The car rack market has been gaining significant traction over the recent past owing to the increasing production of automobiles globally. Car racks are storage units that can be installed on the roof, boot or bonnet of vehicles to increase its cargo-carrying capacity. They come in various styles and designs to meet different customer requirements. From standard roof racks to hardshell car toppers and soft-shell covers, the market offers a wide range of racks for luggage carrying, sports equipment transportation, and bicycle or canoe hauling among others. The increasing production of passenger cars as well as commercial vehicles has augmented the demand for car racks from both consumers and fleet operators.
The global Car Rack Market is estimated to be valued at US$ 1538.32 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends gaining traction in the car rack market is the growing demand for multifunctional and customizable racks. Earlier, racks used to serve basic purpose of cargo carrying but now consumers demand racks that can fulfill multiple task with efficiency. For example, racks with adjustable dimensions, locks and safety features are gaining popularity. Racks compatible with different vehicles while providing sufficient protection to costly equipment are witnessing high demand. Innovation in designs to match lifestyle of target customers also impacts purchase decisions. For instance, water-resistant, aesthetic and collapsible racks are some innovations catering to modern automotive accessories market. Shift towards sustainable materials and focus on reducing carbon footprint during manufacturing also influences trends in the industry.
Porter’s Analysis
Threat of new entrants: Moderate. High capital requirements to enter but growing demand offers opportunities.
Bargaining power of buyers: Strong. Buyers have many options and price sensitivity is high.
Bargaining power of suppliers: High. Suppliers have differentiated products and established relationships.
Threat of new substitutes: High. Alternate modes of transportation and innovations threaten demand.
Competitive rivalry: High. Market dominated by few global players and regional brands.
Key Takeaways
The Global Car Rack Market Growth is expected to witness high.
Regional analysis: The Asia Pacific region dominates the global car rack market and is expected to maintain its leading position during the forecast period. Countries like China, India, and Japan are major contributors to the growth of this regional market.
Key players operating in the car rack market are Thermo F, Yakima Products Inc., Rhino Rack, VDL Hapro, Mont Blanc Group.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it