According to Technavio’s latest market research study, the global car rack market is expected to grow at a CAGR of more than 6% during the forecast period, 2017-2021.
This report by Technavio provides an in-depth analysis of the global car rack market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the product type
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The top three revenue contributing product segments are discussed below:
Global bike car rack market: The growth of the global bike car rack market is driven by the sales of passenger cars, which is currently experiencing an upsurge. A rise in preference for engaging in leisure activities, spurred by rising disposable incomes, is also a key driver for the adoption of bike racks for cars across the globe. The sales of bikes also positively impact the bike car rack market.
“The hitch-mounted rack segment dominates the bike car rack market followed by trunk-mounted rack segment and roof-mounted rack segment. The demand for hitch-mounted bike car racks is increasing among consumers due to continuous innovation in design and specifications. Leading vendors in the market are investing in R&D to develop better designs for hitch-mounted bike car racks,” says Abhay Sinha, a lead analyst at Technavio.
Global roof rack market: Roof racks are used to increase the cargo capacity in small cars. They can be used to transport a wide variety of things, from general luggage to specific sports gear. According to Technavio’s market research analysts, the global roof rack market is projected to benefit from the increasing preference for small cars among consumers. Vendors in the market are currently focusing on the development of introducing new car racks to ensure maximum compatibility and safety in compliance with the new models of passenger cars being launched in the market.
Global ski rack market: The growth of the global ski rack market is driven by the increasing popularity of skiing as a sport and leisure activity. The rise in demand for skiing and the addition of new destinations is anticipated to reflect positively on the demand for skiing equipment, subsequently leading to the growth of the global ski rack market.
The top vendors operating in the global car rack market are:
- Allen Sports
- Thule
- Yakima Products
Other prominent vendors in the market include Atera, CARMATE, CRUZBER, HandiWorld, Hapro, JAC Products, KAMEI, Küat, Malone Auto Racks, Mont Blanc, Pendle Engineering, and Rhino-Rack.
A more detailed analysis is available in the Technavio report titled, ‘Global Car Rack Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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