Car Rack Market Size
Global Car Rack Market is expected to surpass USD 7.16 billion by 2031 from USD 4.13 billion in 2021 at a CAGR of 6.4% in the coming years, i.e., 2021-31.
Car rack is a rack that is installed on the roof of a vehicle to carry luggage, bicycles, and other carriers. The car rack enables the user to transport luggage while preserving interior space for occupants. Towers, fitting pieces, crossbars, and gear mounts are the components of a car rack. Furthermore, car racks come in a variety of sizes and materials depending on their intended use, the strength of the luggage, and the type of vehicle. Racks are commonly made of lightweight materials such as aluminium alloy, composite plastic, and steel. Luggage or items are placed on the rack to maximise passenger space and comfort while travelling. Furthermore, car racks do not jeopardies the safety of passengers.
Market Highlights
Global Car Rack Market is expected to project a notable CAGR of 6.4% in 2031.
Global Car Rack Market is expected to surpass USD 7.16 billion by 2031 from USD 4.13 billion in 2021 at a CAGR of 6.4% in the coming years, i.e., 2021-31. The car rack market is expected to expand during the forecast period, owing to factors such as increasing product innovations and consumer interest in adventure and recreation sports. Another important factor driving the growth of the car rack market is the demand for extra luggage space. The expansion of the tourism industry and increased migration activities are expected to provide lucrative opportunities for car rack market participants during the forecast period.
Global Car Rack Market: Segments
Roof box segment to grow with the highest CAGR during 2021-31
Based on type, global Car Rack Market is fragmented into Bike car rack, Roof rack, Ski rack, Roof box, Water sports carrier and Others. During the forecasted period, roofbox held the largest market share. Roof boxes are used to make more interior space in a vehicle. Roof boxes are large boxes that are attached to the top of a car. Furthermore, the roof box protects the luggage carried. The primary benefit of a roof rack is its ease of attachment and removal.
Commercial vehicle segment to grow with the highest CAGR during 2021-31
Global Car Rack Market is classified on the basis of End use into passenger vehicle and commercial vehicle. In the forecasted period, commercial vehicle is the largest distribution channel in the Car Rack market. The widespread use of ski and watersport carriers for outdoor and recreational activities is also fueling market expansion. With a growing young population and a growing interest in adventure sports, there is a growing demand for long-lasting and aesthetically pleasing car racks for extra luggage space.
Market Dynamics
Drivers
Increasing automotive industry and use of ski and watersport carriers
The expanding automotive industry is one of the primary factors contributing to the market's favorable outlook. Furthermore, the increased use of ski and watersport carriers for outdoor and recreational activities is propelling the market. With a growing young population and an increased interest in adventure sports, there is an increased demand for long-lasting and aesthetically pleasing vehicle racks for extra luggage space.
Increase in population growth and rise in compact SUVs
Other factors that are expected to drive the market include rapid population growth, increased customer purchasing power, and increased tourism investment. The introduction of compact SUVs with enhanced vehicular capabilities, as well as an increase in the number of off-road ready automobiles, is some important driving forces for the car rack industry, as this will significantly 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 trips and water sports activities during vacations and holidays, fueling further growth.
Restraint
Issues in quality
Quality issues such as rust and corrosion in low-quality racks, as well as pricing issues such as product expenses such as building material/raw material, roof rack type, and brand, may limit market growth.
Global Car Rack Market:
Key Players
- Saris
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- Thule Group
- Yakima Products Inc.
- Allen Sports
- Cruzber SA
- ACPS Automotive
- Malone Auto Racks
- Kuat Car Racks
- Car Mate Mfg. Co. Ltd
- Rhino RackUSA LLC
- Other Prominent Players
Global Car Rack Market: Regions
Global Car Rack Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. During the forecast period, the car rack market in North America is expected to dominate the overall market. Some of the major factors driving market growth include rising demand for vehicles in the tourism sector, such as car rental and taxi services, rising demand for recreational vehicles, and a large number of young people moving to different cities for study and work.
Impact of Covid-19 on Car Rack Market
The Covid-19 pandemic had an impact on the global car rack market's demand and supply. Lockdowns around the world, supply chain disruptions, and fluctuating raw material supplies forced manufacturers to shut down production, resulting in an unfortunate decline in market growth
Global Car Rack Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
Global Car Rack Market report also contains analysis on:
Car Rack Market Segments:
- By Type
- Bike car rack
- Roof rack
- Ski rack
- Roof box
- Water sports carrier
- Others
- By End use
- Passenger vehicle
- Commercial vehicle
- Car Rack Market Dynamics
- Car Rack Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
Car Rack Market Report Scope and Segmentation
|
Report Attribute |
Details |
|
Market size value in 2021 |
USD 4.13 billion |
|
Revenue forecast in 2031 |
USD 7.16 billion |
|
Growth Rate |
CAGR of 6.4% from 2021 to 2031 |
|
Base year for estimation |
2020 |
|
Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments covered |
Type, End use and Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
|
Key companies profiled |
Saris, Thule Group, Yakima Products Inc., Allen Sports, Cruzber SA, ACPS Automotive, Malone Auto Racks, Kuat Car Racks, Car Mate Mfg. Co. Ltd, Rhino RackUSA LLC and Other Prominent Players . |
Frequently Asked Questions (FAQ):
Global Car Rack Market to surpass USD 7.16 billion by 2031 from USD 4.13 billion in 2021 at a CAGR of 6.4% in the coming years, i.e., 2021-31.
A car rack is a rack that is installed on the roof of a vehicle to carry luggage, bicycles, and other carriers. The car rack enables the user to transport luggage while preserving interior space for occupants. Towers, fitting pieces, crossbars, and gear mounts are the components of a car rack.
During the forecasted period, roofbox and commercial vehicle held the largest market share
Thule Group, Yakima Products Inc., Allen Sports, Cruzber SA, ACPS Automotive, Malone Auto Racks, Kuat Car Racks, Car Mate Mfg. Co. Ltd, Rhino RackUSA LLCand Other Prominent Players
The car rack market is expected to expand during the forecast period, owing to factors such as increasing product innovations and consumer interest in adventure and recreation sports.
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