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Car Rack Market - Growth, Trends, and Forecast (2019 - 2024)

Car Rack Market - Growth, Trends, and Forecast (2019 - 2024)

  • June 2019
  • 77 pages
  • ID: 5786694
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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Market Overview
The global car rack market was valued at USD 1,322.05 million in 2018 and is expected to project a CAGR of 6.90%, during the forecast period, 2019-2024.

- Some of the major factors driving the growth of the market are 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 cost of the product, such as construction material/raw material, style of roof rack, and brand) may hinder the growth of the market..
- The North American region is expected to dominate the car rack market. The growing demand for vehicles by the tourism sector, increasing 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 rack, roof box, and bike car racks.
- Some of the major players dominating the market are Thule Group, Yakima Products, Allen Sports, Rhino Rack, Car Mate Mfg Co. Ltd, Saris, and Cruzber SA.

Scope of the Report
Car racks are the combination of bars that are attached to the roof or back of the car for carrying luggage, bicycles, etc. They allow the user to use the interior space to its full by transporting the objects to the rooftop. The car racks are used to increase the luggage-carrying capacity of the given vehicle.

The global car rack market has been segmented by application and geography.

Key Market Trends
Roof Box - Second Fastest Growing Segment

The roof box segment was valued at USD 264.41 million in 2018 and is expected to witness a growth rate of 7.22%, during the forecast period, 2019-2024.

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 offers cargo boxes in four series, namely, Phantom Series, Wedge Series, Shadow Series, and Ridge Series.

North America – Dominated the Market

In 2018, the global car rack market was dominated by North America. The region accounted for 48.09% of the global market. The North American region was dominated by the US.

Some of the major factors driving the growth of the US market are growing demand for vehicles by 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 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 the roof rack, roof box, bike car rack, and watersport carrier in the country.

- In the United States, cycling has increased over the past three years. According to 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 SFIA.
- According to the National Ski Areas Association, the number of skier/snowboard visits in the country increased from 51 million in 2012 to reach over 53 million in 2018.

Allen Sports, Rhino Racks, Thule, Yakima, Saris, and Kuat are prominent players that offer different car racks in the country.

Competitive Landscape
The global car rack market is consolidated, with major players accounting for two-thirds of the total market share. Some of the major market players are the Thule Group, Yakima Products, Allen Sports, and Rhino Rack.

Thule group accounted for more than 50% in the global market. The company has an active presence in Europe and North America. It is focusing on diversifying its product portfolio through new launches and acquisitions, to maintain its competitive position in the market.

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