The global Automotive Roof Rails market is expected to witness a market value of US$ 2.55 Billion in 2023 and is expected to accumulate a market value of US$ 4.78 Billion by registering a CAGR of 6.5% in the forecast period 2023 to 2033. The market for Automotive Roof Rails market registered a CAGR of 2.8% in the historical period 2018 to 2022. Increasing demand for automobiles in developing countries such as India and China, is one of the major factors that is expected to boost the growth of the automotive roof rails market.
As per Future Market Insights – market research and competitive intelligence provider, the global market value for Automotive Roof Rails has been augmented, owing to the factors such as the increase in income levels of people, rise in the number of luxury car buyers, technological advancements, as well as growing popularity of outdoor activities.
Additionally, the number of tourists across the globe has been increased in the past few years. Also, there has been an increase in the disposable income which in turn is fuels the demand for vehicles with luggage carriers. In addition, countries such as India, Dubai, China, Italy, Germany, and France are having a high number of tourist footfalls. These countries have various tourist spots and places that can engage the tourists for long journeys along with their luggage. All the aforementioned factors are expected to propel the market growth during the forecast period.
Moreover, factors such as low maintenance as well as less operational cost of automotive roof rails are also expected to drive the market growth. The automotive roof rails are subjected to very less operational cost, as they are made up of tough materials like are aluminum alloy as well as composite plastic. Also, the automotive roof rails have high durability which does not embed high cost of operations and maintenance.
Furthermore, the heavy roof carrier causes air resistance and also increases the overall weight of the vehicles while driving. This leads to an increased load on vehicle engine. The manufacturers have been utilizing technological research and development to produce strong but agile materials, in order to sustain the heavy load and not overweight the vehicle. Thus, the development of lightweight as well as sustainable roof rail is expected to augment the market growth in the forthcoming years.
On the regional end, the Automotive Roof Rails market in Asia Pacific is projected to account for the highest share during the forecast period, owing to the factors such as the high production level of vehicles in the region. China and India are major countries with the rising disposable income of the population, which in turn is resulting in the healthy sales of automotive roof rails. In addition, the automobile production is also increasing, owing to rising investment in the production capacity as well as investment by European and North American car manufacturers in the region.
Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Automotive Roof Rails are expected to create lucrative opportunities for the market growth over the analysis period.
For instance, Polaris Inc., an American manufacturer of motorcycles, snowmobiles, ATV, and mini EVs, collaborated with Rhino-Rack, in August 2021. This collaboration facilitates Polaris customers to directly order a new Polaris vehicle with roof rack explicitly designed for the contours.
Subsequently, Minth Group invested USD 87 million in January 2020, in an additional facility on the company's property in Lewisburg, Tenn. The facility was completed in 2021. The company operates as Minth North America Ltd. in the United States, and designs & manufactures structural body, trim parts for vehicles.
Automotive roof rails are mounted on top of the vehicle which used to carry bulk cargo, sporting gears such as bicycles and skis and other oversized items on the roof of the vehicles. Roof mounts are fixed on these rails with the help of the mounting points.
The most common version of roof rail has two cast supports with an extruded aluminum bar between them which are joined to the extruded bar by mechanical joining or by adhesive bonding. Whereas the modern roof rails are integrated to the end supports with the extrusion and thus eliminate the cast supports. This reduces the number of parts and enhances the aesthetics of the vehicles.
Extrusion based aluminum alloy roof rails are mostly used because they enable low cost, low weight and high strength designs.
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The needed provision of luggage storage other than interior trunk of passenger cars is understood to be the pivotal factor in the growth of Automotive Roof Rails market. Another major driver is also due to increasing preference for lightweight parts and improved exterior aesthetic appearance of the vehicle. In lieu of the same, the development of new materials and custom designs is further propelling the market growth.
For instance, flush rails have greatly improved the aesthetics and reduced the weight of the vehicles which in turn have boosted the demand. However, the growth of automotive roof rails may be restrained to only certain vehicle models. Another reason of restrained demand of automotive roof rails is due to lower adoption rate in certain regional markets where per capita spend on car accessories is less.
The major opportunity is the valuable product design competence to cater the consumer preferences. The growing electric vehicle market is expected to provide significant opportunity for the growth of automotive roof rails market.
The key trend employed by market participants of automotive roof rails is optimization of product design and aesthetics improvement at affordable cost. The Covid-19 pandemic has shaken down the worldwide economy manufacturing sector of both emerging an advanced economies alike and it has seriously affected the automotive business.
This has prompted considerable stoppage in spending in the first half of the year 2020 resonating through each segment of the economy. Part of assembling organizations had flexibly fixed interruptions because of lockdown.
For example, the UK, France, and Spain, which represent critical vehicle deals in Europe, is seriously affected by pandemic. Production lines of tier 1 and tier 2 suppliers have stopped. In addition, legal and trade restrictions, for example, sealed borders, increased the deficiency of required parts.
Such disturbances led to the disruptions in OEMs supply chains globally. Full fledge recovery is anticipated to be seen by mid-2022 as the governments across the world will enforce strong policies to minimize the impact of the pandemic on the economy.
Asia Pacific is anticipated to account for a major share due to the higher production of vehicles in the region. India and China are the key examples with the rising disposable income of the population resulting in the healthy sales of automotive roof rails. In addition, the automobile production is also increasing due to rising investment in the production capacity and investment by European and North American car manufacturers in the region.
For instance in 2018, Volkswagen Group announced to invested USD 1.12 billion in India to expand its presence in the country. Europe is another major market which accounts for 25% of the global passenger car production as per European Automobile Manufacturers Association (AECA). The region also has prominent car manufacturers such as BMW AG, Daimler AG, and AUDI AG which are at the forefront in terms of technological innovations.
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Some of the market participants in the global Automotive Roof Rails market, identified across the value chain include:
The research report on the Automotive Roof Rails market presents a comprehensive assessment, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
The Automotive Roof Rails market report also contains projections using a suitable set of assumptions and methodologies. The report provides analysis and information according to market segments such as geography, type, material, vehicle type and sales channel.
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The global Automotive Roof Rails market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global Automotive Roof Rails market can be segmented on the basis of type, material, vehicle type and sales channel.
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