Automotive Roof Rack Market Trends

Growth Drivers

• Growing Interests for Adventure Sports and Tourism Activities: There is a significant rise in the interests amongst consumers for adventure sports and tourism activities backed by the rising tourism industry. Tourists worldwide are increasingly spending on accessories that are required as a part of the allied activity, such as canoe for canoeing, bikes for bike riding, equipment for hang gliding, and other adventure activities. As such, it is a challenge for the user to carry those accessories in their vehicles as there isn’t much space for passengers and goods all together inside the vehicle. Automotive roof racks serve the purpose of carrying the luggage and goods thereby promoting enhanced vehicle interior space for a comfortable tourist ride.
• Rising Disposable Income: According to Organisation for Economic Co-operation and Development (OECD), household disposable income in USA increased from 40,622.36 USD/Capita in the year 2010 to 50,291.66 USD/Capita in the year 2017. Moreover, Australia observed an increase in household disposable income from 32,872.97 USD/Capita in the year 2010 to 39,928.82 USD/Capita in the year 2017.
  
  Increasing household disposable income amongst consumers around the globe is contributing to the rising standards of living of people. Owing to such a factor, consumers are increasingly spending on other goods that meet their social needs apart from their regular basic needs. Increasing expenditure on tourism around the globe coupled with rising focus by the government of various nations for tourism is helping to contribute towards the growth of the tourism industry as well as other associated industries. It is anticipated that with the increasing household income supported by the growing tourism industry, consumers will spend more on leisure activities, raising the need for the deployment of automotive roof racks in vehicles. According to The World Bank, expenditures for international tourism increased from 1,004.99 billion (in current USD) in the year 2010 to 1,449.15 billion (in current USD) in the year 2017.

Challenges

• Increase In Laden Weight Of The Vehicle: Adding any bulky accessory to the vehicle increases the overall unladen weight of the vehicle. Once loaded with goods, there is an increase in the laden weight which might affect the fuel consumption of the vehicle. Moreover, deploying a roof rack also causes air resistance which also contributes to a high fuel consumption of the vehicle. Such factors are anticipated to hinder the growth of the global automotive roof rack market during the forecast period.