Pune India, Nov. 24, 2022 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Car Rack market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Car Rack market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as Type, Application, Material Type, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Car Rack market are ACPS Automotive GmbH, Allen Sports USA, CarMate, CRUZBER SA, Kuat Innovations LLC, Malone Auto Racks, Rhino Rack Pty Ltd, Saris, Thule Group, Yakima Products, Inc., Magna International, VDL HAPro, Minth Group, Atera GmbH, BOSAL and among others, among others. To achieve a substantial market share in the worldwide Car Rack market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
An automobile stand or carrier installed over the vehicle’s roof to boost luggage capacity is referred to as a car rack. It is made composed of a mount, many rails, and pillars for supporting the rack frame and dispersing the weight of the luggage to protect the roof. Steel, aluminum alloy, composite plastic, and other lightweight materials are frequently used to make racks. To provide passengers with as much room as possible and improve their comfort while traveling, luggage or other items are placed on racks. The current variations can be attached and detached using hooks and joints for increased flexibility, minimum maintenance, and convenience. Traditionally, they were installed permanently on the vehicle’s roofs. The expanding automotive industry is one of the major reasons contributing to the market’s good outlook. Growth in the market is also being fueled by the increased use of ski and watersport carriers for leisure and recreational activities. There is an increasing preference for sturdy and visually pleasing car racks for additional luggage capacity due to the growing young population and interest in adventure sports. This is helping the market expand, coupled with several product developments, including the creation of fiberglass car racks that offer improved durability. Bias-ply and steel-reinforced racks can’t match the durability of fiberglass ones, which also cost less to strengthen and perform better when traveling long distances. The industry is expected to be further fueled by additional factors such as increased tourism-related investments, rapid urbanization, and rising consumer spending power.
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Scope of Car Rack Market Report
|Market Share Unit||USD Billion|
|Segments Covered||By Type, By Application, By Material Type, region|
|Regions Covered||North America, Europe, Asia-Pacific, South America and Middle-East and Africa|
|Major Players||ACPS Automotive GmbH, Allen Sports USA, CarMate, CRUZBER SA, Kuat Innovations LLC, Malone Auto Racks, Rhino Rack Pty Ltd, Saris, Thule Group, Yakima Products, Inc., Magna International, VDL HAPro, Minth Group, Atera GmbH, BOSAL and among others.|
Roof Rack segment is expected to be the fastest growing segment in 2021.
The type segment is roof rack, roof box, bike car rack, ski rack, and watersport carrier. Roof Rack are expected to witness the highest growth rate during the forecast period. Due to the rising popularity of campers and off-road vehicles, the roof rack segment of the car rack market is anticipated to grow over the forecast period. The need for roof racks is anticipated to rise along with the use of off-road vehicles and SUV sales. SUV sales made up around 45.9% of all passenger car sales globally in 2021, up 4% from the previous year. This growth highlights the tremendous potential for off-road applications and the rising popularity of roof racks for long-distance travel around the globe. In 2021, there were a projected 200 million SUVs in use, demonstrating the significant potential for these vehicles and roof racks in the tourism industry.
The passenger car segment is expected to be the fastest-growing segment in 2021.
The application includes passenger cars and commercial cars. The passenger car segment is expected to witness the highest CAGR during the forecast period. Due to the rise in recreational activities, passenger car sales are skyrocketing globally. The key factors influencing the segment’s growth are the need for more baggage space and the rising excitement for leisure time and travel. The market for car racks is also being driven by the advent of more compact passenger cars that are more practical and have more vehicle capabilities, as well as a rise in the number of highly capable off-road vehicles. These developments will significantly enhance the use of roof racks.
The plastic car rack segment is expected to be the fastest-growing segment in 2021.
The material segment includes aluminum alloy, composite plastics, and others. The plastic car rack segment is expected to witness the highest CAGR during the forecast period. The vast majority of roof racks are made of fiberglass or plastic. It provides a default setting that enables customers to modify whatever rack system they choose to utilize completely. Since aluminum is the lightest roof rack material currently on the market and helps to reduce total weight, the aluminum alloy market is predicted to grow at a rapid CAGR. Aluminum has a high level of corrosion resistance due to the mixture of metals used in its production.
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Car Rack include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
- North America region witnessed a major share. The expanding need for automobiles from the tourism industry (car rental and taxi services), rising consumer desire for leisure travel, and the enormous number of young people traveling to various American cities for work and school are some of the key drivers boosting the expansion of the US market. In the United States, leisure travel accounted for more than 86% of all travel in 2021, demonstrating the enormous potential for high-quality roof racks installed on automobiles. Canadians’ third and fifth most common outdoor hobbies are hiking and bicycling, which typically require regular car roof racks to mount gear and bicycles. This increases the demand for car racks in the country.
Germany’s car rack market size was valued at USD 36.9 million in 2021 and is expected to reach USD 62.0 million by 2029, at a CAGR of 6.7% from 2022 to 2029. The tourism industry in Germany is primarily responsible for expanding the car rack business. Germany is one of the greatest tourism markets in Europe, with an estimated 290 million euros in annual tourism revenue. The region’s demand for car racks is rising due to the increase in tourism and the demand for small, luggage-friendly vehicles.
China car racks’ market size was valued at USD 36.9 million in 2021 and is expected to reach USD 62.0 million by 2029, at a CAGR of 6.7% from 2022 to 2029. The region’s demand for roof racks is expected to increase as more people participate in sports and take road trips over the holidays. The development of fashionable, more durable, and safer roof racks by key producers of automotive components is also anticipated to boost further the market for car racks in China, where the bulk of suppliers are concentrated.
India’s car rack market size was valued at USD 34.7 million in 2021 and is expected to reach USD 56.57 million by 2029, at a CAGR of 6.3% from 2022 to 2029. An increase in vehicle sales across the region will be the main driver during the projection period. Additionally, the industry is stimulated by the existence of certain significant automobile component producers in the area.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increase in the trading of LPG across countries.
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