NEW
YORK, July 1, 2024 /PRNewswire/ -- The global
car rack market size is estimated to grow by USD 1.93 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of over
6.98% during the forecast period.
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Key Factors Driving Growth
- Adventure Travel on the Rise: The increasing
popularity of skiing, kayaking, and mountain biking is propelling
the demand for car racks. People are opting for local adventures
due to the pandemic, leading to a surge for racks to transport
gear.
- Smaller Cars, Bigger Demand: With a growing
preference for smaller cars, people need car racks to carry sports
equipment and other bulky items.
- Innovation in Car Racks: Manufacturers are
introducing user-friendly and efficient car racks with features
like adjustable fittings, smart racks, and theft protection.
Market Challenges
- Installation Difficulties: Complex installation and
removal processes can be a deterrent for some customers.
Roof-mounted racks can also affect fuel efficiency and garage
clearance.
Market Segmentation
The car rack market is segmented by product type, application,
and geography.
- Product Types: Bike car racks, roof racks, ski racks,
roof boxes, and water sports carriers.
- Applications: Passenger vehicles and commercial
vehicles.
- Geography: North America, Europe, Asia
Pacific, Middle East and
Africa, and South America.
Technavio Report Highlights
- The report offers a detailed analysis of the car rack market,
including market size, trends, growth drivers, and challenges.
- It also provides a competitive landscape with insights into key
players.
- The report includes forecasts for the market from 2024 to 2028,
along with historical data from 2018 to 2022.
Learn and explore more about Technavio's in-depth research
reports
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meal vouchers and employee benefit solutions market is evolving
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strategies. As a Senior Research Analyst with over 7 years of
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Overall, the car rack market is poised for significant growth
in the coming years, fueled by the increasing popularity of outdoor
activities and the growing adoption of smaller cars.
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SOURCE Technavio