Car racks provide increased load-carrying capacity and convenience for transporting bulky items like bicycles, kayaks, skis, luggage and other cargo on vehicles. They allow safe, secure transport of equipment without compromising interior space. The growing popularity of outdoor recreational activities has boosted demand for car racks. The global Car Rack Market is estimated to be valued at US$ 1538.32 Bn in 2024 and is expected to exhibit a CAGR of 13.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing participation in leisure and outdoor recreational activities has significantly accelerated growth of the car rack market over the past decade. Car racks allow transportation of items needed for activities like cycling, skiing, camping, surfing etc. In the forecast period, this trend is expected to continue as more people take interest in spending their leisure time outdoors. Manufacturers are introducing innovative racks designed for safe carrying of specific equipment like paddle boards, bikes, ski gear boxes etc to capitalize on the growth opportunity. Product differentiation focusing on requirements of different outdoor sports will further aid market expansion.
Segment Analysis
The Global Car Rack Market Demand is dominated by roof rack sub segment. This is because roof racks are versatile storage solutions for car owners that allows them to easily mount and load luggage and other equipment on the roof of the vehicle. They are suitable for transporting a variety of items like kayaks, canoes, bicycles, skis, snowboards etc. that cannot be accommodated in the interior or trunk of the car. Roof racks are available in different styles like gutter mounted, raised rail, and tower type to suit varied vehicle models and requirements.
Key Takeaways
The global car rack market is expected to witness high growth over the forecast period of 2024 to 2031 supported by the increasing popularity of road trips and outdoor recreational activities.
Regional analysis- North America currently holds the largest share in the car rack market led by the high car ownership and presence of major automobile manufacturers in countries like United States and Canada. The trend of vehicle customization and outdoors lifestyle further drives the demand for car racks.
Key players operating in the car rack market are Thermo Fisher, Mindray, Hitachi, Siemens Healthineers, Toshiba, GE Healthcare, Philips, Shimadzu and Carestream. These players are focusing on new product launches and partnerships to strengthen their presence across various regions.
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