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Car Rack Market - Growth, Trends, COVID -19 Impact, and Forecast (2022 - 2027)

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  • 84 Pages
  • August 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4534492
UP TO OFF until Sep 30th 2022
The car rack market was valued at USD 1213.47 million in 2021. It is projected to reach USD 1668.3 million by 2027, registering a CAGR of 5.46% during the forecast period (2022-2027).

With COVID-19 severely impacting the transport and mobility sector, the manufacturing and movement of automobiles came to a standstill. Consequently, the small or large companies in the car roof rack business suffered significantly. Post COVID-19, with the increasing demand for regular recreational activities and health benefits, the need for mountain biking and ski trips may increase, which may increase the demand for more car racks and rooftop mounts that are dependable, thus increasing the market value.

The demand for additional baggage space and the growing excitement for leisure activities and tourism are the primary reasons driving the market's growth. Quality (rust and corrosion in low-quality racks) and pricing difficulties (factors impacting the price, such as product expenses like building material/raw material, roof rack type, and brand) may limit the market's growth.

The introduction of more compact SUVs with greater practicality and increased vehicular capabilities and an increased number of highly capable automobiles for off-roading are driving the car rack market, as these factors will substantially improve the application of roof racks.

Key Market Trends

Roof Rack Segment is Expected to Grow at a Faster rate During the Forecast Period

The roof rack segment of the car rack market is expected to gain significance over the forecast period, owing to the increasing use of campers and off-road vehicles. With rising off-road vehicle users and SUV sales, the need for roof racks is expected to increase.

In 2021, SUVs accounted for about 45.9% of the total passenger car sales worldwide, growing by 4% from the previous year, indicating the high potential for off-road applications and increased use of roof racks for long-distance traveling purposes across the world. Also, an estimated 200 million SUVs were in operation in 2021, indicating the high potential for these vehicles and roof racks for traveling.

Several OEMs are also implementing various techniques for passenger comfort and roof rack utility in their models. For instance,
  • In July 2021, Dongfeng Yueda Kia Motors launched the Sportage Ace compact crossover SUV. With a minor change to the Sportage, the vehicle is available in five versions and measures 4,530 mm long, 1,850 mm wide, and 1,700 mm. It comes with a roof rack.
  • Ford Motor Company’s Transit commercial van models are expected to be released in 2022. They are equipped with LED-lit roof racks. Although roof racks are very desirable models for traveling and various utility purposes, the lack of proper protection from environmental factors restrains these objects to be mounted on top of vehicles.

North America is Likely to Dominate the Market

The car rack market in North America is expected to dominate the overall market during the forecast period. Some of the major factors driving the growth of the US market are the growing demand for vehicles from the tourism sector (car rental and taxi services), increasing demand for recreational vehicles (rising demand for recreational travels among consumers), and a large number of young people moving out to different cities in the United States for studies and work.

The share of leisure trips in the United States was valued at more than 86% of the total tourism in 2021, indicating the huge potential for quality roof racks to be mounted on vehicles. Bicycling and hiking have been voted as the third and fifth most popular outdoor activities preferred by Canadian citizens, which usually require standard car roof racks to mount various equipment and bicycles. This factor further increases the need for car rack equipment in the country.

Although there was a decline in the number of users due to the pandemic, the packaged holidays and vacation rentals segment of Canadian tourism observed a steep rise in the users in 2021, pointing toward an expected increase in the need for multipurpose vehicles equipped with car racks for traveling needs.

With the presence of renowned roof rack manufacturers like Yakima, Allen Group, and Saris Group in the country, the use of roof racks is expected to be the highest during the forecast period. Therefore, such factors are expected to boost the North American car rack market during the forecast period.

Competitive Landscape

The car rack market is moderately consolidated with several major and local players. Manufacturers are looking at different and innovative designs to be installed onto vehicles that consume less space and are more practical in design aspects. They are focusing on various growth strategies, such as product developments, partnerships, and collaborations, to strengthen their position in the market. For instance,
  • Thule added a second North American brand store with a new location in Canada. This new retail store will offer local Canadian customers a first-of-its-kind shopping experience by showcasing Thule’s product categories in one space. The new Thule Store Vancouver opened in December 2021.
Some of the major market players are Thule Group AB, Yakima Products Inc., Rhino-Rack USA LLC, Car Mate Mfg. Co. Ltd, and Cruzber.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.

Table of Contents

1.1 Study Assumptions
1.2 Scope of the Study
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5.1 By Application Type
5.1.1 Roof Rack
5.1.2 Roof Box
5.1.3 Bike Car Rack
5.1.4 Ski Rack
5.1.5 Watersport Carrier
5.2 By Geography
5.2.1 North America United States Canada Rest of North America
5.2.2 Europe Germany United Kingdom France Italy Rest of Europe
5.2.3 Asia-Pacific China India Japan Rest of Asia-Pacific
5.2.4 Rest of the World Brazil South Africa Other Countries
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Thule Group
6.2.2 Yakima Products Inc.
6.2.3 Allen Sports
6.2.4 Rhino-Rack USA LLC
6.2.5 Cruzber SA
6.2.6 ACPS Automotive GmbH
6.2.7 Malone Auto Racks
6.2.8 Kuat Car Racks
6.2.9 Car Mate Mfg Co. Ltd
6.2.10 Saris



Companies Mentioned

A selection of companies mentioned in this report includes:

  • Thule Group
  • Yakima Products Inc.
  • Allen Sports
  • Rhino-Rack USA LLC
  • Cruzber SA
  • ACPS Automotive GmbH
  • Malone Auto Racks
  • Kuat Car Racks
  • Car Mate Mfg Co. Ltd
  • Saris