One of the key factors propelling the expansion of the roof rack system market is the rising demand for SUVs, which necessitate roof racks for the carriage of outdoor recreation gear and accessories. Bicycles, kayaks, surfboards, paddle boards, and other luggage boxes can all be transported safely and securely using roof racks. The growing acceptance of outdoor leisure pursuits including camping, riding, kayaking, and snowboarding is another element driving the market's expansion. Spending on recreational activities and associated equipment has also increased as a result of changing lifestyles and rising disposable income. To transport these products safely and conveniently, there is a considerable need for roof rack systems.
The market for roof rack systems is essential because of the rising demand for these systems in the automotive industry and the rising appeal of outdoor recreational activities. The additional space that the roof rack systems give vehicles makes it possible to transport more luggage and sporting goods. Furthermore, these systems are easier to install because they can be fitted to any vehicle that already has a crossbar or rail system. Additionally, these systems offer a safe method of transferring products on top of the vehicle and are simple to use.
An external frame system called a roof rack system is put on top of a vehicle. Paddleboards, bicycles, surfboards, kayaks, cargo boxes, and other large items are secured with them. Any vehicle can use a roof rack to add additional storage space while maintaining its aerodynamic and fuel-efficient characteristics.
The market for roof rack systems is anticipated to expand from USD 1.62 billion in 2021 to USD 2.48 billion in 2031, at a compound annual growth rate (CAGR) of 6.0%.
The demand for roof rack systems from the automotive industry is on the rise, and outdoor recreational activities like biking, kayaking, surfing, and paddleboarding are becoming more and more well-liked.
The market for roof rack systems is confronted with several difficulties, such as the scarcity of lightweight materials and the high cost of installing such systems. Additionally, complicated installation procedures are needed for these rack systems, and not all cars can use them. Their widespread adoption in daily life may be hampered by this. Also, a lack of after-sales services in some locations, expensive costs, and insufficient production capacity are some of the reasons limiting market expansion. Yet, it is anticipated that the industry would grow in the future due to technological improvements. Manufacturers are emphasising product innovation and strategic alliances with distributors and suppliers as a means of overcoming these obstacles and seizing available opportunities. With innovative designs that can fit a variety of cars, they are also making significant research and innovation.
The Roof Bike Rack Type emerged as the Most Booming Segment
The segment for roof bike racks is anticipated to hold the biggest market share for roof rack systems globally in 2021. The global demand for roof bike racks is being driven by the growing popularity of cycling as an outdoor recreational activity. An increase in the number of cycling clubs and events worldwide is another element boosting the development of this market.
The Most Prominent Application is the Cars Segment
Due to rising automobile ownership and the consequent rise in demand for car roof racks, the cars category held the greatest share of the worldwide roof rack system market in 2021. This market has grown as a result of a number of additional causes, including the rising appeal of leisure pursuits like camping and mountain riding.
The Most Promising Industry Sector is the Automotive
The automobile, marine, and industrial segments of the world market for roof rack systems. Due to the rising demand for roof racks from automobiles and SUVs, the automotive sector is anticipated to provide the most money during the forecast period. The need for roof rack systems is also being fueled by the fact that automakers are releasing automobiles with cutting-edge features like storage compartments that can fit accessories like roof racks.
The Asia Pacific Region to render Ample Financing Opportunities
Due to a boom in the sales of commercial and passenger vehicles, particularly in nations like China, India, Japan, and South Korea, the Asia Pacific region held the greatest share of the global market for roof rack systems in 2020 and will continue to expand. Another factor boosting the industry in this region is the rise in outdoor recreational activities like kayaking, cycling, and snowboarding.
COVID-19 Impact and Market Status
The market for roof rack systems has suffered greatly as a result of the COVID-19 outbreak. The pandemic had a substantial impact on the global manufacture of automobiles, one of the major end-use markets for roof rack systems, as a result of lockdowns and factory closures in numerous nations. As a result, during the first quarter of 2020, there was a decline in the demand for automobile components including roof rack systems. But the demand for roof rack systems has begun to rise as a result of the progressive relaxation of regulations and the acceleration of industrial operations in numerous nations. The market's expansion has also benefited from the popularity of outdoor leisure activities.
Kuat Racks (US), Carpod Systems Ltd. (UK), Malone Auto Racks (US), Kogan QLD Pty Ltd. (Australia), Yakima Products Inc. (US), Rhino-Rack USA, LLC, Perrycraft, Inc. (US), Thule Group (Sweden), SportRack USA LLC, ARB Corporation Ltd. (Australia), and TracRac (US) are the major companies active in the roof rack system market. These competitors are always concentrating on tactics to grow their market presence in the roof rack industry, such as product releases, acquires, mergers, and partnerships.
Recent Developments in the Roof Rack System Market
• For the car models from 2021 to 2022, the Thule Group introduced a new line of "Thule Edge" roof racks in October 2020.
• Introducing a new line of cargo boxes, bike racks, and accessories in November 2019 Yakima Products.
• A variety of roof rack systems for campers and caravans were introduced by Rhino-Rack in June 2019. To facilitate fitting the racks to various cars with the fewest complicated adjustments, the business has created Universal Fit kits.
Roof Rack System Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 2.48 billion|
|Growth Rate||CAGR of 6.0% during 2022-2031|
|Segment Covered||by Type, by Application, by Industry, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Kuat Racks (US), Carpod Systems Ltd. (UK), Malone Auto Racks (US), Kogan QLD Pty Ltd. (Australia), Yakima Products Inc. (US), Rhino-Rack USA, LLC, Perrycraft, Inc. (US), Thule Group (Sweden), SportRack USA LLC, ARB Corporation Ltd. (Australia), and TracRac (US)|
Key Segments of the Global Roof Rack System Market
Type Overview, 2021-2031 (USD Billion)
- Roof Bike Rack
- Kayak and Canoe Racks
- Surfboard and Paddleboard Racks
- Cargo Box
Application Overview, 2021-2031 (USD Billion)
Industry Overview, 2021-2031 (USD Billion)
Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa
- South Africa