Car Rack Market by 2027 to See Huge Growth & Profitable Business | Thule Group AB, Yakima Products Inc., Cruzber SA, Allen Sports, Rhino-Rack USA

Car Rack Market Outlook 2021 – 2027: The increasing adoption of compact vehicle in travel and tourism industry fueled the demand for car rack market. The car rack is a rack fitted on the roof of the motor car to carry luggage, bicycles, and other carriers. The car rack allows the user to transport the luggage without compromising on interior space for occupants. The components of car rack consist of towers, fitting pieces, crossbars, and gear mounts. Moreover, depending on the usage, strength of the luggage, and type of car, the car racks are available in different sizes and materials. Besides, car racks do not compromise on safety of passengers.

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COVID-19 scenario analysis:
• The outbreak of coronavirus could be the most significant event to impact economies in near future.
• Besides, the impact of the novel coronavirus on major manufacturing regions have disrupted the entire supply chain from the sourcing of raw materials to the production of finished products and everything in between.
• To mitigate the risk associated with disruption of supply chain the automotive manufacturers have started diversifying supply chains geographically.
• Additionally, in the work environment of maintaining minimum inventory, the manufacturers who had accumulated inventory has gained importance.
• Moreover, all these factors have impacted the car rack market globally.

Top impacting factors: market scenario analysis, trends, drivers and impact analysis

Rise in disposable income and changing lifestyle have increased the sales and production of passenger car, which in turn, is propelling the market of car rack market. Additionally, increasing number of tourists around the world is fueling the market of car rack. Besides, growing demand for compact vehicle is further proliferating the demand for car rack. However, decrease in fuel efficiency due to added weight of car rack is restraining the market growth. Furthermore, quality enhancements and innovations are anticipated to drive the market growth.

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The Car Rack market trends are as follows:

Roof box to foster the market
Roof box is used to free up interior space in vehicle. Roof box are large boxes attached on the top of the car. Moreover, the roof box provide security to the luggage carried. Besides, the roof box provides weather proof storage to the luggage. The primary advantage of roof rack is easy attachment and removal. Additionally, the roof box has smart features like separate locking and opening functions. In 2018, Thule group unveiled the Thule Vector and Thule Force XT cargo boxes at Automechanika.

Acquisition to foster market growth
The demand from consumer is increasing in recent years. To fulfil the demand of consumers, the manufacturers have started plotting strategies to survive in the market. Moreover, the trend of acquisition has gained significant momentum in car rack market. In 2018, Thule group acquired Tepui outdoors, one of the leading roof top tent makers for $9.5 million. The acquisition was aimed to enhance Thule group’s portfolio of products focused on active lifestyle. Besides, in 2019, Thule Group Acquires Fly Fishing Rod Vault Maker Denver Outfitters to attract consumers with an interest in fly fishing.

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Key benefits of the report:
• This study presents the analytical depiction of the car rack industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed car rack market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the car rack market research report:
• What are the leading market players active in the car rack market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?

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