The global vehicle cargo box market is gaining traction owing to the growing trend of outdoor recreational activities such as camping, hiking, biking, etc. Vehicle cargo boxes provide an economical and secure solution for carrying luggage and equipment during outdoor trips. They are made of durable materials like aluminum, fiberglass, and plastic which provides protection from weather elements and makes the cargo boxes lightweight yet strong. The increasing disposable incomes especially in developing countries have boosted outdoor recreational activities and the demand for vehicle cargo boxes.
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 key players are focusing on new product launches and expansions to cater to the growing demand. For instance, in 2022 Yakima launched Skyrise HD cargo box with max capacity of 176 liters.
The growing popularity of outdoor recreational activities such as hiking, biking, camping and angling has boosted the Vehicle Cargo Box Market Trends Vehicle cargo boxes provide additional storage capacity for outdoor gear and equipment without compromising passenger space. The increasing disposable incomes in developing economies are encouraging people to spend more on leisure activities.
Technological advancements in materials such as lightweight aluminum and composite plastic have made vehicle cargo boxes durable yet convenient to handle. Intelligent cargo boxes that can be remotely opened and incorporated with interior LED lights are gaining traction. Connected features and integration with vehicle apps for remote operation and monitoring is expected to drive further innovations.
Market Trends
1. Growing popularity of roof top cargo boxes – Vehicle Cargo Box Market Size And Trends provide additional storage on the roof of the vehicle without reducing interior space. They are aerodynamic in design with locking mechanism for security.
2. Multifunctional cargo boxes – Modular and customizable cargo boxes that can be adapted into different configurations are gaining demand. For example, boxes that can be converted into loading platform, outdoor seating or canopy roof.
Market Opportunities
1. Developing economies in Asia Pacific and Latin America provide significant growth opportunities owing to increasing disposable incomes and interest in outdoor activities.
2. Innovation in materials and connected technology can further enhance user experience and drive new demand. For example, boxes with remote sensors to check inventory, GPS tracking and WiFi integration.
Impact of COVID-19 on Vehicle Cargo Box Market growth
The COVID-19 pandemic has had a significant impact on the growth of the vehicle cargo box market. In the initial months of the pandemic, with lockdowns and restrictions imposed globally, manufacturing and supply chain activities came to a halt. This led to a steep decline in production volumes across industries. Demand from end-use sectors like passenger cars, recreational vehicles, and commercial vehicles dropped drastically as people stayed indoors.
However, as lockdowns eased in later months, production and supply chain operations resumed gradually with safety protocols.
Manufacturers are prompted to introduce innovative product variations tailored for requirements in the region. Demand for multi-featured models integrated with options like bike racks, roof racks, and smart technology is gaining traction. Greater affordability and availability of versatile vehicle accessory options also augment the North American market’s value concentration. Moreover, continuous automation and integration of advanced materials in production by leading manufacturers help establish a firm market presence.
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Ravina Pandya, 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, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
