VEHICLE CARGO BOX MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Vehicle Cargo Box Market Size and Trends

The global vehicle cargo box market is estimated to be valued at USD 2.58 Bn in 2024 and is expected to reach USD 4.17 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.1% from 2024 to 2031.

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There is a growing demand for vehicle cargo boxes globally. The increased demand is due to rising outdoor recreational activities, tourism, and travel, and shifting preference towards active cargo transportation rather than traditional luggage. Moreover, vehicle cargo boxes provide safety and security as compared to traditional strapping and fixing options for luggage and gear. They have gained popularity among customers looking for convenient, safe, and modular storage solutions for their vehicles. Major players operating in the market are focusing on new product launches and strategic partnerships to cater to the rising demand.

Increasing Demand of Outdoor Activities

With changing lifestyle and increasing trend of outdoor recreational activities, the demand for vehicle cargo boxes is growing steadily. More and more people prefer to spend their leisure time engaging in activities like camping, cycling, surfing, hiking, fishing, and other adventurous sports. As these activities require carrying extra gear like tents, sleeping bags, air mattresses, coolers, fishing rods, and other equipment, vehicle cargo box provides a convenient solution to transport all of it safely and securely without occupying much space inside the vehicle. Whether someone is going for a weekend family camping or a friends' cycling trip, vehicle cargo box allows hassle-free mobility while participating in favourite outdoor hobbies.

For instance, according to the Outdoor Industry Association (OIA), the outdoor recreation participant base grew 2.3 percent in 2022 to a record 168.1 million participants or 55 percent of the U.S. population ages six and older. 80% of outdoor activity categories experienced participation growth in 2022 including large categories like camping and fishing, and smaller categories like sport climbing and skateboarding.

Along with individuals, even companies arranging team outing activities are opting for vehicle cargo box to ferry necessary supplies. Its securely fastened outer design protects belongings from theft as well as harsh weather conditions like heavy rain or dust. Since all luggage remains neatly arranged on roof, passengers can enjoy comfortable travel without cramming extra baggage inside. For multi-day outdoor events, vehicle cargo box turns out to be very practical as it frees up interior space for people. Its spacious compartments with waterproof linings ensure equipment reaches destination in undamaged condition. With growing health awareness, more families are indulging in eco-friendly excursions and vehicle cargo box complements this lifestyle perfectly.

Market Concentration and Competitive Landscape

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In recent times, do-it-yourself home improvement projects have gained immense popularity as people are increasingly enjoying hands-on work around the house. Be it repairs, renovations, additions, or maintenance work, many homeowners prefer undertaking tasks on their own rather than depending on contractors for every small job. This has boosted the requirement for transporting various tools, materials, and equipment for do-it-yourself projects. A vehicle cargo box provides a suitable mode to ferry these items conveniently between job site and home. Its waterproof structure protects tools, paints, wood boards, and other supplies during transit.

Professionals involved in small construction work also rely on vehicle cargo box for basic transportation needs. Carpenters, electricians, and plumbers find it useful for carrying ladders, pipes, wires, and other toolkits that are required on daily jobs. Even hobbyists dabbling in woodwork, gardening, or mechanics in their garage leverage it to move their things easily.

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One of the key challenges this market faces is increasing competition from alternate transportation solutions. As ridesharing and rental car services become more popular and affordable, they offer convenient alternatives to vehicle ownership, especially for urban users who require cargo space infrequently. Rising material and manufacturing costs also pose a challenge as margin pressures rise. Stricter environmental regulations targeting vehicle fuel efficiency and emissions may lead to additional compliance costs. Changing consumer preferences towards electric and autonomous vehicles also introduce uncertainties in demand projections.

Market Opportunities: Adoption of Outdoor Recreational Activities

Greater adoption of outdoor recreational activities continues to drive the demand for secure storage solutions. An aging population downsizing homes and downshifting to more active lifestyles requiring cargo-hauling capability represents an emerging consumer segment. Multi-purpose boxes allowing cargo hauling as well as camping establishes greater utility.

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The rooftop cargo box segment is estimated to contribute the highest share of 65.4% in 2024 in the market owing to its versatility and multifunctional design. Rooftop cargo boxes are simple to mount, requiring no modification to the interior or exterior of the vehicle. This allows the entire cargo area to be preserved for passengers and their luggage. Rooftop boxes are also fully enclosed, thus protecting goods from weather, dirt, and damage. The height-extended storage space is ideal for transporting bulky items like sports equipment, furniture, building materials and luggage for large families. Some high-end rooftop boxes even come with extra features like built-in locks, interior lighting, and remote opening for easy access on the go. Their aerodynamic profiles minimize wind resistance at high speeds. Overall, rooftop cargo boxes provide a hassle-free cargo hauling solution without compromising interior space, making them the top choice among consumers.

Insights, By Capacity - Interior versatility drives the popularity of mid-capacity cargo boxes

By capacity, the 13 to 18 cu. ft. segment is estimated to contribute the highest share of 44.4% in 2024 in the market owing to its ideal size for a variety of cargo space needs while still fitting in most vehicle interiors. Cargo boxes in the mid-capacity range strike an optimum balance between storage capacity and interior versatility. They offer sufficient space to haul everyday items like luggage, groceries, parcels as well as moderate-sized sports equipment and furniture without congesting the vehicle interior. Meanwhile, their compact profiles allow mounting flexibility – fitting in most car boots, SUV tailgates, and truck beds without sticking out excessively. The versatile interior space that is made available by a mid-sized cargo box is valued by users transporting multiple passengers along with cargo on most occasions. This makes the 13-18 cu.ft. capacity the most popular choice.

Insights, By Vehicle Type - Car-load capabilities drive the preference for SUVs

The SUV segment is estimated to contribute the highest share of 48.8% in 2024 in the market due to its enhanced cargo-load capabilities compared to sedans and hatchbacks. SUVs offer higher ground clearance and load floors, which make loading and unloading of bulky cargo much easier. The elevated ride height and spacious interiors of SUVs allow fitting of modular divider panels, shelving nets, and custom storage solutions for securely transporting diverse cargoes without clutter. Their powerful engines and robust chassis bear heavier payload weights with relative ease. Many premium SUVs also integrate weatherproof power sockets, LED lighting, and remote access features that boost the functionality of attached cargo boxes. Overall, SUVs prove uniquely suited as multipurpose family vehicles and commercial transporters alike due to their unparalleled cargo capacity and usability, thereby making them the top choice for cargo box installations.

Regional Insights

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North America has emerged as the largest market for vehicle cargo boxes globally and is estimated to hold the market share of 36.4% in 2024. With the presence of major automakers like Ford, General Motors, and Tesla, the region has a strong foothold in passenger vehicle manufacturing. This provides a solid base for the growth of vehicle accessory markets. The large road network and preference for road trips among Americans has consistently fuelled the demand for vehicle cargo boxes that enhance the storage and carrying capacity. The pricing of cargo boxes in North America is generally higher as compared to other regions due to robust safety and durability standards set by regulatory bodies like National Highway Traffic Safety Administration (NHTSA) and sophisticated features incorporated by manufacturers.

The Asia Pacific region has been witnessing exponential expansion in the vehicle cargo box market over the past few years and is expected to witness fastest growth in the coming decade. Countries like China, India, and Japan have witnessed a continuous rise in vehicle ownership owing to improving economic conditions and growing mobility needs. This has rubbed off on the sales of vehicle accessory goods as consumers look to customize and optimize the utility of their vehicles. The presence of a massive automotive aftermarket and low-cost manufacturing hubs has made cargo boxes highly accessible across all vehicle categories in Asia Pacific. Export-oriented production bases also allow the region to competitively serve the replacement demand across the Middle East, Africa, Europe, and Latin America.

Market Report Scope

Vehicle Cargo Box Industry News

• In January 2023, Thule launched Thule Arcos, a new hardshell cargo box for the back of the car. The new cargo box puts the cargo on the back of the car for easy accessibility and great aerodynamics.
• In May 2023, the Thule approach roof tent and Thule Arcos cargo box were awarded by the international iF Design Award for outstanding design
• In September, 2022, Hyundai Mobis, a global auto parts vendor, in association with Thule Group AB, launched touring accessories roof box, roof basket, and bike carrier for Hyundai Tucson, Creta, Venue, and Kona electric SUV customers in India.
• In July 2021, Polaris, the world leader in powersports and off-road innovation, announced its collaboration with industry leader, Rhino-Rack on a line of premium storage solutions and accessories that is designed specifically for ranger and general vehicles

*Definition:  Global vehicle cargo box market consists of companies that manufacture and sell vehicle cargo boxes for cargo transport by vehicles such as trucks, SUVs, vans, and cars. Vehicle cargo boxes which is also known as vehicle utility boxes or vehicle roof boxes, are weather-resistant containers that are attached to the roof or other areas of vehicles to carry luggage, sports equipment, tools, and other cargo during vehicle transport. These boxes come in various sizes, styles, and materials to suit different vehicle types and cargo carrying needs.

Market Segmentation

•  Type Insights (Revenue, USD BN, 2019 - 2031)
  • Rooftop Cargo Box
  • Hitch-Mounted Cargo Box
•  Capacity Insights (Revenue, USD BN, 2019 - 2031)
  • Upto 12 cu. ft.
  • 13 to 18 cu. ft.
  • Above 18 cu. ft.
•  Vehicle Type Insights (Revenue, USD BN, 2019 - 2031)
  • SUV
  • Sedan
  • Hatchback
• Regional Insights (Revenue, USD BN, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • Israel
    • Rest of Middle East & Africa
• Key Players Insights
  • Yakima
  • Thule Group
  • Magna International Inc.
  • AJANTA ENTERPRISE
  • Atera GmbH
  • SportRack
  • KüatRacks
  • WWSBIU 
  • Boatbox
  • Malone Auto Racks
  • Rhino-Rack USA
  • Twistboxes
  • ‎Auto Dynasty
  • FARAD INDIA PRIVATE LIMITED
  • MENABO GROUP