2018 - 2026
Need a report that reflects how COVID-19 has impacted this market and its growth?
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. The car rack market accounted for USD 1.5 billion in 2019 and is expected to project a CAGR of over 6.5% during the forecast period (2021 - 2026).
- 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 cost of the product, such as construction material/raw material, style of roof rack, and brand) may hinder the growth of the market.
- North American is expected to dominate the car rack market. The increasing demand for vehicles from the tourism sector, rising demand for recreational vehicles, and 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 rack, roof box, and bike car 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.
- Manufacturers are looking upto to post Covid-19 situation because people will be more inclined towards fitness and use cycling and mountain hiking not only for recreation, but witht resepect to health.
- This could potentially increase the demand for roof racks and vehicle mounts that can help the market to bounce back from the economic crisis due to Covid-19.
Scope of the Report
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 is segmented by Application Type (Roof Rack, Roof Box, Bike Car Rack, Ski Rack, and Watersport Carrier) and Geography. This report also covers the effect of Covid on the market of Car Rack.
|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.
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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North America Dominated 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 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.
Manufacturers are looking at different and innovative designs to be installed onto the vehicles that consume less space and are more practical in design aspects. Finding 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.
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 Driver
4.2 Market Restraint
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
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
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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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 >6.5% over the next 5 years.
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.
- Cruzber SA
- Rhino-Rack USA LLC
Are the major companies operating in Car Rack Market.