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
- ACPS Automotive
- Malone Auto Racks
- Kuat Car Racks
- Carmate Manufacturing Co. Ltd
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Global Car Rack Market: Research Scope
Global Car Rack Market, by Vehicle Type
- 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
- Nordic Region
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- 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.
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
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
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?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.