Thule (1942), a deep-dive into the company history

Social Listening - What is the Overlanding Community talking about?

1. Is Overlanding Hitting a Plateau?

On the Bronco6G forums, one user references data from Ordealist showing overlanding interest leveling off, not crashing, but no longer rapid growth:

2. Cold-Chain Gear: Small Fridges Are Game Changers

Also on Bronco6G, trail users praise compact fridges as essential upgrades:

3. Ever Overland's Blank-Slate Camper Shells Are Trending

Expedition Portal highlights the rise of overland vehicle builders selling camper shells without interiors, letting buyers fully customize their rigs.
Expedition Portal
Why it matters: Personalization is key. Brands can tap into the market by offering modular interior kits, accessory bundles, or “build-your-own” plating solutions targeting this trend.

4. Trailer-Based Overlanding Gaining Steam

A review of the Roam Resilient Baja Edition trailer emphasizes its self-sufficiency and off-grid capabilities, noting the shift among RV users toward rugged, remote-capable gear.
StressLess Camping
B2B insight: Trailer-based overlanding is on the rise. Product opportunities exist for off-grid power systems, solar-wired RV accessories, and modular add-ons designed for trailer use.

5. Overlanding Trip Threads: Baja and New Idria Adventures

Overland Trail Guides forum is buzzing with pre-departure planning threads like “My Baja Trip 9/2025” and “New Idria Adventure Route Sept 14–16,” drawing high engagement.
community.overlandtrailguides.com
Why it matters: These build momentum. Brands can target event-based promos, limited-edition gear drops, or partner with OTA platforms to align with peaking destination interests.

6. DIY Truck Build Advice Continues Strong

On Overland Bound’s Truck Mods category, members are actively discussing how to outfit their rides for overlanding, from gear mounting to build swaps.
Overland Bound
Strategic angle: The demand for guidance is clear. Brands should consider publishing “build series,” offering expert consultation, or bundling kit-friendly accessories to serve DIY audience.

Sports and Outdoors Product Pre-Validation & Benchmarking Report

The feedback on this has been overwhelming, and we’re proceeding with the development. For anyone who didn’t get a chance to take a look, here is the structure and Exec Summary again..

The notable bit for me was that the interest is coming from segments right across the industry - not just product designers or brand owners - rather everyone with an interest in what makes a commercially viable product in our space, and how to test this.

So we’re proceeding, and have begun the report design and development. Next week we’ll share the landing pages that we’ve had built, and we’ll share some more about how we got to that point, including resources.

Plus, we’ll run a (fully refundable & discounted for this community) pre-sale to gauge real life interest next week, and to make sure we’re ‘barking up the right tree’… re adding value.

Thule: From a Swedish Fishing Family to a $1.3 Billion Outdoor Powerhouse

When you hear the name Thule, you probably think of roof boxes cruising down the highway or bike racks stacked with carbon road machines. For overlanders, it might be rooftop tents or cargo platforms. But what’s fascinating is that this billion-dollar company started as a tiny family business in Sweden in 1942, selling fishing gear.

Over eight decades, Thule reinvented itself again and again - racks, boxes, strollers, luggage - all while holding onto one central idea: helping people bring what they care about, wherever their adventure takes them.

For the outdoor industry, Thule is more than a product line. It’s a masterclass in how to scale, diversify, and adapt without losing brand clarity.

The Founder Story: A Fishing Net in Sweden

The story starts with the Thulin family. In 1942, Erik Thulin, an entrepreneur and outdoor enthusiast, began making and selling gear for Scandinavian fishermen. The Thulin name eventually shortened into Thule, which became the company’s banner.

Fishing was practical. But Erik had a bigger vision as he saw that Scandinavians loved the outdoors, whether fishing, hunting, or skiing, and they needed ways to carry their gear. That idea - mobility and transport for adventure - became the seed for Thule’s later empire.

By the 1960s, Sweden’s love affair with the automobile was in full swing. Families were skiing in the winter, camping in the summer, and road-tripping more than ever. Erik and the Thule team started developing roof racks and ski carriers, turning a fishing brand into a car-based outdoor gear company.

It was the right product at the right time. Within a decade, Thule racks were bolted onto station wagons across Northern Europe.

The Shift to Racks, Boxes, and Global Expansion

The 1970s and ’80s were pivotal. Thule leaned hard into car-mounted gear systems:

• Ski racks

• Bike carriers

• Roof boxes (launched in the ’70s)

The roof box, in particular, was genius. It let European families take long road trips without cramming every duffel bag inside the car. Sleek, aerodynamic, and practical, the cargo box became an icon of European outdoor travel and a category Thule has dominated ever since.

By the late ’80s, Thule was exporting across Europe and North America. It wasn’t just Swedish anymore; it was becoming a global name.

Ownership Changes and M&A Strategy

Thule’s growth story can’t be told without its ownership changes. The brand remained family-run until the late 20th century, then shifted into a series of private equity and strategic owners who supercharged its expansion.

• 1999: Thule was acquired by Eldon, a Swedish industrial group.

• 2004: Private equity firm Candover bought Thule, then expanded aggressively.

• 2007: Nordic Capital acquired Thule, streamlining operations and focusing on outdoor mobility.

• 2014: Thule Group went public on the Stockholm Stock Exchange, cementing it as a Swedish corporate icon.

M&A has been a consistent growth lever. Over the years, Thule acquired or launched product lines in:

• Strollers and child carriers (buying Chariot Carriers in 2011)

• Backpacks and luggage (Thule Luggage in the 2010s)

• Rooftop tents (launching the Tepui acquisition in 2018, which brought the U.S. RTT pioneer under the Thule umbrella)

Each acquisition brought Thule deeper into outdoor lifestyle mobility, moving far beyond racks into every way you move yourself, your gear, and your family.

The Tepui Rooftop Tent Acquisition

For overlanders, the 2018 acquisition of Tepui Tents was the big moment. Tepui, founded in Santa Cruz, California, had been one of the early rooftop tent pioneers in the U.S. By acquiring it, Thule instantly jumped into the booming overlanding market.

The move was savvy: rooftop tents were exploding in popularity, and Thule already had the distribution, dealer network, and brand trust to scale them globally. Today, Thule RTTs are a staple in the segment, often the entry point for newcomers to vehicle-based camping.

Revenues and Scale

Thule isn’t just a recognizable name, it’s massive.

• 2023 revenues: SEK 13.6 billion (~$1.25 billion USD).

• Operating profit: Around SEK 2.3 billion (~$210 million USD).

• Employees: ~2,400 worldwide.

• Distribution: Sold in more than 140 markets.

The U.S. and Europe remain the biggest regions, but Thule’s reach is global. Cargo boxes in Germany, bike racks in Colorado, strollers in Tokyo, rooftop tents in Australia. The company’s footprint is everywhere.

Lessons in Diversification

Thule’s history offers a blueprint for how an outdoor brand can grow without losing its core DNA.

1. Follow the customer, not the category
   Thule could have stayed a fishing brand. Instead, it followed the broader need: helping people carry gear. That opened the door to racks, boxes, and eventually tents and strollers.

2. Use M&A to accelerate
   By acquiring brands like Tepui and Chariot, Thule didn’t just launch new categories, it bought expertise and credibility.

3. Stay premium
   Thule gear has always been expensive (take it from a fool that knows!!!). But durability, design, and brand trust justify it. In a market filled with cheap Amazon racks, Thule still commands loyalty.

4. Balance breadth and focus
   Thule experimented with luggage, laptop bags, and consumer electronics. Some of those plays didn’t stick. In recent years, it’s doubled down on outdoor + active families, exiting lower-margin categories.

Challenges Ahead

Of course, even a billion-dollar brand has hurdles:

• Competition: Yakima, Rhino-Rack, and a swarm of budget RTT makers keep pressure on pricing.

• Economic headwinds: Roof boxes and bike racks are discretionary purchases. Sales dip during downturns.

• Category creep: The risk of chasing too many product lines remains. Focus is crucial.

• Climate & mobility shifts: EVs, smaller cars, and urbanization may reshape how customers think about transport gear.

Why Thule Works

At its core, Thule has thrived because it sells more than racks. It sells freedom. The ability to load up your skis, your kayak, your toddler, your tent, and go.

For B2B readers, that’s the lesson: Thule turned a commodity (metal racks) into an aspirational brand by tying it to lifestyle. Their ads don’t show bolts and specs; they show families smiling on alpine highways, bikes rolling into sunsets, tents pitched on wild ridgelines.

Timeline Snapshot

• 1942: Founded by Erik Thulin in Sweden; fishing gear roots.

• 1960s: Shifts into roof racks, ski carriers.

• 1970s: Launches first roof boxes.

• 1999: Acquired by Eldon.

• 2004: Bought by Candover; rapid expansion.

• 2007: Acquired by Nordic Capital.

• 2011: Acquires Chariot Carriers (strollers).

• 2014: IPO on Stockholm Exchange.

• 2018: Acquires Tepui Tents (overlanding RTT).

• 2023: Revenue hits ~$1.25B USD.

Bottom Line

Thule’s journey from a Swedish fishing net maker to a billion-dollar outdoor powerhouse is remarkable. Few brands in the outdoor world scale this big while staying relevant across multiple generations.

For The Overlanding Crowd readership, the takeaways are clear:

• Think in needs, not niches. Mobility was the real category, not racks.

• Use acquisitions to leapfrog into growth sectors. Tepui gave Thule instant credibility in overlanding.

• Premium positioning wins. Even in crowded markets, brand trust is priceless.

• Adapt, prune, refocus. Thule learned to shed weaker lines and concentrate on outdoor + active families.

At 80 years old and $1.3 billion strong, Thule shows that heritage, smart pivots, and a relentless focus on innovation in mobility can carry you from a fishing shed in Sweden to rooftops around the world.