A successful Thule on its way to the next level
Thule has proven that growth and improved profitability are possible even in a challenging consumer market. In 2024, we launched more new products than ever before, added three new product categories and strengthened our direct-toconsumer channel. By building on our strengths and scaling up what we excel at, we are well on track to reach our financial targets for 2030. We are keeping our foot on the gas, our eyes firmly on the road, and heading to the next level – a significantly larger Thule with even higher profitability.
In a year marked by global uncertainty, high interest rates, and cautious consumer spending, Thule achieved strong results. A broad product range, brand loyalty, and demand for premium goods drove 5% growth and a 17.0% operating margin, showcasing resilience and solid performance despite challenging market conditions and delayed economic recovery.
NEW PRODUCTS DRIVE GROWTH
The growth in 2024 was driven by a record number of product launches and design awards, while profitability also improved. Updated bestsellers such as the Thule Urban Glide, Thule Chasm, and Thule Chariot made strong contributions to the results. The focus remained on premium products for a high-spending target group, which further strengthened our market position.
Without my colleagues’ curiosity, passion and desire to constantly find even better solutions, we would not be in the position where we are today, with more than 1,000 patents and a position as the global market leader in our key product categories.”
SUCCEEDING IN SEVERAL PRODUCT CATEGORIES SIMULTANEOUSLY
Thule’s strength lies in its market-leading positions and strong brand focused on safety, usability, and sustainability. The strategy “Big in pockets, united by the Thule brand” targets premium product categories in growing markets. In 2024, Thule expanded into car seats and dog transportation, both well-received. The dog category, especially, saw record-breaking success. Thule aims to grow across multiple categories simultaneously, continuing its legacy of scalable, premium innovation.
ACQUIRING MARKET LEADERS IN ATTRACTIVE NICHES
Thule continues to expand product categories mainly through organic growth, but strategic acquisitions play a key role when high standards are met. In late 2024, Thule acquired Quad Lock, a global leader in performance phone mounts. With strong innovation, profitability, and brand alignment, Quad Lock is an ideal fit to support Thule’s growth and active lifestyle brand strategy.
Despite the market’s short-term challenges, more and more people want to live active lives, providing us with a long-term tailwind. We have strong market positions, and an outstanding ability to develop world-leading products that drive profitable growth.”
INCREASED VISIBILITY TO CONSUMERS
Many customers value Thule products but aren't aware of the full range. Thule aims to boost visibility through stores, events, media, online expansion, and increased fan engagement efforts.
STREAMLINING FINANCES GROWTH INITIATIVES
Thule continuously improves not only its products but also inventory and logistics. Streamlining operations supports efficiency and helps fund future growth, even with an already well-functioning supply chain.
SUSTAINABILITY THAT MAKES A DIFFERENCE
Thule is committed to continuous improvement, not only in product development but also in inventory management and logistics. Streamlining these areas enhances efficiency and helps finance future growth. In early 2025, our strong sustainability efforts were acknowledged by Morningstar Sustainalytics, who ranked Thule among the top 50 companies globally out of 15,000. This recognition affirms we are making meaningful progress on our sustainability journey and overall business strategy.
HIGH PACE CONTINUING INTO 2025
Thule’s success is driven by its 2,800 dedicated employees and strong innovation culture, with over 1,000 patents and global leadership in key categories. In 2025, Thule will expand product launches, especially in mid-range segments, and strengthen positions in new categories like car seats and dog products. Increased consumer visibility, supply chain efficiency, and a passion for active lifestyles will support long-term growth, enabling Thule to evolve into a larger, more profitable company despite short-term market challenges.
Our most important success factor is people – our employees, customers, end consumers and shareholders. Together, we are building a significantly larger Thule with even higher profitability.
I look forward to another eventful year together with you!
Mattias Ankarberg
CEO and President