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Global Car Rack Market 2020-2024 | Growing Demand for Small Cars to Boost Market Growth | Technavio

The car rack market is expected to grow by USD 1.60 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report

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Technavio has published a latest market research report titled Global Car Rack Market 2020-2024 (Graphic: Business Wire)

Hike in fuel prices has forced vendors to downsize vehicles since consumers are increasingly opting for smaller cars over premium cars as they are light, compact, and economic. However, one of the important features of a car is the trunk that helps consumers carry luggage. But, with the availability of limited space in small cars, consumers must rely on the car roofs to carry excess luggage. Car racks helps mitigate this problem by providing space on the exterior of a car. They provide increased capacity and allow consumers to carry a multitude of items with ease and safety. Therefore, limited space, along with the demand for small cars will increase the demand for car racks.

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As per Technavio, the rising popularity for recreational activities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Car Rack Market : Rising Popularity For Recreational Activities

Recreational activities and adventure trips involve the transportation of sports gear to the destination. This creates the need for add-on accessories to help carry the bulky gear as they require more space than a regular car has to offer. Car racks provide a steady and safe platform for transporting sports gear. Bike racks, ski carriers, and water sports racks are specially designed racks that serve this purpose and can be fixed onto or behind the cars. These racks give customers the option of carrying a number of items such as canoes, kayaks, skis, snowboards, and bikes. With the growing popularity of adventure sports, the market for car racks is expected to grow exponentially during the forecast period.

"Factors such as the rising investment in R&D, and the increasing initiatives to enhance participation in skiing will have a positive impact on the growth of the car rack market value during the forecast period," says a senior analyst at Technavio.

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Car Rack Market : Segmentation Analysis

This market research report segments the car rack market by product (bike car rack, roof rack, ski rack, roof box and water sports carrier) and geography (APAC, Europe, MEA, North America and South America).

The North American region led the car rack market in 2019, followed by Europe, APAC, MEA and South America. However, during the forecast period, the European region is expected to register the highest incremental growth due to factors such as the increasing demand from adventure enthusiasts, the presence of the largest market for car racks in Germany and growth in the adoption of snow sports.

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Some of the key topics covered in the report include:

Product segmentation

  • Bike car rack
  • Roof rack
  • Ski rack
  • Roof box
  • Water sports carrier

Geographic Segmentation

  • APAC
  • Europe
  • MEA
  • North America
  • South America

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200323005391/en/

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