Global Car Rack Market

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 News

  • 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.
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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).

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.) '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'

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.

Rise in the Shift Towards Electric and Hybrid Vehicles Is Driving Demand for Parking: A major trend shaping the 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.

Growing demand for parking and cargo for small and compact SUVs is expected to drive the 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.

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Global Car Rack Market

Report ID: SQMIG25A2262

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