Car Rack Market Is Estimated To Witness High Growth Owing To Rising Sales of Recreational Vehicles
The car rack market is estimated to be valued at US$ 1,335.34 Mn or US$ 1.335 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Car racks are equipment used to carry large loads such as bikes, canoes, kayaks, luggage boxes, cargo boxes, and other accessories on cars, SUVs, vans, and trucks. Roof-mounted car racks provide an easy way to transport equipment on top of vehicles. They allow transportation of gear along with passengers in the vehicle. Various types of car racks include roof racks, hitch racks, and trunk racks.
Market Dynamics:
Rising sales of recreational vehicles such as motorhomes, caravans, and campervans is expected to drive growth of the car rack market over the forecast period. According to the RV Industry Association, total wholesale units of recreational vehicles shipped in the U.S. increased by 6.3% in 2020 and reached 399,517 units. Increased participation in outdoor recreational activities by individuals is supporting demand for recreational vehicles which in turn is boosting the car rack market.
Furthermore, increasing demand for easy transportation solutions for bicycles, kayaks, canoes, and other accessories while traveling also promotes growth of the car rack market. Car racks allow easy loading and unloading of accessories without needing multiple trips which is driving their adoption.
SWOT Analysis
Strength: Car rack provides ease of transportation for luggage, bicycles and other accessories. It allows secure mounting and protects automobile. It also enhances vehicle appearance. Wide range of rack designs and mounting options are available as per vehicle type.
Weakness: Heavy racks can reduce fuel efficiency of vehicle. Improperly installed or overloaded racks pose safety risks. Racks require regular maintenance and replacements of parts to ensure durability. Some high-end racks have higher purchase costs.
Opportunity: Increasing popularity of outdoor recreational activities is driving the demand for racks to transport gear. Growing sales of SUVs and crossover vehicles have widened the potential customer base. Developing lightweight yet sturdy rack designs can boost sales in price-sensitive markets.
Threats: Availability of used and cheaper alternatives in local markets poses pricing pressure. Strict emission norms can negatively impact demand for heavy duty racks. Economic slowdowns may cause consumers to postpone rack purchases.
Key Takeaways
The global Car Rack Market Size Growth is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing preference for outdoor recreational activities. Racks allow safe and convenient transportation of gear for hiking, camping, cycling and other pursuits.
Regional analysis
North America dominates the global car rack market share currently. U.S. accounts for a majority share owing to developed automotive industry and trend of weekend getaways among population. Asia Pacific exhibits fastest growth due to rising vehicle ownership in China and India along with growing recreational trends.
Key players
Key players operating in the car rack market are Saris, Thule Group, Car Mate Mfg. Co. Ltd., Yakima Products Inc., Kuat Car Racks, Allen Sports, Malone Auto Racks, Rhino Rack USA LLC, ACPS Automotive, and Cruzber SA. These brands compete based on product quality, durability, innovative designs and reliable aftersales service.
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