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The Car Rack Market is segmented by Application Type (Roof Rack, Roof Box, Bike Car Rack, Ski Rack, and Watersport Carrier) and Geography.
Fastest Growing Market:
The car rack market is expected to project a CAGR of over 6.5% during the forecast period (2020 - 2025).
Car racks are a combination of bars that are attached to the roof or back of the car for carrying luggage, bicycles, etc. They are used to increase the luggage carrying capacity of a vehicle.
The car rack market has been segmented by application type and geography.
|Bike Car Rack|
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The roof box segment is expected to witness a growth rate of over 7% during the forecast period.
Roof boxes are built and designed with a variety of materials, features, and sizes.
In September 2018, Thule Group officially unveiled Thule Vector and Thule Force XT cargo boxes at Automechanika. Roof boxes are ideal for families on vacation, as they can carry luggage, outdoor gear, and bulky loads. The company also offers Thule Motion XT, which comes in four sizes, ranging from 300 liter to 610 liter. It has smart features, like SlideLock System, with separate locking and opening functions, and is easy to mount, due to the pre-installed PowerClick quick-mount system.
Some people prefer roof-top cargo luggage travel bag instead of boxes, due to its soft covers that allow travelers to carry objects, which may be oddly shaped and not fit under the hardcover cargo carriers. Due to the use of vinyl materials, roof-top cargo luggage travel bags are waterproof and can be folded flat when not in use, for simpler storage. However, these bags are not ideal for sharp or delicate objects.
The price of these bags varies from USD 50 to USD 200, whereas roof boxes cost more than USD 300, depending on the dimension and load carrying capacity.
Thule Group, Yakima, Inno Advanced Car Racks (Car Mate Mfg Co. Ltd), and Malone Auto Racks offer roof boxes, globally. Inno Advanced Car Racks offers cargo boxes in four series, namely, Phantom Series, Wedge Series, Shadow Series, and Ridge Series.
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In 2019, the car rack market was dominated by North America. The region accounted for over 48% of the global market. The North American car rack market was dominated by the United States.
Some of the major factors driving the growth of the US market are the growing demand for vehicles from the tourism sector (car rental and taxi services), increasing demand for recreational vehicles (rise in the demand for recreational travels among the consumers), and a large number of young people moving out to different cities in the United States for studies and work.
According to the US Travel Association, the number of domestic leisure trips accounted for 1,821.2 million in 2018, and it is expected to reach over 1,900 million by 2022. Nowadays, people in the country are opting for road trips and water sport activities during their vacations and holidays, which, in turn, is driving the demand for roof rack, roof box, bike car rack, and watersport carrier in the country.
In the United States, the trend of cycling increased in the past three years. According to the SFIA, about 8.7 million people participated in mountain/non-paved surface cycling, compared to 8.04 million people in 2014.
Additionally, the number of participants in recreational kayaking in the country increased from about 7.3 million in 2011 to over 11 million by the end of 2018, as per the SFIA.
According to the National Ski Areas Association, the number of skier/snowboarder visits in the country increased from 51 million in 2012 to reach over 53 million in 2018.
Allen Sports, Rhino-Racks, Thule, Yakima, Saris, and Kuat are prominent players that offer different types of car racks in the country.
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The car rack market is consolidated, with major players accounting for two-thirds of the total market share. Some of the major market players are Thule Group AB, Yakima Products Inc., Cruzber SA, Allen Sports, and Rhino-Rack USA LLC.
Thule Group accounted for more than 50% of the global market. The company is actively present in the European and North American markets. It is focusing on diversifying its product portfolio through new launches and acquisitions, to maintain its competitive position in the market.
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Application Type
5.1.1 Roof Rack
5.1.2 Roof Box
5.1.3 Bike Car Rack
5.1.4 Ski Rack
5.1.5 Watersport Carrier
5.2.1 North America
188.8.131.52 United States
184.108.40.206 Rest of North America
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 Rest of Asia-Pacific
5.2.4 Rest of the World
126.96.36.199 South Africa
188.8.131.52 Other Countries
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Thule Group AB
6.2.2 Yakima Products Inc.
6.2.3 Allen Sports
6.2.4 Rhino-Rack USA LLC
6.2.5 Cruzber SA
6.2.6 ACPS Automotive
6.2.7 Malone Auto Racks
6.2.8 Kuat Car Racks
6.2.9 Car Mate Mfg Co. Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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