10 worlds’ biggest Car Rack companies | Global Growth Insights

Introduction

The car rack industry is an essential segment of the automotive accessories market, catering to consumers' growing need for additional storage space during travel, outdoor adventures, and everyday commutes. This industry has seen significant growth over the years, driven by the increasing popularity of outdoor activities, rising demand for versatile vehicle accessories, and the surge in road trips as a favored mode of travel.

Car racks, ranging from roof racks to hitch-mounted bike carriers, have become indispensable for those who need to transport bulky or oversized items such as bicycles, kayaks, skis, and luggage. This blog delves into the evolution of the car rack market, current trends, and a detailed analysis of the key players in the industry. We'll explore their recent performance, growth trajectories, and their contributions to the market.

Car Rack Market was valued at USD 6,344.31 million in 2023 and is expected to reach USD 6,770.01 million in 2024. The US Market is anticipated to grow steadily, reaching USD 7,709.04 million by 2032, with a CAGR of 6.71% during the forecast period from 2024 to 2032. This growth is fueled by increasing outdoor recreational activities, rising consumer demand for vehicle customization, and advancements in car rack designs, providing greater convenience and versatility for various transportation needs across the United States.

Global Growth Insights unveils the top global Car Rack Companies:

1. KAMEI GmbH & Co. KG

• Headquarters: Based in Wolfsburg, Germany, KAMEI GmbH & Co. KG has a longstanding reputation in the automotive accessory market, particularly for its innovative car rack solutions.
• Recent Performance: KAMEI has reported stable revenue growth over the past year, supported by its strong brand presence in Europe and expanding market share in other regions.
• CAGR: The company has achieved a steady Compound Annual Growth Rate (CAGR) of approximately 4% over the past five years, reflecting its consistent market performance and product innovation.
• Product Innovation: KAMEI is known for its high-quality, aerodynamic roof boxes and racks that emphasize safety and ease of use. Their commitment to continuous innovation has kept them competitive in a rapidly evolving market.

2. Bosal Nederland BV

• Headquarters: Operating out of Vianen, Netherlands, Bosal Nederland BV is a key player in the automotive industry, with a significant focus on car racks and towing systems.
• Recent Performance: The company reported a slight increase in revenue in the last fiscal year, driven by a rise in demand for durable and versatile car racks.
• CAGR: Bosal has seen a moderate CAGR of around 3.5%, supported by strategic expansions and product line diversifications.
• Global Reach: Bosal's extensive distribution network across Europe and North America has allowed it to maintain a strong market position, particularly in providing OEM and aftermarket car racks.

3. Magna International Inc.

• Headquarters: With its headquarters in Aurora, Ontario, Canada, Magna International Inc. is a diversified global automotive supplier, and its car rack division is a crucial part of its product portfolio.
• Recent Performance: Magna's car rack division contributed to the company’s overall revenue growth, which saw a significant uptick last year due to increased demand for vehicle accessories.
• CAGR: The company boasts a robust CAGR of 5.2%, reflecting its aggressive expansion strategies and investments in R&D.
• Innovation and Expansion: Magna is recognized for its cutting-edge technology in vehicle systems, including innovative car racks that integrate seamlessly with modern vehicle designs.

4. Cruzber SA

• Headquarters: Cruzber SA, headquartered in Córdoba, Spain, is a leading manufacturer of car racks and roof bars, particularly known in the European market.
• Recent Performance: The company has experienced steady revenue growth, with a strong presence in both the domestic and international markets.
• CAGR: Cruzber has maintained a CAGR of 4.5%, driven by its focus on quality manufacturing and customer-oriented solutions.
• Market Penetration: Cruzber’s products are well-regarded for their durability and functionality, making them a preferred choice for outdoor enthusiasts and professional users alike.

5. Thule Group AB

• Headquarters: Based in Malmö, Sweden, Thule Group AB is arguably the most recognized brand in the car rack industry worldwide.
• Recent Performance: Thule reported strong revenue growth in the past year, bolstered by increased sales in North America and Europe.
• CAGR: The company has seen a CAGR of approximately 6%, making it one of the fastest-growing companies in the sector.
• Brand Leadership: Thule’s brand is synonymous with high-quality car racks and outdoor products, and its strong emphasis on innovation and design keeps it at the forefront of the industry.

6. Rhino-Rack USA LLC

• Headquarters: Headquartered in Denver, Colorado, USA, Rhino-Rack is a prominent name in the North American car rack market.
• Recent Performance: The company saw a surge in revenue last year, driven by growing consumer interest in outdoor activities and off-road adventures.
• CAGR: Rhino-Rack has achieved a CAGR of 5.7%, reflecting its successful market strategies and product innovation.
• Market Niche: Rhino-Rack specializes in rugged, high-performance car racks designed for off-road use, which has helped it carve out a strong niche in the market.

7. ACPS Automotive GmbH

• Headquarters: Based in Ingersheim, Germany, ACPS Automotive GmbH is a key player in the European automotive accessories market, particularly in tow bars and car racks.
• Recent Performance: The company has maintained steady revenue, supported by its strong relationships with OEMs and aftermarket customers.
• CAGR: ACPS Automotive has recorded a CAGR of 4.1%, driven by consistent demand for its high-quality, durable products.
• Strategic Partnerships: The company's close collaborations with automotive manufacturers have allowed it to stay ahead in product innovation and market relevance.

8. Allen Sports

• Headquarters: Allen Sports, headquartered in Portsmouth, New Hampshire, USA, is a well-known brand in the bicycle rack market.
• Recent Performance: The company experienced a notable increase in revenue last year, primarily due to a rise in cycling as a popular activity during the pandemic.
• CAGR: Allen Sports has enjoyed a strong CAGR of 6.3%, underscoring its market leadership in the bike rack segment.
• Product Focus: The company’s focus on easy-to-use, affordable bike racks has made it a favorite among consumers, contributing to its robust market position.

9. Atera GmbH

• Headquarters: Atera GmbH, headquartered in Leutkirch, Germany, is a premium manufacturer of car racks and related accessories.
• Recent Performance: Atera reported a stable financial performance, with slight revenue growth driven by demand for high-end car racks.
• CAGR: The company has achieved a CAGR of 3.8%, reflecting its steady growth in the European market.
• Product Quality: Atera is known for its precision engineering and high-quality products, which have earned it a loyal customer base.

10. Yakima Products Inc.

• Headquarters: Based in Lake Oswego, Oregon, USA, Yakima Products Inc. is a leading manufacturer of car racks, with a strong presence in North America and beyond.
• Recent Performance: Yakima saw robust revenue growth in the past year, driven by the increasing popularity of outdoor activities.
• CAGR: The company has maintained a CAGR of 5.5%, fueled by its innovative products and strong market presence.
• Outdoor Lifestyle Integration: Yakima’s products are closely aligned with the outdoor lifestyle, making it a top choice for adventurers and weekend warriors.

Conclusion: The Future of the Car Rack Industry

In conclusion, the car rack industry continues to evolve, driven by technological advancements, changing consumer preferences, and the growing popularity of outdoor and adventure activities. The companies discussed in this blog are leading the way in innovation, quality, and market penetration, each contributing uniquely to the industry’s growth.

As the demand for versatile, durable, and easy-to-use car racks increases, these companies are well-positioned to capitalize on new opportunities. Whether through strategic partnerships, product diversification, or expanding into emerging markets, the future looks promising for the car rack industry. The anticipated growth in the global automotive accessories market, particularly in regions like North America, Europe, and Asia, will likely spur further innovation and competition, ultimately benefiting consumers.

The market’s future will also be shaped by sustainability trends, as consumers and manufacturers alike push for environmentally friendly products and practices. Companies that can innovate in this area—by using sustainable materials or improving the aerodynamic efficiency of their products—are likely to see continued success.

In summary, the car rack industry is poised for continued growth, with key players like KAMEI GmbH & Co. KG, Bosal Nederland BV, Magna International Inc., and others leading the charge. Their commitment to innovation, quality, and meeting consumer demands will be critical as they navigate the challenges and opportunities that lie ahead.