; Car Rack Market Size, Industry Share, Forecast, 2031

Car Rack Market

Car Rack Market: By Type (Bike Car Rack, Roof Rack, Ski Rack, Roof Box, Water Sports Carrier and Others); By End Use (Passenger Vehicle and Commercial Vehicle), And Region - Global Analysis of Market Size, Share & Trends For 2019-2020 And Forecasts To 2031

Published on: May-2023
Report Code: FG AU 01551
No. of Pages: 170-350
Report Format: PDF

Product Overview

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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