Latest News- Car Rack Market: Bike car rack is expected to lead the Product segment during 2024-2028

The Car Rack Market is being driven by Increasing demand for smaller cars

The Car Rack Market is expected to grow at a CAGR of 6.98% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1936.1 million. In the global skiing industry, countries with snow-capped mountains are taking strategic initiatives to boost tourism and economic growth through skiing participation. Skiers invest not only in equipment but also in lodging and transportation, making it a significant contributor to the economy. Vail Resorts, a leading ski resort company in Colorado, is spearheading these efforts. Additionally, governments are introducing programs to promote skiing among the populace. For instance, Ski and Snowboard Australia (SSA) launched "Little Shredders," a program to teach children the fundamentals of snow sports without visiting the slopes, aiming to engage over 800,000 children and 5,500 schools, marking Australia's largest school-based program. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Bike car rack
  • Roof rack
  • Ski rack
  • Roof box
  • Water sports carrier
• Application
  • Passenger vehicle
  • Commercial vehicle
• Geography
  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
  • APAC
    • China
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand for smaller cars
• Increasing demand for adventure tourism
• Growing need for pedaling

However, the market also witnesses some limitations, which are as follows:

• Difficulties in installation
• Decreasing fuel efficiency
• Drawbacks of car racks

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Market Scope in Car Rack Market Research Report

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Research Analysis Overview

The car rack market has been significantly impacted by the economies' uncertainties caused by the Coronavirus pandemic. With travel restrictions and business uncertainties, the demand for car racks has seen a shift towards outdoor adventure activities, such as ski trips and mountain biking. This trend has led to an increase in the demand for durable and lightweight racks that can carry gear mounts like crossbars, fitting pieces, towers, and carriers for bicycles, skis, kayaks, and other equipment. Manufacturers have responded by introducing smart racks with adjustable fittings and theft protection features. These advanced features allow passengers to easily load and secure their gear while ensuring it remains safe during transportation. The use of high-quality materials and innovative designs have made car racks a must-have accessory for outdoor enthusiasts looking to make the most of their tourism activities despite the ongoing pandemic. As the world adjusts to the new normal, car racks have become an essential tool for those seeking to enjoy the great outdoors while adhering to traveling restrictions. With the flexibility and convenience they offer, car racks continue to be a popular choice for those looking to explore new adventures and create lasting memories.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers of automotive components and equipment. Key growth drivers in the automotive parts and equipment sector include the escalating demand for electronic components in automobiles, such as electronic control units (ECUs) and other electrical components, fueled by the increasing sales of EVs, motorcycles, and PCs over the past decade.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/