Market Size of Car Rack Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.42 Billion |
| Market Size (2029) | USD 1.86 Billion |
| CAGR (2024 - 2029) | 5.46 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Car Rack Market Analysis
The Car Rack Market size is estimated at USD 1.42 billion in 2024, and is expected to reach USD 1.86 billion by 2029, growing at a CAGR of 5.46% during the forecast period (2024-2029).
The outbreak of the COVID-19 pandemic led to manufacturing shutdowns, lockdowns, and trade restrictions which negatively affected the automotive electro-hydraulic power steering industry. Furthermore, the traveling restrictions and the fall in the number of outdoor adventure activities massively dented the demand for car racks. Consequently, the small or large companies in the car roof rack business suffered significantly. Post-COVID-19, with the increasing demand for regular recreational activities and health benefits, the need for mountain biking and ski trips may increase, which may increase the demand for more car racks and rooftop mounts that are dependable, thus increasing the market value. Furthermore, the manufacturers are implementing contingency plans to mitigate future business uncertainties to retain continuity with clients in the critical sectors of the automobile industry.
Over the next five years, the demand for additional baggage space and the growing attraction for leisure activities and tourism amongst the millennial generation are the primary reasons driving the market's growth. Quality (rust and corrosion in low-quality racks) and pricing difficulties (factors impacting the price, such as product expenses like building material/raw material, roof rack type, and brand) may limit the market's growth.
The introduction of more compact SUVs with greater practicality increased vehicular capabilities, and an increased number of competent automobiles for off-roading are driving the car rack market, as these factors will substantially improve the application of roof racks.
Key market players are engaging in joint ventures, new product launches, and capacity expansions to address the rapidly growing car rack market. for instance
- October, 2022: Yakima Products Inc. announced a tie-up with Meyer Distributing, a major distributor of specialty automotive products to retailers, to distribute Yakima's products through Meyer Distributing's network to automotive retailers.
- April, 2022: Polaris Inc. partnered with Rhino-Rack to offer storage products for Polaris' off-roaders and adventure vehicles.
Geographically, North America has been identified as the largest region for the car rack market due to a strong preference for outdoor adventure activities, deep penetration of leisure vehicles like motorhomes and lifestyle pickup trucks, and the presence of sizeable automotive storage OEMs. Europe and Asia-Pacific are the following biggest markets due to the growing trend of outdoor activities and tourism and the rising adoption of lifestyle vehicles like SUVs.
