LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global car rack market is expected to grow at a CAGR of more than 6%.
This research report titled ‘Global Car Rack Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
A car rack is a fixture with a set of bars mounted on the roof of a car. It acts as an anchor, which supports and securely holds many things, amplifying the luggage-carrying capacity of a car. The car racks are specialized to carry bikes, water sports equipment, skis, and boats. Though some vehicles come with factory-installed car racks as standard, others can be purchased in the aftermarket.
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Technavio’s analysts categorize the global car rack market into five major segments by product. They are:
- Roof rack
- Ski rack
- Roof box
- Water sport carrier
- Bike car rack
The top three product segments for the global car rack market are discussed below:
Global bike car rack market
Also, as economies recover from the effect of the global recession, the discretionary spending of consumers will increase, resulting in a rise in leisure activities. With the rising number of consumers indulging in biking and cross country road trips, the market is also expected to witness an increase in the demand for bike car racks.
According to Abhay Sinha, a lead research analyst from Technavio, “The sales of bikes also positively impact the bike car rack market. However, consumers are participating in cycling as an adventure or leisure activity in the domestic market, creating the need for carrying these bikes to biking trails or country sides.”
Global roof rack market
Roof racks are primarily used to boost the cargo capacity in small cars, which have gained prominence in the recent years. Roof racks have become more sophisticated, aerodynamic, and flexible over the period. They can be used to transport a wide variety of things, from general luggage to specific sports gear.
Global ski rack market
Skiing in gaining importance over the period. There are over 66 countries in the world that offer equipped outdoor ski areas covered with snow. Eastern Europe and China are the recent new additions to skiing destinations. Algeria, Cyprus, Greece, India, Iran, Israel, Lebanon, Lesotho, Morocco, New Zealand, Pakistan, South Africa, and Turkey are smaller destinations for skiing.
“APAC is expected to contribute to the spread and visits of skiing owing to the developments of skiing destinations in India and Pakistan. The Alps, which is the highest mountain range system in Europe, is the most visited ski destination globally. However, APAC, as well as Eastern European countries, are also expected to drive the market growth during the forecast period,” says Abhay.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Allen Sports
- Thule
- Yakima Products
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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