The Global Car Rack Market is estimated to account for US$ 1,290.8 Mn in terms of value by the end of 2022. Adding a roof rack to a car can add significant storage space to a vehicle, while also providing better directional control. They are a cost-effective way to travel safely and protect the passengers. Roof racks are available in several different types. There are towers, which are designed to mount to factory roof rack mounting points, and trunk racks, which attach to a car's trunk. Each type has different capabilities and are available in a variety of sizes. Roof racks are also available for a variety of vehicle models. A good rack will distribute cargo evenly and prevent damage to the car.
Global Car Rack Market: Drivers
Factors such as limited availability of boot space in vehicles is expected to fuel growth of the global car rack market over the forecast period. With increasing number of individuals traveling longer journeys with their vehicles, the amount of luggage carried has also increased all over the world. These luggage require larger space, which is limited in traditional vehicles due to restricted availability of boot capacity. This is further driving the demand for automotive roof racks across the globe, which in turn is driving growth of the market.
Global Car Rack Market: Opportunities
Thriving demand for electric vehicles is expected to offer growth opportunities to market players in the global car rack market over the forecast period. The demand for electric vehicles around the world is growing due to rise in cost of crude oil used in conventional vehicles. Electric vehicles however, offer long-term savings on fuel and operational costs. The growing awareness regarding environmental impact of gasoline vehicles is also driving the demand for electric vehicles, and the rock rack used in these EVs will eventually drive growth of the market in the future.
Global Car Rack Market: Restraints
Unfavorable conditions arising due to coronavirus outbreak is expected to hinder growth of the global car rack market over the forecast period. During the pandemic, several countries banned traveling and tourism, domestic as well as international. This in turn impacted the tourism industry around the world. Moreover, the disrupted automotive industry also affected demand for car racks negatively. Thus, such disruption in market activities are expected to restrain growth of the global car rack market in the near future.
Global Car Rack Market - Impact of Coronavirus (Covid-19) Pandemic:
The outbreak of COVID-19 in Wuhan, China affected several countries all over the world. Many countries announced stringent lockdown regulations to control the virus spread due to which various industries including automotive, and travel & tourism industry were significantly impacted. Moreover, the supply chain and distribution operations were disrupted, which further caused lack of raw materials. Thus, due to all these reasons, the demand and production of car racks was also negatively impacted globally, which further disrupted growth of the market during the pandemic period.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/car-rack-market-5379
Key Takeaways:
The global car rack market was valued at US$ 1,213.5 Mn in 2021 and is forecast to reach a value of US$ 1,893.6 Mn by 2030 at a CAGR of 4.9% between 2021 and 2030.
Roof Rack segment held dominant position in the global car rack market in 2021, accounting for 39.6% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Car Rack Market Trends:
The roof rack segment is gaining traction in the global car rack market. The segment is witnessing strong growth due to rise in use of off-road and camper vehicles. The sales of SUV is also increasing with increasing off-road vehicle users and demand for roof racks. For instance, according to Coherent Market Insights, in 2021, the sales of SUVs in overall passenger cars accounted for nearly 45.9% globally, and it is increasing by 4% from last year. This indicates the high potential off-road applications of automotive roof racks. This trend is expected to continue in the global car rack market over the forecast period.
Robust presence of significant car manufacturers in Europe is expected to boost growth of the global car rack market over the forecast period. Germany is the leading country in Europe that has a strong presence of major car manufacturers. Moreover, the country also accounts for largest share in the region in leisure travel trips. For instance, as per Statista, in 2019, the number leisure trips by German citizens was 160, 985. Thus, increasing number of adventure and leisure trips by younger populations is projected to support growth of the car racks market in the future.
Global Car Rack Market: Competitive Landscape
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
Global Car Rack Market: Recent Developments
In July 2021, ACPS Automotive received the GM Supplier Quality Excellence Award 2020 for its Queretaro development and production site in Mexico.
In December 2019, Yakima Products Inc. announced the acquisition of Road Shower, a solar powered water transport system for an undisclosed transaction.
