacturing roof racks, accounting for over 44% of the total market sales in that industry. This suggests that consumers or businesses strongly prefer aluminum roof racks over those made from other materials such as steel, plastic, or composite materials. The fact that aluminum dominates the market share highlights its favorable characteristics such as being lightweight, rust-resistant, and durable, which are likely important factors for consumers when choosing roof racks for their vehicles. The statistic also suggests that manufacturers who specialize in aluminum roof racks are more likely to have a competitive edge in the market due to the high demand for this material.
Almost 5-6% of the total automotive vehicles were equipped with roof racks globally in 2013.
The statistic indicates that approximately 5-6% of all automotive vehicles worldwide were fitted with roof racks in the year 2013. Roof racks are accessories installed on vehicles to provide additional storage space on the roof for items such as luggage, sporting equipment, or outdoor gear. This data suggests that a small but significant proportion of vehicles were equipped with this feature during that time period, reflecting the popularity and utility of roof racks for vehicle owners who may require additional cargo space for their travels.
The aftermarket sector for roof racks is projected to reach a volume of 19.5 Million Units by 2027.
The statistic indicates that the aftermarket sector for roof racks is expected to experience significant growth and reach a volume of 19.5 million units by the year 2027. This projection suggests an increasing demand for roof racks as aftermarket accessories for vehicles during the forecast period. Factors driving this growth could include a rise in outdoor activities such as camping and biking, as well as an expanding market for adventurous and outdoor lifestyles. Manufacturers and retailers in the aftermarket sector for roof racks may benefit from this growing market opportunity by catering to the needs of consumers seeking to enhance their vehicles for various recreational purposes.
The North American market is anticipated to reach $499.1 million by 2025.
The statistic indicates the projected market value for North America, specifically forecasted to reach $499.1 million by the year 2025. This figure represents the expected total monetary value of goods, services, or transactions within the North American market within the given timeframe. This forecast suggests potential growth and expansion in the market, reflecting opportunities for businesses and investors in the region. Factors such as economic trends, consumer behavior, market competition, and technological advancements are likely to influence the actual realization of this predicted market value by 2025.
Vehicle roof bars market in Europe was valued at USD 179.9 million in 2018.
The statistic “Vehicle roof bars market in Europe was valued at USD 179.9 million in 2018” indicates the total monetary worth of vehicle roof bars sold in the European market during the year 2018. This value represents the combined sales and revenue generated from the purchase of roof bars designed to be mounted on the roofs of vehicles in Europe. This statistic suggests the size and economic significance of the vehicle roof bars market in Europe, providing insight into the consumer demand and industry performance within the region for that specific product category during the specified timeframe.
Amid the COVID-19 crisis, the global market for Roof Racks estimated at 16.6 Million Units in the year 2020.
The statistic indicates that amidst the COVID-19 crisis, the global market for Roof Racks reached an estimated total of 16.6 million units in the year 2020. This figure serves as a measure of the demand and consumption of roof racks worldwide during a challenging period characterized by the pandemic. The statistic provides insights into consumer behavior, economic activity, and industry performance within the context of the global market for roof racks. It highlights the resilience of the market sector as it continued to see significant demand despite the impact of COVID-19 on various industries and supply chains.
The biggest players in the car roof rack market are mainly concentrated in North America and Europe, such as Thule Group, Magna International, Yakima Products, and Atera GmbH.
This statistic highlights the market concentration of major players in the car roof rack industry, with a significant presence in North America and Europe. The mention of companies such as Thule Group, Magna International, Yakima Products, and Atera GmbH further underscores the dominance of these players in the market. This concentration suggests that these regions are key markets for car roof racks, potentially due to higher demand for outdoor activities like biking, skiing, and camping which require the use of roof racks. These companies likely benefit from established brand recognition, product quality, and distribution networks in these regions, reaffirming their positions as key players in the industry.
The roof rack market in the United States was valued at USD 786.4 million in 2018 and is expected to register a CAGR of 7.2% from 2019 to 2025.
This statistic indicates that the market for roof racks in the United States was worth $786.4 million in the year 2018 and is projected to experience a Compound Annual Growth Rate (CAGR) of 7.2% from 2019 to 2025. The CAGR represents the average annual growth rate of the market over this period, suggesting a steady increase in market value. This growth rate implies that the demand for roof racks is expected to rise, reflecting potential opportunities for businesses operating in this industry. By considering the CAGR, stakeholders can make informed decisions about investment, market expansion, and product development strategies to capitalize on the projected growth of the roof rack market in the United States.
References
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