USD 1.2 Billion
Car Rack Market Size, Share, Growth Analysis, By Application Type(Roof Rack, Roof Box, Bike Car Rack, Ski Rack), By Distribution Channel(Online Sales, Offline Sales), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25A2262 |
Region:
Global |
Published Date: April, 2024
Pages:
217
|Tables:
64
|Figures:
70
Car Rack Market Insights
Global Car Rack Market size was valued at USD 1.2 Billion in 2022 and is poised to grow from USD 1.3 Billion in 2023 to USD 2.1 Billion by 2031, growing at a CAGR of 5.56% in the forecast period (2024-2031).
One of the most important drivers of the global car rack market is the growing demand for outdoor activities and tourism. Consumers are increasingly involved in recreational activities such as biking, skiing, kayaking and camping, making parking that can transport outdoor gear and equipment through the parking lot provide the ideal solution biking, skiing, kayaking.
Customers are looking for multipurpose station wagons that offer versatility and flexibility to accommodate various supplies and equipment. Manufacturers are meeting this demand by offering modular components, adjustable features and compatibility with a wide range of vehicles. These customizable solutions give customers the freedom to tailor their vehicle racks to their specific needs, whether delivering sports equipment, supplies or leisure equipment. Moreover, lower operating and maintenance costs are also anticipated to boost the growth of the global car rack market during the forecast period. Vehicle roof racks require low operating costs and because of the materials used to make these racks, such as composite plastics, aluminum alloys, etc. These materials provide great durability without taking advantage of operation and maintenance costs a lot of money. Moreover, the demand for these products is increasing, owing to these factors, which in turn are expected to fuel the future growth of the market.
Market Snapshot - (2024-2031)
Global Market Size
Largest Segment
Bike Car Rack
Fastest Growth
Roof Rack
Growth Rate
5.56% CAGR
Global Car Rack Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Car Rack Market Segmental Analysis
Based on application type, the market is segmented into roof rack, roof box, bike car rack, ski rack, and watersport carrier. based on distribution channel, the market is segmented into online sales, offline sales. By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World.
Analysis by Distribution Channel
Offline stores are the dominating segment in the market which give customers the opportunity to inspect the parking lot for themselves. This manual process can be important for customers who want to search for quality, durability and compatibility with their vehicles before purchasing. Offline sales channels such as specialty carriers or outdoor shops often offer expert advice and support from knowledgeable professionals. This can be particularly useful for customers who have specific questions or may need guidance in choosing the right for their needs. Customers can buy from a brick-and-mortar store and have it delivered to their home immediately, saving shipping time.
Online shopping is the fastest growing segment in the market which allows consumers to browse cars and buy a luxury home. This accessibility is especially useful for customers who may not have the convenience of visiting a physical store or prefer the convenience of online shopping. Web sites allow sellers to display a wide variety of parking options, giving consumers a wide variety to choose from. These types of products are especially important in markets where customers have different needs, such as bike enthusiasts, outdoor enthusiasts, or customers looking for an alternative to s, its features, and pricing about online easily Can be done. This transparency empowers customers to make informed decisions based on their specific needs, resulting in higher customer satisfaction. Online sales forums often incorporate customer reviews and ratings, providing valuable insight into the performance and durability of specific parking products. This information helps potential buyers make more informed choices.
Analysis by Application
The bike car rack is the dominating segment in the market. One of the most important factors that can drive the growth of the global car rack market is the increasing global trend in mountain biking and walking. Mountain biking trailed only biking and backpacking as the second most popular cycling activity in North America by 2020, indicating demand for bikes and parking high level implementation plans for this outdoor leisure activity across the continent. The market is expected to witness healthy growth during the forecast period.
The roof rack segment is the largest contributor to the market and is expected to grow at a CAGR of 5.85% during the forecast period. Currently, the demand for roofing materials is growing and it is expected to continue with camping and off-road vehicles. According to estimates, 29.6 million SUVs will be sold worldwide by 2020, which means they can be used more off-road and offer more roofing materials for longer journeys. Furthermore, it is estimated that 20 million SUVs were used worldwide in 2019, proving the superior ability of these vehicles to travel and, as a result, roof installations. In the anticipated period in 2013, the introduction of an increasing number of electric SUVs is also expected to have a positive impact on the growth of the segment.
Global Car Rack Market By Application (%)
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Car Rack Market Regional Insights
Growing demand for parking and cargo for small and compact SUVs is expected to drive the global car rack market. Moreover, the increasing demand for leisure travel and leisure activities will further drive the parking market. Furthermore, increasing investment in research and development (R&D) will also propel the parking market. North America is expected to dominate the market. This is due to the young population in the region and the high demand for tourism-based transportation.
North America is expected to account for the largest share in the global parking market during the forecast period owing to the continued growth of the tourism industry in the US. Moreover, the growing popularity of converting camper vans into motor homes by adding roofs or trailers helps the market growth in this region for example. A total of 40,800 passenger cars were shipped to the U.S. This in turn drives market growth in the region.
Furthermore, Asia-Pacific is also anticipated to witness significant growth in the global automotive parking market during the forecast period. This is due to strong participation in winter sports activities in China and the expanding tourism industry in India and elsewhere. For example, there were 770 ski resorts in China in 2019, according to SkyQuest Market Insights. Asia-Pacific region also has a strong position in the global car rack market due to Asian manufacturers, vital raw material sources, shift towards recycling and China, Cambodia, Bhutan, Vietnam, Singapore have cycling leisure options best in Asia, which expanded car rack use.
Global Car Rack Market By Geography
- Largest
- Fastest
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Car Rack Market Dynamics
Drivers
Technological Advancements
- Advances in materials science have led to the development of lightweight yet durable materials for vehicle parking. Lightweight materials provide better fuel economy and easier installation, while maintaining durability. Parking is equipped with intelligent features such as integrated locking mechanisms, customizable suspension systems, compatibility with digital analytics and security technologies the user is easier and safer.
Increased Participation in Outdoor Activities and Recreational Sports
- One of the major drivers of the global car rack market is the increasing participation of consumers in outdoor activities and recreational sports across the globe. As individuals seek to embrace an active and adventurous lifestyle, they are looking for a garage that can accommodate a variety of outdoor gear and equipment such as bicycles, skis, snowmobiles, kayaks, camping equipment and others. The growing demand for outdoor activities such as biking, skiing, camping and water sports versatile and reliable parking solutions, driving market growth.
Restraints
Disputes Over Quality and Price
- In the automotive industry, suppliers understandably depend on the ability to effectively manage and control costs of goods and services. This has increased automakers’ reliance on a limited number of component suppliers. This trend puts the industry at risk of raw material shortages or delays. Defective components, trade disputes, poor government regulation, and infrastructure and capacity can all lead to shortages.
Legal Challenges and Security Concerns
- Despite the growth opportunities, the global market faces challenges related to compliance and safety concerns. Regulatory requirements vary from region to region and country to country, creating challenges to manufacturing and certification processes for parking manufacturers. Ensuring compliance with safety standards and regulations while maintaining product functionality and usability is a major challenge for industry. Also, safety concerns mainly related to the parking and use of vehicles for heavy or bulky loads may include consumer confidence and acceptance. Addressing these legal safety challenges is needed to sustain market growth and build consumer confidence in parking products.
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Car Rack Market Competitive Landscape
Thule Group and Volkswagen Group entered a strategic partnership to broaden and co-logo some automobile racks designed for Volkswagen vehicles. This collaboration leverages Thule's know-how in designing and production extremely good car racks with Volkswagen's big understanding of car design and engineering. The report has also analyzed the competitive landscape of the market with some of the key players being ACPS Automotive GmbH, Atera GmbH, Bosal Nederland B.V., Cruzber SA, KAMEI GmbH & Co. KG, Magna International Inc., Mont Blanc Group AB (Brenderup Group AB), Thule Group AB, VDL Hapro B.V. and Yakima Products Inc. (Kemflo International Co. Ltd.)
Top Player’s Company Profiles
- Atera GmbH
- Car Mate Mfg Co Ltd
- Cequent
- CRUZBER SA
- Demar UK Ltd.
- Farad Pvt. Ltd.
- Front Runner GmbH
- JAC Products
- KAMEI GmbH and Co. KG
- Kuat Innovations
- Malone Auto Racks
- Mont Blanc Group AB
- Perrycraft Inc.
- Rhino Rack Pty Ltd.
- Saris Equipment LLC
Recent Developments
- In November 2021, Thule Group opened its second North American brand store in Canada that will offer local customers a first-of-its-kind shopping experience in the country as the company will display a full range of products in one location.
- In February 2021, Kruzbar SA announced the introduction of a new magnetic ski rack, the CRUZ Ski Roof, a universal magnetic ski rack that can accommodate a tossnoboard or three different skis.
- In October 2022, Yakima Products Inc. announced a relationship with Meyer Distributing, a specialty distributor of automotive parts to retailers, to distribute Yakima products to automotive dealers through Meyer Distributing’s network.
Car Rack Key Market Trends
- Rise in the Shift Towards Electric and Hybrid Vehicles Is Driving Demand for Parking: A major trend shaping the global market is the increasing adoption of hybrid electric vehicles, which drives demand for compatible parking solutions as customers embrace eco-friendly modes of transportation of design adopted to reduce carbon emissions and environmental impact, and specially designed parking lots. There is growing importance manufacturers are developing new rack designs considering factors such as weight distribution, aerodynamics, and compatible with electric vehicle charging ports along with electric bikes and other forms of transportation the increasing demand for car racks that can safely transport this specialized vehicle.
Car Rack Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global car rack market is a dynamic one influenced by factors such as consumer preferences, technological developments and regulatory environments. One notable factor is the shift towards electric and hybrid vehicles and allows car manufacturers to search for vehicle parking specifically designed to accommodate these environmentally friendly transportation options. Another factor driving the growth of the market is the increasing involvement in outdoor activities and recreational sports, vehicle parking that can accommodate a variety of equipment such as bicycles, skis, kayaks, camping equipment etc. However, the market faces compliance challenges and security concerns. Despite these challenges, the global parking market is poised for growth as consumers embrace active lifestyles and seek convenient transportation solutions for their outdoors.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.2 Billion |
| Market size value in 2031 | USD 2.1 Billion |
| Growth Rate | 5.56% |
| Base year | 2023 |
| Forecast period | (2024-2031) |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Car Rack Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Car Rack Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Car Rack Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Car Rack Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Car Rack Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Car Rack Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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