Car Rack Market Projected to Witness a Double-Digit CAGR During 2019-2027

Car Rack Market: Introduction

Car racks are attached to the roof and are designed to carry luggage or a bicycle while traveling. Car racks are employed to increase the luggage carrying capacity of the vehicle. Normally, a vehicle has a boot space, which is limited to certain weight; however, a car rack helps carry more luggage while travelling.
Luggage is placed on the car rack so that space inside the vehicle can be used more efficiently. The car rack consists of a rail, pillars, and mounts. The rail is used to distribute the load on the entire rack equally, while ensuring the roof does not get damaged, while the pillars provide support to the rack frame. The car rack is a very strong bar assembly structure, which can carry bulk loads including bicycles and goods without occupying space in the vehicle interior.

Key Drivers of Car Rack Market

Rise in vehicle production along with luggage carrying capacity across the globe is likely to propel the car rack market. Increase in demand for extra boot space and surge in interest for amusement and tourism would help to boost the car rack market across the globe. Increase in demand for vehicles from ride-hailing companies and travel and tourism companies and a rise in the demand for recreational travel among people is likely to boost the car rack market across the globe.
According to the US Travel Association, the number of domestic relaxation trips accounted for nearly 1820 million in 2018, and it is anticipated to reach over 2000 million during the forecast period. However, a rise in the demand for sport activities and road trips during holidays is anticipated to fuel the demand for roof rack. This is likely to boost the car rack market across the globe. Major automotive component manufacturers are developing stylish, stronger, and safer roof racks, which is projected to further propel the car rack market across the globe.

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North America & Asia Pacific to hold significant share of global Car Rack Market

North America is projected to account for a significant share of the global car rack market due to a rise in the demand for vehicles from the tourism sector. North America has presence of major car rack manufacturers who have major facilities that undertake research & development of car racks, which is likely to propel the car rack market in the region.
Followed by North America, Asia Pacific is projected to hold a major share of the global car rack market due to an increase in sale of vehicles across the region. Presence of major automotive parts manufacturing industries across China, India, and Japan is anticipated to boost the car rack market in Asia Pacific.

Key Players Operating in Car Rack Market

The global car rack market is expanding consistently, as a large number of players operate in the market. A few of the key players operating in the car rack market are:

Thule Group AB
Yakima Products Inc.
Cruzber SA
Robert Bosch GmbH
Rhino-Rack USA LLC
Saris
ACPS Automotive
Malone Auto Racks
Kuat Car Racks
Carmate Manufacturing Co. Ltd

Global Car Rack Market: Research Scope

Global Car Rack Market, by Vehicle Type

Hatchback
Sedan
Utility Vehicle

Global Car Rack Market, by Application Type

Roof Rack
Roof Box
Bike Car Rack
Watersport Carrier

Global Car Rack Market, by Region

North America

U.S.
Canada

Europe

Germany
France
U.K.
Italy
Spain
Nordic Region
Rest of Europe

Asia Pacific

China
Japan
India
ASEAN
Rest of Asia Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

GCC
South Africa
Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

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Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

Customer Experience Maps
Insights and Tools based on data-driven research
Actionable Results to meet all the business priorities
Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

North America
Asia Pacific
Europe
Latin America
The Middle East and Africa

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Below is a snapshot of these quadrants.

1. Customer Experience Map

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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?