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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:
Greater Than 6.5 %
The car rack market is expected to project a CAGR of over 6.5%, during the forecast period, (2020 - 2025).
Car racks are the combination of bars that are attached to the roof or back of the car for carrying luggage, bicycles, etc. The car racks are used to increase the luggage-carrying capacity of the given vehicle.
The car rack market has been segmented by application and geography.
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The roof box segment is expected to witness a growth rate of over 7%, during the forecast period, 2020 - 2025.
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. A roof box is ideal for families on vacation, as it can carry luggage, outdoor gear, and bulky loads. The company also offers the Thule Motion XT, which comes in four sizes, ranging from 300 to up to 610 liters. 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, these 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 roof cargo bags varies from USD 50 to USD 200, whereas the 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 region was dominated by the United States.
Some of the major factors driving the growth of the US market are 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 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.
Allen Sports, Rhino Racks, Thule, Yakima, Saris, and Kuat are prominent players that offer different 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 studied.
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
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 Rest of Asia-Pacific
5.2.4 Rest of the World
188.8.131.52 South Africa
184.108.40.206 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
** Subject to Availability