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The Car Rack Market size is estimated to grow by USD 1,744.71 million at a CAGR of 6.72% between 2022 and 2027. The market growth depends on several factors, and among them are the increasing demand for smaller cars, the growing interest in adventure tourism, and the growing need for pedaling. The more fuel-efficient than larger cars, making them an attractive option for cost-conscious consumers who are looking to save on fuel expenses. As consumer preferences continue to evolve, market players need to adapt to these changes and offer products that meet the growing needs of their customers.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing demand for smaller cars is notably driving the market growth, although factors such as decreasing fuel efficiency may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Market Driver
The increasing demand for smaller cars is notably driving market growth. Cars that are compact and have limited boot capacity have been launched by several manufacturers. People prefer these over big or premium. This is primarily due to factors such as the high rise in fuel prices, these cars are lighter and more compact compared to big cars, and the low maintenance cost.
In this, the boot space is less, and consumers must rely on the roofs to carry excess luggage and sports equipment, especially when planning a trip. This fix this problem by providing space on the exterior, as they provide increased capacity and allow the carrying of a multitude of items with ease and safety. Therefore, these factors will boost the market during the forecast period.
Significant Market Trend
Rising investment in R&D is an emerging trend in the market. There has been a rise in investments by various companies in R&D activities, innovative applications, and solutions over the last few years. Additionally, companies are also actively working on reducing the upgrades and maintenance costs.
The companies are being forced due to rapidly changing technology and changes in consumer preferences to deliver light-weighted products with high efficiency to survive the commoditization in the market. Furthermore, companies are looking for better quality that can be used to tighten bicycles, bikes, and luggage during traveling. Thus, owing to such factors the market is expected to witness growth during the forecast period.
Major Market Challenge
Decreasing fuel efficiency is a major challenge impeding the market. The two important factors that affect an automobile's fuel consumption are vehicle weight and engine power. Installing these adds a significant amount of weight to the vehicle, which in turn reduces fuel efficiency. An extra 100 pounds is expected to reduce vehicle efficiency in miles per gallon by over 1.05%, adding these in bike and other equipment to reduce its fuel efficiency by up to 9%-9.5%.
Furthermore, aerodynamic drag is increased by these in roof-mounted bikes and also lower fuel economy. The fuel efficiency is reduced more in roof-mounted bike compared with trunk- or hitch-mounted bikes. companies are aware of the issue and focus on manufacturing bike that are lightweight. Thus, such factors are expected to inhibit market growth during the forecast period.
Key Market Customer Landscape
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ACPS Automotive GmbH - The company focuses on developing, manufacturing, and selling safe trailers, carrier systems, and towbars for passenger cars, SUVs, and vans.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the bike car rack segment will be significant during the forecast period. The rising number of consumers indulging in biking and cross-country road trips is expected to increase the demand during the forecast period.
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The bike car rack segment was valued at USD 1,211.48 million in 2017 and continued to grow until 2021. Owing to a rise in travel interest among consumers there will be a rise in bike sales. The rising sales of bikes positively impact the global market. Furthermore, consumers are participating in cycling as an adventure or leisure activity in the domestic markets, creating the need for carrying these bikes to biking trails or the countryside. Additionally, the popularity of bikes in countries like the US is increasing as a mode of transport. Therefore, these factors will increase the demand for the segment and positively boost the global market during the forecast period.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Various initiatives in the sector provide a favorable platform for the key leading companies in the region to increase product awareness and sales. For instance, car racing events such as F4 US Championship (2019) and Radical Cup Championship (2020) would trigger the demand during the forecast period. additionally, the US and Canada have a mature market for skiing in the region which will also boost the regional market during the forecast period.
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the market growth and trends opportunities from 2017 to 2027.
The market is expanding as more consumers seek ways to maximize baggage space while engaging in leisure activities. Compact SUVs, popular for both urban and outdoor adventures, are driving demand for car racks suitable for various needs, including automobiles for off-roading.
Accessories like the Lucid Air Crossbars and aluminum roof storage systems are gaining popularity for their durability and convenience. These accessories cater to a growing market of outdoor enthusiasts and travelers looking to enhance their vehicle's functionality without compromising on style or performance. As the demand for versatile and efficient storage solutions continues to grow, the market is expected to see steady growth in the coming years.
Car Rack Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.72% |
Market growth 2023-2027 |
USD 1,744.71 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.16 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 36% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ACPS Automotive GmbH, 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, Thule Group AB, TOWER POPULAR Ind Co. Ltd., Tradesman Roof Racks, and Yakima Products Inc. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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