|Study Period:||2018 - 2026|
|Fastest Growing Market:||Europe|
|Largest Market:||North America|
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The car rack market accounted for USD 2 billion in 2020, and it is expected to reach USD 3 billion, registering a CAGR of 7% during the forecast period, 2021-2026.
With COVID-19 hitting the transport and mobility sector very severely, the manufacturing and movement of automobiles saw a standstill, and consequently, the small or large companies in the business of car roof racks suffered a great deal. Post COVID-19, with the increasing demand for periodic recreational activities and health benefits, the need for mountain biking and ski trips will increase. This, consequently, will increase the demand for more car racks and rooftop mounts that are dependable, increasing the market value.
Some of the major factors driving the growth of the market are the demand for extra luggage space and increasing enthusiasm for recreational activities and tourism. However, quality (formation of rust and corrosion in low-quality racks) and pricing issues (factors affecting the price, like costs of the product, such as construction material/raw material, style of roof rack, and brand) may hinder the growth of the market.
North America is expected to dominate the car rack market. The increasing demand for vehicles from the tourism sector, rising demand for recreational vehicles, and a large number of young people moving out to different cities in the United States for studies and work are some of the factors driving the demand for roof racks, roof box, and bike car racks.
Increasing numbers of highly capable cars for off-roading and more compact SUVs being introduced into the market with more practicality and improved vehicular capabilities are some major driving forces for the car rack market as this will greatly improve the implementation of roof racks.
Some of the major players dominating the market are Thule Group, Yakima Products, Allen Sports, Rhino-Rack, Car Mate Mfg Co. Ltd, Saris, and Cruzber SA.
Scope of the Report
The car rack market is segmented by application type (roof rack, roof box, bike car rack, ski rack, and watersport carrier) and geography (North America, Europe, Asia-Pacific, South America, and Africa). This report offers the market sizes and forecasts in volume and value (USD billion) for all the above segments.
|Bike Car Rack|
Key Market Trends
Roof Box is the Second-fastest Growing Segment
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. Some people prefer roof-top cargo luggage travel bags instead of boxes due to their 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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North America Dominates the Market
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 demand for recreational travels among 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 was 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 is driving the demand for roof racks, roof boxes, bike car racks, and watersport carriers 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 held the major share 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.
Manufacturers are looking at different and innovative designs to be installed onto vehicles that consume less space and are more practical in design aspects. Feasible designs and efficient ways to mount luggage and different cargo onto the vehicle can reduce a large amount of extra performance effort to be delivered by the engine of the vehicle, thereby reducing maintenance costs and vehicle safety.
In April 2019, SRAM acquired the PowerTap line of power meters from the SARIS group to incorporate it into its own line of bicycles.
Table of Contents
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
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.2.4 Rest of the World
22.214.171.124 South America
126.96.36.199 Middle-East and Africa
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
8. ASSESSMENT OF THE COVID-19 IMPACT ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Car Rack Market market is studied from 2018 - 2026.
What is the growth rate of Car Rack Market?
The Car Rack Market is growing at a CAGR of 7% over the next 5 years.
What is Car Rack Market size in 2018?
The Car Rack Market is valued at 2 Billion USD in 2018.
What is Car Rack Market size in 2026?
The Car Rack Market is valued at 3 Billion USD in 2026.
Which region has highest growth rate in Car Rack Market?
Europe is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Car Rack Market?
North America holds highest share in 2020.
Who are the key players in Car Rack Market?
Thule Group AB, Yakima Products Inc., Rhino-Rack USA LLC, Allen, Cruzber are the major companies operating in Car Rack Market.