Growth at a CAGR of around 7% in the Car Racks Market during the forecast period (2018-2023)| Major Vendors – Thule, Yakima, Allen Sports, Rhino Rack, Curt, Smitty Bilt, Right Line Gear, Saris, amongst others

Market Analysis:

Asia-Pacific to Dominate the Market
The Asia-Pacific region is expected to dominate the automotive roof rack market due to the increase in the production and sales of vehicles. The rise in the tourism sector will accelerate the growth of the automotive roof racks market. North America is expected to be the second largest region in the automotive roof rack market due to the large number of automotive present in the region.

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Roof racks are combination of bars that are attached to the roof of the car for carrying luggage. They are generally used to carry luggage, bicycles, etc. They allow the user of the automobile to increase the interior space by transporting the objects on the roof. The car racks are used to increase the luggage-carrying capacity of the given vehicle. Automotive roof racks are expected to witness growth due the increase in production of vehicles and growth in the travel and tourism sector. There has been a rise in investment in the travel and tourism sector due to which the use of roof racks to carry the luggage has widely increased. The increase in vehicle production will also lead to increase in the use of roof racks in cars. In a survey it was found that the price of a car rack in the aftermarket recorded constant growth, at over 5% annually for the past five years, while the cost of factory-fitted racks stood more or less at constant prices.

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Market Segments:
Car Racks Market is segmented by:
1. Application: Roof Rack, Roof Box, Bike Car Rack, Ski Rack, Watersport Carrier
2. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Development and News
• Aluminum is predominantly used in the manufacture of car roof racks, followed by steel and PVC. The ease of manufacturing and open access to metal molding, as compared to PVCs, are expected to be the key factors for the increased share, which is dominated by local players.
• February 2018 - Tesla partnered with a tooling company to remove the models’ backseat and instead, fit tool racks in the trunk of the vehicle.

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This release was published on openPR.