The global Car Rack Market is estimated to be valued at US$ 1335.34 Mn or Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Car rack refers to fittings and fixtures installed on cars, vans and SUVs to securely transport items like luggage, bicycles, skis, kayaks etc. securely without compromising the vehicle’s performance. Car racks serve the dual purpose of convenient transportation of bulky items as well as freeing up interior vehicle space.
Market key trends:
One of the key trends driving the growth of the car rack market is the rising popularity of outdoor recreational activities like cycling, skiing, kayaking etc. More people are taking up active outdoor pursuits as a means of relaxation as well as a lifestyle choice. This has significantly boosted the demand for specialized car racks that can securely transport bicycles, skis, kayaks, surfboards etc. Manufacturers are innovating with new designs, clamping mechanisms and lock features to provide hauling solutions for diverse outdoor gear. This growing enthusiast base for recreation is a major growth driver for the car rack industry.
Market key trends:
One of the key trends in the car rack market is the rising demand for rooftop carriers and roof boxes. Rooftop carriers provide a secure and weather-resistant way to transport gear like ski & snowboard equipment, bicycles, kayaks, and other recreational equipment on the rooftop of the vehicle. The market has witnessed significant growth in the sales of rooftop carriers as they provide easy loading and unloading of luggage and gear conveniently from the top of the vehicle without taking up interior space. Manufacturers are also innovating in designs by offering lightweight yet durable rooftop carriers with wider compatibility with different vehicle models.
SWOT Analysis
Strength: Rooftop carriers provide a secure and easy way to transport bulky luggage and equipment without occupying interior space of the vehicle.
Weakness: Rooftop carriers may impact fuel efficiency of the vehicle due to increased wind resistance. Improper loading can also affect vehicle handling.
Opportunity: Growth in outdoor recreational activities is driving the demand for transportation of sports equipment thereby creating opportunities for car rack manufacturers.
Threats: Introduction of stringent fuel economy and emission norms pose threats to rooftop carriers due to increased wind drag.
Key Takeaways
The global Car Rack Market Size Growth is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period 2023 to 2030, due to increasing outdoor recreational activities and road trips. The market size for 2023 is estimated to be US$ 1335.34 Mn.
Regional analysis:
North America dominates the global car rack market owing to higher consumer spending on outdoor recreational vehicles and activities in the US and Canada. Asia Pacific is expected to exhibit the fastest growth during the forecast period supported by increasing disposable income, growing middle class and their higher preference for multi-utility vehicles in China and India.
Key players operating in the car rack market are Saris, Thule Group, Car Mate Mfg. Co. Ltd., Yakima Products Inc., Kuat Car Racks, Allen Sports, Malone Auto Racks, Rhino Rack USA LLC, ACPS Automotive, and Cruzber SA. These players are focusing on new product developments, partnerships and expansion in growing markets to gain higher revenues.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it