Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the car rack market.
Frequently Asked Questions:
- Based on segmentation by product, which is the leading segment in the market?
Based on the product, the market saw maximum growth in the bike car rack segment in 2020.
- What are the major trends in the market?
Increasing demand for adventure tourism is the major trend in the market.
- At what rate is the market projected to grow?
The market is projected to grow at a CAGR of over 6% during the forecast period.
- Who are the top players in the market?
ACPS Automotive GmbH, Allen Sports USA, Atera GmbH, CRUZBER SA, KAMEI GmbH and Co. KG, Kuat Racks, Mont Blanc Group AB, Rhino Rack Pty Ltd., Thule Group AB, and Yakima Products Inc. are the top players in the market.
- What are the key market drivers and challenges?
The market is driven by the increasing demand for smaller cars. However, difficulties in installation might challenge growth.
- How big is the North American market?
North America dominated the market with a 36% share in 2020.
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