by The vehicle cargo box market has shown significant growth in the recent years owing to rise in recreational activities such as surfing, snowboarding, kayaking, and hiking. Vehicle cargo boxes provide safe, waterproof, and lockable storage for transporting gear. They are aerodynamically designed boxes that can be mounted on roof racks of cars, SUVs, vans, or pickup trucks. Cargo boxes allow easy loading and unloading of equipment and come in different sizes and capacities to accommodate various sporting equipment.
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. These key players are focusing on developing innovative cargo boxes with advanced features such as locking mechanisms, material strength, and aerodynamic designs.
The rising popularity of outdoor recreational activities is creating significant Vehicle Cargo Box Market Trends Additionally, increasing consumer preference for an active lifestyle is also driving the demand for specialty equipment and gear necessary for activities like surfing, skiing, and snowboarding.
Technological advancements including the integration of cameras, sensors and connectivity features in vehicle cargo boxes are anticipated to support the market growth. Features such as remote monitoring and anti-theft alerts are being incorporated to enhance safety and security of expensive outdoor gear transported in cargo boxes.
Market Drivers
The increasing number of adventure tourism and outdoor sports enthusiasts is a key factor driving the growth of the vehicle cargo box market. Moreover, the rising trends of road trips, camping, and tailgating are also augmenting the demand for durable and secure vehicle cargo boxes. Other factors such as growing disposable incomes, enhanced travel and tourism infrastructure are expected to fuel the market growth over the forecast period.
Current challenges in the Vehicle Cargo Box market:
The Vehicle Cargo Box Market Size And Trends is facing challenges due to supply chain disruptions caused by the COVID-19 pandemic. Production shutdowns and restrictions on transportation during lockdowns have impacted the availability of raw materials. Besides this, fluctuations in fuel prices and rising costs of raw materials like steel and aluminum are putting pressure on profit margins of manufacturers. Furthermore, demand for vehicles has reduced significantly due to weak consumer spending power due to economic slowdown. This has negatively impacted the sales of cargo boxes as well. However, the market is witnessing growth opportunities with rising demand for recreational vehicles and outdoor activities as people are traveling more by vehicles after lockdowns.
SWOT Analysis
Strength: Wide product portfolio with different sizes, styles and load capacities to choose from as per customer requirements. Established distribution network of major players across regions.
Weakness: Higher costs of latest models incorporated with advanced features. Dependence on automotive vehicle production cycles for sales.
Opportunity: Growth in tourism and outdoor activities is driving the demand for vehicles with extra storage space. Increasing popularity of pickup trucks and SUVs favors the cargo box market expansion.
Threats: Easy availability of low-cost alternatives threatens profit margins. Stringent emission and fuel efficiency regulations pose challenges for weight adding accessories.
Geographical regions of concentration:
North America currently holds the largest share in the global vehicle cargo box market owing to high adoption of pickup trucks and SUVs fitted with external storage boxes. The United States accounts for the major demand from the region.
Fastest growing region:
Asia Pacific region is expected to witness the highest CAGR during the forecast period. Countries like China, India, Australia and Japan are major contributors to the regional growth. Increasing disposable incomes, expanding middle class population particularly favoring adventure sports and tourism are fueling the sales of recreational vehicles and subsequently the cargo box sales in Asia Pacific.
*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
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
