New York, United States, Feb. 14, 2024 (GLOBE NEWSWIRE) -- A car rack is a vehicle stand or carrier mounted over the car's roof to increase luggage capacity. It consists of a mount, numerous rails, and pillars that distribute the weight of the luggage and support the rack frame, protecting the roof from damage. The racks are frequently constructed from steel, aluminum alloy, composite plastic, and other lightweight materials. Luggage or other items are put on the rack to give passengers as much room as possible and enhance their comfort while traveling. The modern variations offer greater flexibility, less maintenance, and convenience by allowing attachment and detachment via hooks and joints. Traditionally, they were fixedly mounted to the tops of vehicles.
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Greater Passion for Travel and Leisure Pursuits Drives the Global Market
According to Straits Research, “The global car rack market size was valued at USD 1,290.7 million in 2022. It is expected to reach USD 2,100.4 million by 2031, growing at a CAGR of 5.56% during the forecast period (2023–2031).” As young people's desire to visit distant places has grown, the tourism industry, especially adventure tourism, has seen a rapid rise in popularity. Adventure tourism includes a variety of air, water, and land activities like mountaineering, trekking, hiking, scuba diving, canyoneering, sandboarding, paragliding, river rafting, and others. These activities require that people carry additional gear for safety, necessitating the adoption and installation of luggage racks on their cars and other vehicles, depending on the weight and type of equipment they intend to carry for a specific activity. Camping is another well-liked tourist destination that provides people with a much-needed break from the monotony of city life. As camping areas have been built in several locations, more tourists are attracted to the region. Camping and other similar activities require the transportation of heavy equipment, which needs space to be carried. People prefer mounting them on car racks to save cabin space for maximum comfort. As a result, it is anticipated that rising tourism will drive up demand for car racks during the forecast period.
Need to Accommodate More Luggage Creates Tremendous Opportunities
Striking a balance between work and life is becoming more and more difficult in the modern world. The initiatives taken by modern startups to make their employees feel at home include regular adventure trips like camping, cycling, trekking, and other outdoor activities. Families and individuals have traveled with more luggage for vacations and weekend trips over the years. How many accessories people require for their luggage on an adventure trip is also related to this. The owners need to modify the car by installing a roof rack to fit more luggage. Nowadays, people play sports that require more complex equipment than just a football or tennis racquet, pack more luggage, and travel more. Even a few mountain bikes carried on a rack can be blamed for the rising demand for car racks. Each of these situations demands more luggage room than a typical boot space. Along with the introduction of new MUV models that bridge the gap between regular cars and SUVs, it is anticipated that the use of car racks will increase. The market under study is also expected to benefit significantly from introducing new car racks made from materials with a high strength-to-weight ratio, such as carbon fiber.
Regional Analysis
North America is the most significant revenue contributor and is anticipated to grow at a CAGR of 5.58% during the forecast period. In 2020, 86.13% of all tourism in the country was predicted to be leisure travel, highlighting the vast potential for installing premium roof racks on cars. The growing trend of buying motorhomes outright or converting camper vans into motorhomes by adding additional luggage racks to the roof is also expected to impact the market significantly. For instance, 40,800 motorhome units were imported wholesale into the United States in 2020. Due to the presence of well-known roof racks producers like Yakima, Allen Group, and Saris Group, among a few other companies, in the country, the use of roof racks is anticipated to rise during the forecast period. Based on the information presented above, the market for car racks in the United States is predicted to grow at a healthy rate.
Europe is anticipated to grow at a CAGR of 5.19% during the forecast period. Several car rack manufacturers, including Signo AS and Atera crossbars, produce lockable aluminum roof bars to meet the nation's primary business needs for private passenger vehicles and commercial fleets. 2019 saw a massive increase in the popularity of campervans across the country. The number of new motorhomes registered in the country increased exponentially from 4,947 units in February 2020 to 10,943 units in July 2020, illustrating the market's enormous potential. Due to the factors above, it is anticipated that the German market for car racks will expand at a healthy rate during the forecast period.
Key Highlights
- Based on application type, the global car rack market is bifurcated into roof rack, roof box, bike car rack, ski rack, and watersport carrier. The roof rack segment is the highest contributor to the market and is expected to grow at a CAGR of 5.85% during the forecast period.
- North America is the most significant revenue contributor and is expected to grow at a CAGR of 5.58% during the forecast period.
Competitive Players
The global car rack market's major key players are Thule Group, Yakima Products Inc., ALLEN SPORTS, Rhino-Rack USA LLC, CRUZBER SA, ACPS Automotive GmbH, Malone Auto Racks, Küat Racks, Carmate Co. Ltd, and Saris.
Market News
- In January 2022, CRUZ served as the new sponsor for the following running of the GARMIN Andalucia Bike Race.
Global Car Rack Market: Segmentation
By Application Type
- Roof Rack
- Roof Box
- Bike Car Rack
- Ski Rack
- Watersport Carrier
By Regions
- North America
- Europe
- Asia-Pacific
- Rest of the World
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