by The global Car Rack Market is estimated to be valued at US$ 1335.34 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 racks refer to mounting accessories installed on the rooftop or vehicles for securely transporting luggage, bicycles, kayaks, surfboards and other cargo. They provide convenient and secure transportation of goods without occupying interior vehicle space.
Market key trends:
One of the key trends in the car rack market is the growing popularity of roof racks for transporting bicycles. Earlier bicycles were strapped to vehicle bumpers or stuffed inside, however roof bicycle racks provide a safe and convenient solution. They securely mount bicycles on the roof, keeping them away from passengers. This has boosted the demand for roof racks from recreational vehicle users such as bicyclists and outdoor enthusiasts. Growing participation in outdoor recreational activities is expected to further propel the adoption of roof racks for transporting bicycles over the forecast period.
SWOT Analysis
Strength: Car racks offer an easy and convenient way to transport gear such as bicycles, kayaks, and other equipment on the roof of vehicles. Some car racks are very sturdy and can carry heavy loads.
Weakness: Car racks can reduce fuel economy slightly due to increased wind resistance. Improperly secured racks may pose safety risks. Some racks are complex to install and require proper adjustment for correct fit.
Opportunity: Growing popularity of outdoor recreational activities such as cycling, skiing, kayaking is driving the demand for car racks. Increase in multi-vehicle households also provides an opportunity.
Threats: Availability of alternative modes of transporting gear such as trailers can negatively impact the car rack market. Fluctuations in raw material prices may increase the overall costs.
Key Takeaways
The Global Car Rack Market Size is expected to witness high growth, exhibiting a CAGR of 4.9% over the forecast period, due to increasing participation in outdoor recreational activities. The market size for 2023 is projected to reach US$ 1335.34 Mn.
Regional analysis
North America accounts for the largest share in the global car rack market led by the US and Canada. This can be attributed to higher consumer spending on recreational vehicles and outdoor sporting equipment in these countries. Europe holds the second largest market share due to major automotive hubs and popularity of cycling culture in the region.
Key players
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 launches and partnerships to expand their global reach.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
