The Car rack market was valued at USD 1124. 21 million in 2020 and is expected to grow up to USD 1582. 69 million by 2026, registering a CAGR of 5. 46% during the forecast period (2021 - 2026).
New York, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Car Rack Market - Growth, Trends, COVID -19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06187391/?utm_source=GNW
With COVID-19 hitting the transport and mobility sector very severely, the manufacturing and movement of automobiles saw a standstill, and consequently, the small or large companies in the business of car roof racks suffered a great deal. Post COVID-19, with the increasing demand for periodic recreational activities and health benefits, the need for mountain biking and ski trips will increase. This, consequently, will increase the demand for more car racks and rooftop mounts that are dependable, increasing the market value.
Some of the major factors driving the growth of the market are the demand for extra luggage space and increasing enthusiasm for recreational activities and tourism. However, quality (formation of rust and corrosion in low-quality racks) and pricing issues (factors affecting the price, like costs of the product, such as construction material/raw material, style of roof rack, and brand) may hinder the growth of the market.
Increasing numbers of highly capable cars for off-roading and more compact SUVs being introduced into the market with more practicality and improved vehicular capabilities are some major driving forces for the car rack market as this will greatly improve the implementation of roof racks.
North America is expected to dominate the car rack market. The increasing demand for vehicles from the tourism sector, rising demand for recreational vehicles, and a large number of young people moving out to different cities in the United States for studies and work are some of the factors driving the demand for roof racks, roof box, and bike car racks.
Key Market Trends
Roof Rack Segment Expected to Grow at Faster rate During the Forecast Period
Roof rack segment of the Car rack market expected to gain significance over the forecast period owing to increasing use of campers and off-road vehicle users. With rising off road vehicle users and SUV sales the need for roof racks has expected to further increase. For instance,
An estimate total of 29.6 million units of SUVs were sold in 2020 worldwide, indicating the high potential for off-road applications and high use of roof racks for long distance travelling purposes across the world. Also, an estimate total of 200 million SUVs were in operation in 2019, indicating the high potential for usage of these vehicles for travelling and consequently usage of roof racks.
Several OEMs are also implementing various techniques for passenger comfort and roof rack utility in their models lately. For instance,
Ford Motor Company’s Transit commercial van models expected to be released 2022 onwards are likely to be equipped with LED-lit roof racks on. Although roof racks are very desirable models for travelling and various utility purposes, the lack of proper protection from the environmental factors restraints these objects to be mounted on top of vehicles across the world.
North America Region Likely to Dominate the Market
The Car rack market in North America region expected to dominate the market during the forecast period. Some of the major factors driving the growth of the US market are the 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 consumers), and a large number of young people moving out to different cities in the United States for studies and work.
Moreover, share of leisure trips in the United states was valued at 86.13% of the total tourism in 2020, indicating the huge potential for quality roof racks to be mounted on the vehicles. Consequently, the sales of Multi-Purpose Vehicles and Sport Utility Vehicles in the Canada have recorded huge sales at 1.3 million units combined in 2019 and 1.9 million units in 2020 despite the pandemic.
With the presence of renowned roof rack manufacturers, like Yakima, Allen Group, and Saris Group, among few other companies in the country, the use of roof racks is expected to be highest during the forecast period across the region. As per the aforementioned points, the market for car rack in the North America is expected to witness a healthy growth rate during the forecast period.
The Car rack market is moderately consolidated, with presence of major and numerous local players in the market. Manufacturers are looking at different and innovative designs to be installed onto vehicles that consume less space and are more practical in design aspects. They are focusing on various growth strategies such as product development, patnerships, colloborations to strengthen their position in the market. For instance,
In December 2019, Yakima acquired Road Shower, a solar powered water transport system for an undisclosed transaction.
In April 2019, SRAM acquired the PowerTap line of power meters from the SARIS group to incorporate it into its own line of bicycles.
Some of the major market players are Thule Group AB, Yakima Products Inc., Rhino-Rack USA LLC, Car Mate Mfg. Co. Ltd., Cruzber and others.
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