Car Rack Industry

Car Rack Industry Set to Reach USD 1582.69 million by 2026

The car rack market is expected to reach revenues of USD 1582.69 million by 2026, registering a CAGR of 5.46% during the forecast period.
The car rack industry is dominated by Thule Group, which holds major share of the market.

Read our related report on: Automotive sunroof market

Outlook on Automotive Roof Rack Market

The automotive roof rack segment of the car rack industry and is expected to reach USD 634.98 million by 2026, registering a CAGR of 5.75% during the forecast period.
With the increasing use of campers and off-road vehicle users, the need for automotive roof racks has been on a high demand lately and is expected to further increase.
The increase in launch of electric SUV models is also expected to have a positive impact on growth of the segment during the forecast period.

Competitive panorama of Automotive Roof Rack market

In Nov 2021, Thule adds second North American brand store with new location in Canada. This new retail store will offer local Canadian customers a first-of-its-kind shopping experience by showcasing all of Thule’s product categories in one space. The new Thule Store Vancouver will open in December 2021.
In Nov 2021, CRUZ launched the new magnetic ski rack CRUZ Ski Roof. The new CRUZ Ski Roof is a universal magnetic ski rack that can carry up to three pairs of skis or two snowboards. Its assembly is easy and safe, and it is not necessary to use tools. The magnetic base has a special protection to avoid damaging the vehicle's paint. The new CRUZ Ski Roof is manufactured with specific materials to ensure its correct operation under cold winter conditions.
In Aug 2021, Thule recalled Rooftop box tents for fear of causing crashes, injuries. Due to safety concerns related to some of its products, outdoor product manufacturer Thule has recalled several versions of box tents that are attached to vehicle roofs. Thule advised consumers with the products in question to locate the manufacturing date on the product label and contact the company for a full refund or a replacement at no expense to the consumer.

Trends and Launches of Elite Players in Automotive Roof Rack Market

Advancements in battery technologies are expected to ensure the development of high-power e-scooters and motorbikes that can cover long distances, thereby, providing an apt substitute for ICE-powered two-wheelers.
Komaki has introduced a new battery in April 2021, designed to provide a range of 170-220km in a single charge based on the mode of usage of the scooter it is housed in. The battery can be fully charged in four to five hours, and when paired with Komaki’s regenerative braking technology, the need to recharge is reduced significantly.
In November 2021, Zero Motorcycles unveiled a new battery architecture that offers around 20% additional capacity, while also reducing the weight by 6lbs. The new battery system from Zero is housed in a fancy-looking module made from diecast aluminum and polycarbonate. It contains 56 lithium-ion battery cells, which are shaped like rectangular pouches and are roughly half an inch thick. These new batteries are planned to be used in the SR, SR/F, and the SR/S bikes.