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The car rack market size is forecast to increase by USD 1.94 billion, at a CAGR of 6.98% between 2024 and 2028. Market expansion hinges on diverse factors, notably the surge in demand for compact vehicles, rising interest in adventure tourism, and an escalating necessity for cycling. The trend towards smaller cars reflects evolving consumer preferences, driven by factors like urban congestion and environmental consciousness. Simultaneously, the burgeoning appeal of adventure tourism signifies a shift in recreational preferences towards more immersive and experiential activities. This trend is propelled by a desire for unique experiences, coupled with a growing appreciation for nature and outdoor pursuits. Additionally, the growing need for pedaling underscores a broader societal shift towards sustainable transportation options and a heightened awareness of personal health and wellness. These converging factors create fertile ground for market expansion, offering opportunities for innovation and adaptation to meet evolving consumer demands and preferences. The report provides market size, historical data spanning from 2018-2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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In the market, car roof rack businesses adapt with contingency plans amidst business uncertainties spurred by factors like Coronavirus and fluctuating economies. Despite challenges, the market thrives on the enduring attraction for leisure activities, driving demand for versatile car racks capable of transporting gear such as kayaks and skis. Products like carriers, towers, and crossbars offer practical solutions for passengers seeking adventure. As outdoor pursuits gain popularity, the demand for gear mounts and high-quality materials remains strong, reflecting a resilient market poised to meet the evolving needs of leisure enthusiasts.
Increasing demand for smaller cars is the key factor driving the market. Car manufacturers' introduction of compact cars with limited boot capacity has resulted in the popularity of roof-mounted cargo systems and accessories. These include roof-mounted cargo crossbars, which enable the use of roof-mounted kayak racks, carriers, and storage solutions.
Similarly, hitch-mounted systems offer kayak transport, storage, and carrier options. In the winter season, hitch-mounted ski racks, carriers, and storage solutions become essential. Both roof-mounted and hitch-mounted systems provide increased capacity, allowing for the safe and easy transportation of various items, such as kayaks and skis.
Increasing initiatives to enhance participation in skiing is the primary trend shaping the market. The skiing and snowboarding industry generates significant economic revenue for countries with snow-capped mountains. In 2018, Colorado's economy benefited from over USD 5.5 billion due to skiing-related expenditures, including equipment purchases, lodging, and transportation. Vail Resorts and governments collaborate to boost participation in the sport.
Meanwhile, in the realm of outdoor recreation, the market for car racks is thriving. Roof-mounted cargo systems and accessories, such as crossbars, cater to skis and kayaks. Alternatively, hitch-mounted racks, carriers, and storage solutions facilitate kayak and ski transport. Both roof-mounted and hitch-mounted systems offer essential accessories to ensure secure and efficient transportation.
Difficulties in installation is the major challenge that affects the market growth. The car rack market encompasses roof-mounted cargo systems and accessories, including crossbars, as well as hitch-mounted options for transporting kayaks and skis. Roof-mounted kayak racks, carriers, and storage solutions, as well as their ski counterparts, offer convenience and efficiency.
However, installation and removal can be laborious and may potentially harm a vehicle's frame or paint job. New innovations focus on user-friendly designs that minimize damage and are both reliable and aerodynamic. Key products include roof-mounted and hitch-mounted kayak racks, carriers, and storage solutions, as well as their ski counterparts, along with associated accessories and systems.
The market forecasting 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 market trends and analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
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 market caters to car racks capable of accommodating two and three bikes, specifically with the brand names fix4bike being provided
The market research and growth 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 evolves to meet the diverse needs of the millennial generation and beyond, prioritizing quality despite pricing difficulties and challenges like rust and corrosion. With a focus on durability and functionality, roof rack businesses innovate with lightweight, rust-resistant materials for various roof rack types suited for compact SUVs and off-roading adventures. Collaborations through joint ventures drive capacity expansions to cater to the growing demand for leisure vehicles and motorhomes, meeting the preferences of young people seeking eco-friendly commuting solutions.
The bike car rack segment is estimated to witness significant growth during the forecast period. The global market for roof-mounted and hitch-mounted systems and their corresponding accessories, including bike roof racks, cargo roof racks for kayaks and skis, roof rack systems, roof rack storage, and roof rack transport solutions, is experiencing growth due to the increasing popularity of biking as a leisure activity and the rising sales of bikes. In domestic markets, consumers are seeking methods to transport their bikes to biking trails and the countryside, leading to demand for roof-mounted bike racks and hitch-mounted bike carriers.
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The bike car rack segment was the largest segment and was valued at USD 1.24 billion in 2018. Additionally, the use of bikes as a mode of transport in the US is increasing, driving the need for hitch-mounted bike racks, hitch-mounted bike carriers, and hitch-mounted bike storage solutions. Overall, the market for roof rack mounts, roof rack crossbars, hitch bike racks, hitch cargo carriers, and hitch cargo racks is expanding to accommodate the growing demand for transport and storage solutions for various types of cargo.
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Europe 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. The Car Rack Market in the region is anticipated to experience a deceleration during the forecast period due to economic stagnation and decreased discretionary spending on vehicle accessories. This trend is particularly noticeable in the demand for Roof-mounted systems and their accessories, including Bike roof racks, Cargo roof racks, Kayak roof racks, and Ski roof racks. Roof rack systems and their accessories, such as Roof rack storage, transport, mount, crossbars, and bike-specific racks, are also affected. In contrast, Hitch-mounted systems, including Hitch bike racks, Hitch cargo carriers, and Hitch cargo racks, may experience some resilience due to their versatility in transporting various types of cargo.
However, the overall market growth is expected to be influenced by external factors like weather conditions and the number of outdoor enthusiasts. Despite these challenges, industry initiatives aim to boost product awareness and sales for key vendors in the Car Rack Market. This includes Roof-mounted bike racks, bike carriers, bike storage solutions, and Roof-mounted cargo racks, cargo carriers, cargo storage, and cargo transport solutions. Hitch-mounted bike racks, bike carriers, bike storage, and Hitch-mounted cargo carriers, cargo racks, cargo storage, and cargo transport solutions are also part of this market landscape.
The market analysis and report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market flourishes amidst rising popularity in outdoor recreational activities and adventure sports, driving demand for car roof rack businesses. With traveling restrictions easing, outdoor adventure activities like mountain biking and ski trips are on the rise, necessitating durable and adjustable fittings for roof rack types. Millennials seek eco-friendly mobility options, favoring electric bikes and scooters for leisure trips. The market caters to diverse needs, from camping and hiking to snowboarding, offering smart racks with theft protection features. As urbanization leads to limited living spaces, roof boot mounted racks provide safe and weatherproof storage, catering to private vehicles and daily commuters alike.
Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.98% |
Market Growth 2024-2028 |
USD 1.94 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.4 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
Europe at 36% |
Key countries |
US, Germany, UK, Canada, and China |
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 LLC, Malone Auto Racks, Mont Blanc Group AB, Perrycraft Inc., Rhino Rack Pty Ltd., Saris Cycling Group Inc., Thule Sweden AB, TOWER POPULAR Ind Co. Ltd., Tradesman Roof Racks, and Yakima Products Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our market forecast 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.
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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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