CAR RACK MARKET ANALYSIS

Customers are increasingly preferring multifunctional racks with versatility over single-use racks. Sustaining profit margins in the face of rising raw material costs is another challenge for manufacturers. Increased preferences for electric and hybrid vehicles also poses a threat as racks required are different. Further, the growing popularity of renting racks instead of purchases impacts long-term sales.

Market Opportunities: Growing demand of multifunctional racks

Rising popularity of outdoor recreational activities involving vehicles enables the scope for innovative racks. Increasing demand for racks suitable for different vehicle types and sizes expands the addressable market. New materials allowing durable yet lightweight constructions while maintaining affordability can attract more customers. Developing smart racks with features like theft-protection also opens possibilities.