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Allied Market Research

Car Rack Market by Type (Rail raised, Gutter, Roof mount, and Others), by Material (Aluminum alloy, Composite Plastics, and Others), and Vehicle Type (Passenger Car and Commercial Car): Global Opportunity Analysis and Industry Forecast, 2020–2027

A08909
Pages: NA
Dec 2020 | 20 Views
 
Author(s) : NA
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Charts: NA
 

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Car Rack Market Outlook - 2027

The increasing adoption of compact vehicle in travel and tourism industry fueled the demand for car rack market. The car rack is a rack fitted on the roof of the motor car to carry luggage, bicycles, and other carriers. The car rack allows the user to transport the luggage without compromising on interior space for occupants. The components of car rack consist of towers, fitting pieces, crossbars, and gear mounts. Moreover, depending on the usage, strength of the luggage, and type of car, the car racks are available in different sizes and materials. Besides, car racks do not compromise on safety of passengers. 

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

  Value (USD)

  Segments covered

  Type, Material, Vehicle type

  Regions covered

North America (the U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and The Middle East and Africa

  Companies covered

Thule Group AB, Yakima Products Inc., Cruzber SA, Allen Sports, Rhino-Rack USA LLC, Magna International, Inc., VDL Hapro, MINTH Group Limited, Atera GmbH, BOSAL

 

COVID-19 scenario analysis: 

  • The outbreak of coronavirus could be the most significant event to impact economies in near future. 
  • Besides, the impact of the novel coronavirus on major manufacturing regions have disrupted the entire supply chain from the sourcing of raw materials to the production of finished products and everything in between.
  • To mitigate the risk associated with disruption of supply chain the automotive manufacturers have started diversifying supply chains geographically. 
  • Additionally, in the work environment of maintaining minimum inventory, the manufacturers who had accumulated inventory has gained importance. 
  • Moreover, all these factors have impacted the car rack market globally. 

Top impacting factors: market scenario analysis, trends, drivers and impact analysis

Rise in disposable income and changing lifestyle have increased the sales and production of passenger car, which in turn, is propelling the market of car rack market. Additionally, increasing number of tourists around the world is fueling the market of car rack. Besides, growing demand for compact vehicle is further proliferating the demand for car rack. However, decrease in fuel efficiency due to added weight of car rack is restraining the market growth. Furthermore, quality enhancements and innovations are anticipated to drive the market growth. 

The Car Rack market trends are as follows:

Roof box to foster the market

Roof box is used to free up interior space in vehicle. Roof box are large boxes attached on the top of the car. Moreover, the roof box provide security to the luggage carried. Besides, the roof box provides weather proof storage to the luggage. The primary advantage of roof rack is easy attachment and removal. Additionally, the roof box has smart features like separate locking and opening functions. In 2018, Thule group unveiled the Thule Vector and Thule Force XT cargo boxes at Automechanika. 

Acquisition to foster market growth

The demand from consumer is increasing in recent years. To fulfil the demand of consumers, the manufacturers have started plotting strategies to survive in the market. Moreover, the trend of acquisition has gained significant momentum in car rack market. In 2018, Thule group acquired Tepui outdoors, one of the leading roof top tent makers for $9.5 million. The acquisition was aimed to enhance Thule group’s portfolio of products focused on active lifestyle. Besides, in 2019, Thule Group Acquires Fly Fishing Rod Vault Maker Denver Outfitters to attract consumer with an interest in fly fishing. 

Key segments covered:

Segments

Sub-segments

  Type

  • Rail raised
  • Gutter
  • Roof mount
  • Others

  Material

  • Aluminum alloy
  • Composite plastics
  • Others

  Vehicle type

  • Passenger car
  • Commercial car

 

Key benefits of the report:

  • This study presents the analytical depiction of the car rack industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed car rack market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the car rack market research report:

  • What are the leading market players active in the car rack market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

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We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

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