Luggage Rack Market Growth Is Boosted by Increase In Urbanization and Rising Demand For Vehicles From Tourism Segment Till 2028 | Million Insights

October 28 08:53 2019
Luggage Rack Market Growth Is Boosted by Increase In Urbanization and Rising Demand For Vehicles From Tourism Segment Till 2028 | Million Insights

Million Insights – World’s Fastest Growing Market Research Database
According to new report available with Million Insights, the major reasons for the growth of luggage rack market are growing demand for smaller vehicles, rise in production and sales of automobiles, and technological advancements.

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 kinds of stuff like bicycles, kayaks, skis, etc. Additional space over the roof of the automobile allows 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. 

Full Research Report On Global Luggage Rack Market Analysis available at: https://www.millioninsights.com/industry-reports/luggage-rack-market

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 are 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.

Request for Free Sample Copy at: https://www.millioninsights.com/industry-reports/luggage-rack-market/request-sample

Market Segment:

Leading players of luggage rack including:
• Thule (Sweden)
• Yakima (US)
• APARCH (Germany)
• Go Rhino (US)
• Rhino-Rack (US)
• KUST (China)
• Weipa (China Taiwan)
• WINBO (China)
• CARMATE (Japan)
• Simetu (China)
• BOVOYA (China)

Market split by Type, can be divided into:
• Alloy
• Stainless Steel
• Iron
• Others

Market split by Application, can be divided into:
• SUV
• MPV
• Sedan

Market split by Sales Channel, can be divided into:
• Direct Channel
• Distribution Channel

Market segment by Region/Country including:
• North America (United States, Canada and Mexico)
• Europe (Germany, UK, France, Italy, Russia and Spain etc.)
• Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
• South America Brazil, Argentina, Colombia and Chile etc.)
• Middle East & Africa (South Africa, Egypt, Nigeria and Saudi Arabia etc.)

Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/automotive-and-parts

About Million Insights
Million Insights, is a distributor of market research reports, published by premium publishers only. We have a comprehensive marketplace that will enable you to compare data points, before you make a purchase. Enabling informed buying is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.

For More Information: www.millioninsights.com

Media Contact
Company Name: Million Insights
Contact Person: Ryan Manuel
Email: Send Email
Phone: 91-20-65300184
Address:Office No. 302, 3rd Floor, Manikchand Galleria, Model Colony, Shivaji Nagar
City: Pune
State: Maharashtra
Country: India
Website: https://www.millioninsights.com/industry-reports/luggage-rack-market