According to a recent market study published by Growth Market Reports, titled, “Global Roof Rack & Hitch Rack System Market by Type, by Application, by Region: Size, Share, Trends and Opportunity Analysis, 2016-2031”, the market was valued at USD 1745.1 Million in 2022 and is expected to grow at a moderate growth rate of 6.4% by the year 2031.

As per Growth Market Reports industry analyst Shubham Khairnar, “Global Roof Rack & Hitch Rack System Market is anticipated to witness significant growth during the forecast period 2022-2030”. A roof rack system is a frame that is attached to the roof of a vehicle for holding luggage, bicycles, skis, and other products. A roof rack is a base needed to mount equipment and other carriers on the roof of the car. These systems are available in ready-to-install vehicles and are easy to mount on all types of vehicles. Hitch rack system is an alternative system to roof racks, which is used to transport bicycles or other bulky items on the back of a vehicle. It consists of a metal frame that attaches to the hitch receiver of a vehicle. The rack extends outward from the vehicle to provide a platform or cradles to hold bicycles securely during transportation.

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Growing adoption of roof rack systems among consumers is associated with several benefits such as valuable storage space and long-term investments are expected to drive the market. Hitch rack systems are easy to install and use. This makes it safe for those who frequently cycle on the bike arm design features an easy-to-use ratcheting bike mount that allows great spacing between bikes for easy loading on vehicles. These rack systems are perfect for traveling with the whole family. Some versions have the option to lock the car for added safety and to reduce hitch carrier movement, which is expected to increase the adoption among consumers, thus fueling the market.

Supply chain management is a pivotal part of any business. A supply chain involves a series of steps to get roof rack & hitch rack system, products, sizes, and distribution from their primary state to customers. These steps include development, engagement with customers, and delivering and supporting the roof rack & hitch rack system. Entities in the supply chain include raw material suppliers, manufacturers, logistics, warehouses, finance, distributors, and customers.

The primary, as well as secondary research methodology, is used for keen observation and study of the roof rack & hitch rack system market. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects. Primary interviews were conducted with the stakeholders across industry verticals at regular intervals in line with the ongoing studies and to keep ourselves abreast with the latest market trends & developments. Validation of the estimated market size, and current and future trends done by the key opinion leaders (KOLs). These KOLs are the CXO level people from leading companies in the industry and possess experience of around 10-20 years in the industry. On the other hand, the secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights, and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports, and investor presentations are scanned to understand the competitive scenario, details and developments, and the overall competitive landscape. Regional government and statistical databases were analyzed for macro & microanalysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

The Coronavirus disease 2019 (COVID-19) pandemic highlighted economic disparities, global interdependence, and governance challenges. Pandemics are isolated concerns for businesses and prospects for emerging patterns and vulnerabilities. Companies investing in political, business, and financial stability, as opposed to decreasing global risks, implemented strategies to overcome the pandemic. In current scenario, COVID-19 is hampering the production process of several manufacturing industries and businesses. COVID-19 hampered R&D activities in the roof rack & hitch rack system market, due to social distancing and less access to manufacturing plants, which hampered the manufacturing industry. A majority of research activities were halted, due to social distancing regulations during the pandemic. As COVID-19 spread in the regions, various governments shut down public gatherings, travel, and major projects to protect people from the virus.

Key Takeaways from the Study:

  • In terms of type, the roof rack system segment accounted for a substantial share of the market in 2022 and is expected to expand at a substantial CAGR during the forecast period.

  • In terms of material, the aluminum segment accounted for a substantial share of the market in 2022 and is expected to expand at a substantial CAGR during the forecast period.

  • In terms of application, the cargo transportation segment accounted for a substantial share of the market in 2022 and is expected to expand at a substantial CAGR during the forecast period.

  • Based on end-use, the passenger cars segment accounted for a substantial share of the market in 2022 and is expected to expand at a substantial CAGR during the forecast period.

  • Based on distribution channel, the aftermarket segment accounted for a substantial share of the market in 2022 and is expected to expand at a substantial CAGR during the forecast period.

Report Scope:

Report Metric

Details

Market Value in 2022

US$ 1745.1 Million

Market Growth Rate (from 2016 to 2031)

6.4%

Historical Data

2016-2021

Base Year

2022

Forecast Period

2023 – 2031

Units Considered

Value (USD Million)

Market Segments

By Type, By Material, By Application, By End-use, By Distribution Channel, By Region

Key Companies Profiled

Thule Group, Yakima, Inc., Atera GmbH, Rhino Rack Australia Pty Limited, Mont Blanc Group, CRUZBER SAU, JAC Products, Magna International Inc., Minth Group Co., Ltd., RockyMounts, ROLA, and VDL Hapro bv.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience:

  • Supply-side: Manufacturers, Raw Material Suppliers, and Distributors

  • Demand Side: Government Agencies, Consulting Firms, Private Research and Development Firms, Equity Firms, and Investment Firms.