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| Car Rack Market |
The car rack market is estimated to be valued at US$ 1,335.34 Mn or US$ 1.335 Bn 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 equipment used to carry large loads such as bikes, canoes,
kayaks, luggage boxes, cargo boxes, and other accessories on cars, SUVs, vans,
and trucks. Roof-mounted car racks provide an easy way to transport equipment
on top of vehicles. They allow transportation of gear along with passengers in
the vehicle. Various types of car racks include roof racks, hitch racks, and
trunk racks.
Market Dynamics:
Rising sales of recreational vehicles such as motorhomes, caravans, and
campervans is expected to drive growth of the car rack market over the forecast
period. According to the RV Industry Association, total wholesale units of
recreational vehicles shipped in the U.S. increased by 6.3% in 2020 and reached
399,517 units. Increased participation in outdoor recreational activities by
individuals is supporting demand for recreational vehicles which in turn is
boosting the car rack market.
Furthermore, increasing demand for easy transportation solutions for bicycles,
kayaks, canoes, and other accessories while traveling also promotes growth of
the car rack market. Car racks allow easy loading and unloading of accessories
without needing multiple trips which is driving their adoption.
SWOT Analysis
Strength: Car rack provides ease of transportation for luggage, bicycles and
other accessories. It allows secure mounting and protects automobile. It also
enhances vehicle appearance. Wide range of rack designs and mounting options
are available as per vehicle type.
Weakness: Heavy racks can reduce fuel efficiency of vehicle. Improperly
installed or overloaded racks pose safety risks. Racks require regular
maintenance and replacements of parts to ensure durability. Some high-end racks
have higher purchase costs.
Opportunity: Increasing popularity of outdoor recreational activities is
driving the demand for racks to transport gear. Growing sales of SUVs and
crossover vehicles have widened the potential customer base. Developing
lightweight yet sturdy rack designs can boost sales in price-sensitive markets.
Threats: Availability of used and cheaper alternatives in local markets poses
pricing pressure. Strict emission norms can negatively impact demand for heavy
duty racks. Economic slowdowns may cause consumers to postpone rack purchases.
Key Takeaways
The global Car
Rack Market Size Growth is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period,
due to increasing preference for outdoor recreational activities. Racks allow
safe and convenient transportation of gear for hiking, camping, cycling and
other pursuits.
Regional analysis
North America dominates the global car rack market share currently. U.S.
accounts for a majority share owing to developed automotive industry and trend
of weekend getaways among population. Asia Pacific exhibits fastest growth due
to rising vehicle ownership in China and India along with growing recreational
trends.
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 brands
compete based on product quality, durability, innovative designs and reliable
aftersales service.
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