Car Rack Market Is Estimated To Witness High Growth Owing To Increasing Trend Of Road Trips and Outdoor Activities
The Car Rack market is estimated to be valued at US$ 1335.34 Mn 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 installed on the roof or rear of vehicles to carry equipment such as bicycles, kayaks, skis, snowboards or luggage for trips outside the city. Roof mounted racks are the most common type which securely attaches equipment on the roof of the vehicle to carry bulky gear. They are very versatile and easy to use for both recreational and commercial applications.
Market Dynamics:
The car rack market is driven by increasing trend of road trips and outdoor recreational activities. There is notable rise in driving vacations and weekend getaways involving activities such as cycling, skiing, hiking which require transportation of equipment. Car racks provide convenient mounting solution to carry bulky gears safely and securely without cluttering passenger area. Growing popularity of water sports and adventures is also propelling the demand for car racks to haul kayaks, paddle boards, boats etc. Furthermore, increasing inclination towards sustainable travel options is encouraging road trips over flights, thus facilitating growth of car rack market.
SWOT Analysis
Strength: Car racks allow for convenient transportation of outdoor gear like bikes, kayaks, skis etc. on car. Racks have lockable rails and clips to securely fasten gear. Storage racks have roof attachments for ease of fitting and removing.
Weakness: Heavy loads on roof racks can affect fuel efficiency of vehicle. Improperly secured items on racks pose risk of falling off during travel. Racks require regular maintenance to prevent rusting.
Opportunity: Growing popularity of outdoor recreational activities is driving demand for transportation of associated gear. Advancements in lightweight aluminum and composite materials allow for stronger yet lighter racks.
Threats: Economic downturns may reduce discretionary spending on leisure gear and related accessories. Shift to electric vehicles without roof attachments challenges rack compatibility.
Key Takeaways
The Global Car Rack Market Size is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing popularity of outdoor recreational activities. North America accounts for largest share of car rack market currently due to high participation in cycling, skiing sports in countries like United States. Europe follows next with government initiatives to promote active mobility solutions.
The car rack market in Asia Pacific is fastest growing due to rising living standards and increasing disposable incomes in developing countries like China and India. People are spending more on leisure and adventure sports requiring outdoor gear transportation.
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 companies offer varied rack types for different vehicle types and gear to be transported. Innovation in design and features continue to expand market potential.
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