Vehicle Downsizing Helps Sustain North American Cargo Management Aftermarket, Finds Frost & Sullivan
MOUNTAIN VIEW, Calif., Oct. 9, 2013 /PRNewswire/ -- Consumer desire to save on gas costs as well as original equipment manufacturer (OEM) need to comply with strict fuel economy standards is leading to the downsizing of vehicles. As a consequence, this has heightened the demand for cargo management accessories to enhance the carrying capacity of smaller automobiles. The North American cargo aftermarket will continue to grow as established suppliers develop premium product lines and commerce moves to online channels.
New analysis from Frost & Sullivan ( http://www.automotive.frost.com), North American Cargo Management Aftermarket, finds that the market earned revenue of $581.2 million in 2012 and estimates this to reach $771.0 million in 2019. The study covers hitch-mounted and roof-mounted units such as receiver hitches, bicycle carriers, snow sport carriers, cargo boxes, cargo trays and water sport carriers, along with light truck toolboxes, trunk-mounted bicycle carriers, bed-mounted bicycle carriers, and soft-sided carriers.
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The de-contenting of cargo management features will provide new opportunities for aftermarket suppliers to sell towing and storage accessories, widening the market's prospects."Rebounding light truck sales will support hitch-mounted accessories, while projected growth in compact cars will boost sale volumes of roof-mounted carriers," said Frost & Sullivan Automotive and Transportation Program Leader Stephen Spivey. "Toolboxes will contribute the highest to overall market revenue." Receiver hitches and roof racks are less likely to be included as standard equipment in new vehicles, broadening the business scope of independent aftermarket and original equipment service channel suppliers. The popularity of new, universal-fit products and premium accessories will add to market income.
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