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

The crowdfunding market continues to expand, driven by diverse platforms and increasing investor interest. Simultaneously, the meal vouchers and employee benefit solutions market is evolving with innovative digital offerings and enhanced employee engagement strategies. As a Senior Research Analyst with over 7 years of experience, I specialize in conducting thorough market research, competitive analysis, and financial modeling in these dynamic sectors. My expertise includes market analysis, data interpretation, strategic advisory, and mentoring junior analysts, ensuring comprehensive insights and informed decision-making

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