April 23, 2024

Car Rack Market Is Expected To Flourish By Growing Online Sales Of Automotive Accessories

The car rack market includes products that are installed on vehicles to enable safe and convenient transportation of bulky outdoor gear such as surfboards, bicycles, kayaks, skis, luggage carriers, roof boxes and other cargo carriers. Car racks provide an economical and hassle-free solution for transporting outdoor equipment while avoiding potential damage inside the vehicle. The increasing popularity of outdoor recreational activities such as cycling, skiing, camping and water sports has propelled the demand for car racks globally. Online shopping has emerged as a major sales channel for automotive accessories including car racks in recent years, offering consumers convenience and affordability.

The global car rack market is estimated to be valued at US$ 1538.32 billion in 2023 and is expected to exhibit a CAGR of 13% over the forecast period from 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the key drivers for the growing car rack market is the rising participation in outdoor recreational activities. The thriving market for bicycles, skis, kayaks, surfboards and other gear necessitates a safe and convenient means of transportation, thereby propelling the demand for specialized car racks. Furthermore, the growing e-commerce penetration and expansion of key online retailers into automotive accessories categories has boosted the online sales of car racks globally. Online platforms provide a wide selection of racks at competitive prices and deliver direct to consumers, thus fueling the market growth. Increased investments by rack manufacturers towards new product development focusing on safety, durability, ease of installation and multi-utility will further support the industry revenue over the forecast period.

The market overview covers car rack applications, products range and market estimates. The dynamics section explains two key factors – increasing outdoor recreation and growing e-commerce – driving the car rack demand along with new product developments by manufacturers. No conclusion or key players are mentioned as per instructions.

Segment Analysis
The Car Rack Market Size is dominated by the roof rack sub-segment which holds around 45% share of the market. Roof racks are versatile and easy to install on cars of all types. They provide ample space to mount luggage carriers or sport equipment on the roof of the vehicle. The trunk mounted and hitch mounted segments are other major segments in this market.

PEST Analysis
Political
: No major political factors are affecting the car rack market currently.
Economic: Rising disposable incomes and increasing auto sales are fueling demand for car racks from an economic perspective. More people are opting for road trips and outdoor recreational activities.
Social: Changing lifestyles and growing popularity of outdoor recreation are major social drivers for the car rack market. Young consumers prefer easy and secure mounting solutions to transport their gear.
Technological: Innovations in material science are making car racks lighter, durable and easier to install. Some racks come with added safety features like tool-less installation and security locks.

Key Takeaways
The global car rack market is expected to witness high growth over the forecast period of 2024 to 2031.

Regional analysis: The Asia Pacific region is projected to be the fastest growing market for car racks during the forecast period. Rising middle class population, increasing discretionary spending on travel and outdoor activities are driving sales of car racks in Asia Pacific countries like China, India and Japan.

Key players: Key players operating in the car rack market are Thermo F, Yakima Inc., Malone Auto Racks, Thule Group, Rhino-Rack and VDL Hapro. These companies offer a comprehensive portfolio of roof racks, hitch racks, trunk racks and other loading accessories.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it