The Car Rack Market is estimated to be valued at US$ 1335.34 Mn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Car racks are used to mount equipment to the roof, rear, hitch, or trunk of a vehicle. The most commonly used car racks include roof racks, hitch racks, trunk racks and rear racks. Car racks enable transportation of luggage, bicycles, water sports equipment, skiing/snowboarding gear and other recreational items safely and securely. They help in expanding vehicle's cargo capacity.
Market key trends:
There has been significant rise in adventure tourism and outdoor recreational activities such as cycling, skiing, snowboarding, hiking, kayaking etc. in past few years. This has driven the demand for car racks as people require transportation of their recreational gear such as bicycles, water sports equipment, skis etc. securely. Increasing health awareness and work-life balance has encouraged participation in such outdoor activities. The trend is expected to continue driving demand for car racks during the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements however established brands have significant competitive advantages in terms of brand recognition and economies of scale.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute and differentiation in products. However, specialty and premium products offer less bargaining power to buyers.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute material and accessibility of raw material. Dependence of suppliers on manufacturers is also moderate.
Threat of new substitutes: Moderate threat as products from aftermarket and local brands offer similar utility at competitive prices.
Competitive rivalry: High as major players compete on the basis of product innovation, quality and brand positioning.
SWOT Analysis
Strengths: Established brands with global presence, wide product portfolio, focus on technology and innovation.
Weaknesses: High dependence on few regions for growth, increasing raw material costs, intense competition from local brands.
Opportunities: Growth in outdoor leisure industry, rising trend of active lifestyle, expansion in untapped regions especially Asia Pacific and Latin America.
Threats: Trade wars and geopolitical issues, slowing economies, shift towards shared mobility poses threat to individual vehicle sales.
Key Takeaways
The global Car Rack Market Size Growth is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing consumer preference for outdoor recreational activities and adventure tourism. The market was valued at US$ 1335.34 Mn in 2023 and is projected to reach US$ 1962.23 Mn by 2030.
North America dominated the global market in 2023 with market value of US$ 546.21 Mn owing to high percentage of premium and luxury vehicles and greater focus on active lifestyles in countries like United States and Canada. Asia Pacific is anticipated to be the fastest growing region expanding at CAGR of 6.3% during the forecast period driven by increasing consumer spending on leisure activities in China, India and Southeast Asian countries.
Key players operating in the car rack market are 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. Major players are engaging in new product launches and focus on lightweight and durable materials to gain competitive advantage.
Read More,
https://www.newsstatix.com/car-rack-market-trends-size-and-share-analysis/
Comments
0 comment