July 21, 2024
Car Rack Market

Emergence Of E-Commerce Sector Is Anticipated To Openup The New Avenue For Car Rack Market

The 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 are mounted on the roof or boot of a vehicle to carry luggage, bicycles, kayaks or other equipment during travel. They come in various forms like roof racks, hitch racks, trunk racks and bicycle racks. Roof racks are mounted on the roof of the vehicle and enable carriage of luggage boxes, kayaks, bicycles and other bulk equipment. Hitch racks are attached to the hitch of vehicles for transporting bicycles, ski racks and small watercrafts. Trunk racks are fitted inside the boot of vehicles to carry luggage, skis, snowboards or other gear.

Market Dynamics:
Driver 1: Growing tourism and outdoor recreational activities – Increased tourism, camping, mountain biking, hiking, skiing and other outdoor recreational activities is driving the demand for car racks. Car racks enable safe and secured transportation of necessary gear and equipment required for these activities without cluttering the vehicle interior.
Driver 2: Rising e-commerce activities – Emergence of e-commerce has resulted in increased demand for last mile delivery of goods. Car racks are utilized by fleet operators and delivery partners for multi-point transportation of packages and goods in an organized manner. This is positively impacting the car rack market growth.

Segment Analysis
Car racks market can be segmented into roof racks, hitch carriers, roof boxes, water sports carriers, bikini carriers and others. Among these, roof racks dominate the market as they are cost efficient and easy to install. Roof racks are the most common and popular option for transporting items on a vehicle as they have higher weight capacities, fit most vehicle types and don’t obstruct rear visibility like hitch carriers.

PEST Analysis
Political: No major political factors affect the car racks market.
Economic: The growing middle class population and higher disposable incomes in developing countries boost spending on automotive accessories and outdoor recreational activities, driving demand for car racks.
Social: Increased inclination of consumers towards road trips, camping, water sports and other outdoor activities is a key factor propelling the car racks market growth.
Technological: Manufacturers are focusing on developing lightweight yet durable racks using advanced composite materials for improved vehicle efficiency and handling. Some offer smart racks with roof integration and protective membranes.

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 trend of outdoor recreational activities globally. The market size for 2023 is estimated at US$ 1335.34 Mn.

The Asia Pacific dominates the market currently due to large vehicle parc and rising disposable incomes in the region, especially in China and India. Countries like Australia and Japan also contribute to regional growth.

North America is anticipated to show significant growth in the forecast period with the US leading regional demand. Increased road trips and weekend getaways drive rack installation in passenger vehicles in the region.

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 focus on offering comprehensive solutions and expanding into growing international markets.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it