The vehicle cargo box market comprises boxes designed to carry luggage, equipment and other goods on top of vehicles. Made from durable materials like aluminum, steel and hard plastic, cargo boxes provide weatherproof storage and secure mounting on vehicle rooftops or rear ends. Their spacious interiors, varying capacity options and easy installation features have made them indispensable for activities like camping, sports, rides hauling equipment and family vacations.
The Global Vehicle Cargo Box Market is estimated to be valued at US$ 2.58 Bn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the vehicle cargo box market are 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. The major players are focusing on new product launches and expansion strategies to gain a competitive edge in the market.
The growing participation in outdoor recreational activities along with rising disposable incomes have augmented the demand for vehicle cargo boxes in recent years. Their versatility for carrying a wide array of luggage and equipment has made them a popular accompaniment for vehicular travels. Additionally, cargo boxes provide better safety and security compared to rear racks as goods remain fully enclosed during transit.
The Vehicle Cargo Box Market Trends in emerging economies based in Asia Pacific and Middle East regions. Increasing vehicular ownership and tourism activities have encouraged adoption in countries like India, China, UAE, and Saudi Arabia. Additionally, favorable government policies promoting adventure and sports have brightened the scope forcargo boxes in off-road vehicles across off-beaten tracks.
Market Key Trends
One of the key trends gaining traction in the vehicle cargo box market is the rising demand for smart cargo boxes with advanced features. Manufacturers are focusing on integrating their products with telematics technology allowing remote access, tracking and alerts. Some models come equipped with inner lighting, USB charging ports, security locks and waterproof interiors tailored for convenience during trips. Furthermore, customization options for box sizes, rooftop positions and color schemes as per vehicle type cater to niche consumer requirements.
Porter’s Analysis
Threat of new entrants: Moderate costs of setting up a manufacturing unit and global competition present barriers for new players.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and ease of shifting between brands.
Bargaining power of suppliers: Major players source raw materials from few suppliers leading to supplier dominance and high bargaining power.
Threat of new substitutes: Products from roof racks, bike carriers, kayak carriers etc pose substitutes threat.
Competitive rivalry: Intense competition exists between established brands to gain market share through new product innovations and aggressive marketing initiatives.
Geographical regions: North America accounts for over 40% of the global Vehicle Cargo Box Market Size And Trends value driven by high spending on outdoor recreational activities. Countries like the US and Canada have growing demand for pickup trucks with large bed capacities requiring vehicle cargo boxes for transporting luggage, gear and other cargo easily.
The Asia Pacific region is emerging as the fastest growing market for vehicle cargo boxes propelled by increasing vehicle ownership particularly in middle-income countries like India and Indonesia. Rising disposable incomes have boosted outdoor adventure tourism and usage of larger multi-utility vehicles for family trips necessitating vehicle-attached storage solutions. Countries like China and Japan also contribute significantly to regional market growth.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
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