The global car rack market size is estimated to expand at a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to growing trend for adventure road trips such as mountain biking and ski trips and increasing vacation travel.
A car rack is an automobile stand or carrier that is installed on the vehicle's roof to boost luggage capacity. It is made up of a mount as well as various rails and pillars for supporting the rack structure and uniformly dispersing the weight of the baggage to prevent roof damage.
Lightweight materials, such as aluminum alloy, composite plastic, and steel, are widely used to make racks. Luggage or items are put on the rack to provide for optimum passenger space and better comfort while travelling. Traditionally, they were permanently affixed to the vehicle's roofs. However, current models may be attached and removed using hooks and joints for more flexibility.
One of the primary elements contributing to the markets favorable outlook is the expanding automotive industry. Additionally, the increased use of ski and watersport carriers for outdoor and leisure activities is propelling the market.
With growing young population and growing interest in adventure sports, there is a growing demand for long-lasting and aesthetically pleasing vehicle racks for extra luggage space.
Further factors, such as rapid population growth, increasing customer purchasing power, and also more tourism investment, are projected to drive the market.
The introduction of compact SUVs with great practicality and enhanced vehicular capabilities, as well as increasing number of off-road ready automobiles, are some important driving forces for the car rack industry, since this will substantially improve the application of roof racks.
Roof racks, roof boxes, bike car racks, and watersport carriers are in high demand as more people opt for road excursions and water sports activities during vacations and holidays.
The Covid-19 pandemic affected the demand and supply of global car rack market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
The report on the global car rack market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes | Details |
Report Title | Car Rack Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year | 2020 |
Historic Data | 2018–2019 |
Forecast Period | 2021–2028 |
Segmentation | Applications (Bike Car Rack, Ski Rack, Roof Rack, Roof Box, and Watersport Carrier) |
Regional Scope | Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage | Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report | Allen Sports; Rhino-Rack; Car Mate Mfg Co. Ltd; Saris; Cruzber SA; Thule Group; Yakima Products |
Based on application types, the car rack market is divided into bike car rack, ski rack, roof rack, roof box, and watersport carrier. The roof rack segment is expected to account for a key share of the market during the forecast period owing to flexibility that allow passengers to transport goods that are unusual in shape and do not fit under hardback cargo carriers.
On the basis of regions, the car rack market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market. The regional market growth can be attributed to increasing tourism-related vehicle demand such as car rental and taxi services and large number of young populations opting for road trips and sports activity.
The global car rack market has been segmented on the basis of
Key players competing in the car rack market include Allen Sports; Rhino-Rack; Car Mate Mfg. Co. Ltd; Saris; Cruzber SA; Thule Group; Yakima Products.
Some of these players working on several market strategies including mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
The global car rack market has been segmented on the basis of
Key players competing in the car rack market include Allen Sports; Rhino-Rack; Car Mate Mfg. Co. Ltd; Saris; Cruzber SA; Thule Group; Yakima Products.
Some of these players working on several market strategies including mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
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