Car rack Market 2021 Growing Demand, Size and Business Outlook - Thule Group AB, Yakima Products, Inc., Allen Sports, Rhino-Rack USA

Car Rack Market - Growth, Trends, And Forecast (2020 - 2025)

The report presents an in-depth assessment of the Car rack including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Car rack investments from 2020 till 2025.

The car rack market is expected to project a CAGR of over 6.5%, during the forecast period, (2020 - 2025).

The Car rack market is highly competitive and consists of a number of major players. Top Companies like Thule Group AB, Yakima Products, Inc., Allen Sports, Rhino-Rack USA, LLC, Cruzber SA, ACPS Automotive, Malone Auto Racks, Kuat Car Racks, Car Mate Mfg. Co. Ltd, Saris

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 In the United States, cycling has increased in the past three years. According to the SFIA, about 8.7 million people participated in mountain/non-paved surface cycling, compared to 8.04 million people in 2014.
- Additionally, the number of participants in recreational kayaking in the country increased from about 7.3 million in 2011 to over 11 million by the end of 2018, as per the SFIA.
- According to the National Ski Areas Association, the number of skier/snowboarder visits in the country increased from 51 million in 2012 to reach over 53 million in 2018.

Scope of the Report

The North American region is expected to dominate the car rack market. The growing demand for vehicles from the tourism sector, increasing demand for recreational vehicles, and 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 rack, roof box, and bike car racks.

Key Market Trends

Roof Box is the Second fastest Growing Segment

The roof box segment is expected to witness a growth rate of over 7%, during the forecast period, 2020 - 2025.

Roof boxes are built and designed with a variety of materials, features, and sizes.

In September 2018, Thule Group officially unveiled Thule Vector and Thule Force XT cargo boxes at Automechanika. A roof box is ideal for families on vacation, as it can carry luggage, outdoor gear, and bulky loads. The company also offers the Thule Motion XT, which comes in four sizes, ranging from 300 to up to 610 liters. It has smart features, like SlideLock system with separate locking and opening functions, and is easy to mount, due to the pre-installed PowerClick quick-mount system.

Some people prefer roof top cargo luggage travel bag instead of boxes, due to its soft covers that allow travelers to carry objects, which may be oddly shaped and not fit under the hardcover cargo carriers. Due to the use of vinyl materials, these bags are waterproof and can be folded flat when not in use, for simpler storage. However, these bags are not ideal for sharp or delicate objects.

The price of roof cargo bags varies from USD 50 to USD 200, whereas the roof boxes cost more than USD 300, depending on the dimension and load carrying capacity.

Thule Group, Yakima, Inno Advanced Car Racks (CAR MATE MFG CO. LTD), and Malone Auto Racks offer roof boxes, globally. Inno Advanced Car Racks offers cargo boxes in four series, namely, Phantom Series, Wedge Series, Shadow Series, and Ridge Series.

North America Dominated the Market

In 2019, the car rack market was dominated by North America. The region accounted for over 48% of the global market. The North American region was dominated by the United States.

Some of the major factors driving the growth of the US market are 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 the consumers), and a large number of young people moving out to different cities in the United States for studies and work.

According to the US Travel Association, the number of domestic leisure trips accounted for 1,821.2 million in 2018, and it is expected to reach over 1,900 million by 2022. Nowadays, people in the country are opting for road trips and water sport activities during their vacations and holidays, which in turn, is driving the demand for roof rack, roof box, bike car rack, and watersport carrier in the country.

What are the market factors that are explained in the report?

–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

–Analytical Tools: Car rack Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.

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The research includes historic data from 2014 to 2019 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.

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