Global luggage rack market is expected to grow considerably in the coming years owing to rise in vehicle manufacturing due to high demand from both developing and developed economies. Luggage rack is the set of bars over the automobile roof for carrying luggage or other stuffs like bicycles, kayaks, skis, etc. Additional space over the roof of the automobile allow more room inside the car for traveling. In a way, luggage rack increases luggage capacity of any particular vehicle.
The major reasons for the growth of luggage rack market are growing demand for smaller vehicles, rise in production and sales of automobiles, increase in urbanization, growing demand for vehicles from tourism segment and technological advancements. Moreover, price fluctuations of luggage racks is also expected to fuel the market growth. However, availability of cheaper substitutes is expected to hamper the market growth.
Increasing demand for recreational activities that demands more SUVs is an emerging trend in the market. The market is categorized on the basis of material, application, distribution channel, and geography. On the basis of material, market is divided into stainless steel, alloy, iron, and others. Alloy segment is expected to hold larger share of the market due to rise in use of alloy material for roof racks.
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Based on application, luggage rack market is divided into MPV (multi-purpose vehicle), SUV (sport utility vehicle), and sedan. SUV (sport utility vehicle) segment is expected to lead the market since they offer surplus storage options. Also, attractive features like high capacity and versatility is also driving this segment. In terms of distribution channel, market is divided into distribution channel and direct channel. Distribution channel accounted for maximum share of the market due to easy availability of luggage racks.
Geographically, market is segmented as North America, South Africa, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is expected to dominate the market due to increasing demand for MPV and SUV vehicles and growing automobile sector. North America and Europe are also predicted to contribute significantly to the luggage rack market due to presence of large number of market players. The prominent players in luggage rack market include APARCH, Thule, Go Rhino, Allen Sports, CARMATE, Rhino-Rack, KUST, Weipa, Yakima, WINBO, and Simetu.
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