by The global Car Rack market is estimated to be valued at US$1,213.5 million in 2021 and is projected to reach a value of US$ (incorporate given market value for 2022) billion or million by 2022, with a CAGR of 4.9% over the forecast period of 2022-2030, according to a report published by Coherent Market Insights.
Market Overview:
Car racks are essential products that allow users to transport various outdoor equipment or luggage on their vehicles. They are widely used by outdoor enthusiasts, sports professionals, and families for activities such as camping, biking, skiing, and kayaking. Car racks provide convenience, safety, and additional storage space, making them highly advantageous for individuals who frequently engage in outdoor activities. The growing popularity of these activities, coupled with the increasing adoption of recreational vehicles and road trips, has significantly contributed to the demand for car racks.
Market Key Trends:
One key trend in the Car Rack market is the rising preference for lightweight and aerodynamic designs. Manufacturers are increasingly focusing on developing car racks that minimize drag and improve fuel efficiency. These lightweight racks not only reduce the overall load on the vehicle but also enhance the driving experience by improving stability and reducing wind noise. The demand for such innovative designs is driven by the growing awareness among consumers regarding the importance of eco-friendly and fuel-efficient solutions.
Porter’s Analysis
The car rack market is expected to witness high growth, exhibiting a CAGR of 4.9% over the forecast period from 2022 to 2030. This growth can be attributed to increasing demand for car racks due to various factors such as the rising popularity of outdoor activities like camping, cycling, and adventure sports, as well as the growing trend of families going on road trips and vacations.
Threat of new entrants: The threat of new entrants in the car rack market is relatively low. This is mainly due to the dominance of established players who have a strong brand presence and customer loyalty. Additionally, the high initial investment required to set up manufacturing facilities and distribution networks acts as a barrier to entry for new players.
Bargaining power of buyers: The bargaining power of buyers in the car rack market is moderate. While buyers have several options to choose from, the presence of established players with a wide range of products and competitive pricing limits the power of individual buyers to negotiate prices.
Bargaining power of suppliers: The bargaining power of suppliers in the car rack market is relatively low. This is because there are multiple suppliers of raw materials and components required for manufacturing car racks. Moreover, the presence of established players allows for better negotiation power and access to a wide network of suppliers.
Threat of new substitutes: The threat of new substitutes in the car rack market is low. Car racks are essential for transporting bicycles, camping gear, and other outdoor equipment, and there are limited alternatives that provide the same convenience and versatility.
Competitive rivalry: The competitive rivalry in the car rack market is high. The market is dominated by key players such as Saris, Thule Group, Car Mate Mfg. Co. Ltd., Yakima Products Inc., and Kuat Car Racks. These players compete on factors such as product quality, innovation, pricing, and distribution channels.
Key Takeaways
The global Car Rack Market Trend is expected to witness strong growth over the forecast period, driven by factors such as the increasing popularity of outdoor activities and the growing trend of road trips and vacations. North America is anticipated to be the fastest-growing and dominating region in the market, with a high adoption rate of car racks due to the region’s affinity for outdoor recreational activities.
Key players operating in the car rack market include Saris, Thule Group, Car Mate Mfg. Co. Ltd., Yakima Products Inc., Kuat Car Racks, Allen Sports, Malone Auto Racks, Rhino Rack USA LLC, ACPS Automotive, and Cruzber SA. These companies are focused on product innovation, expanding their distribution networks, and strategic partnerships to maintain their market position and gain a competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
