(MENAFN- PR Newswire)
NEW YORK, June 27, 2024 /PRNewswire/ -- The global
bike car rack market
size is estimated to grow by USD 601 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of
6.78%
during the forecast period.
Increasing demand for adventure tourism
is driving market growth,
with a trend towards
rise of self-guided tours. However,
reduced fuel efficiency of vehicles
poses a challenge. Key market players include 1UP USA, Allen Sports USA, Alpaca Carriers Inc., Atera GmbH, Car Mate Mfg Co Ltd, CRUZBER SAU, Heininger Holdings LLC, Hollywood Racks, Kuat Innovations LLC, LCI Industries, Mont Blanc Group AB, Rhino Rack Pty Ltd., RockyMounts Inc., Saris Cycling Group Inc., SportRack, Swagman, Thule Sweden AB, Uebler GmbH, VDL Groep BV, and Yakima Products Inc..
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Technavio has announced its latest market research report titled Global bike car rack market 2024-2028
Get a detailed analysis on regions, market segments, customer landscape, and companies
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| Forecast period |
2024-2028 |
| Base Year |
2023 |
| Historic Data |
2018 - 2022 |
| Segment Covered |
Distribution Channel (Offline and Online), Product (Hitch-mounted rack, Trunk-mounted rack, and Roof-mounted rack), and Geography (North America, Europe, APAC, South America, and Middle East and Africa) |
| Region Covered |
North America, Europe, APAC, South America, and Middle East and Africa |
| Key companies profiled |
1UP USA, Allen Sports USA, Alpaca Carriers Inc., Atera GmbH, Car Mate Mfg Co Ltd, CRUZBER SAU, Heininger Holdings LLC, Hollywood Racks, Kuat Innovations LLC, LCI Industries, Mont Blanc Group AB, Rhino Rack Pty Ltd., RockyMounts Inc., Saris Cycling Group Inc., SportRack, Swagman, Thule Sweden AB, Uebler GmbH, VDL Groep BV, and Yakima Products Inc. |
Key Market Trends Fueling Growth
Self-guided tours, particularly cycling tours, are experiencing significant growth in popularity among European and American travelers. This trend is driving up demand for bike car racks as tourists look to transport their bicycles for self-guided excursions. In Europe, countries like France are seeing a surge in demand for self-guided cycling tours. As a result, the bike car rack market is poised for growth during the forecast period.
The Bike and Car Racks market is experiencing significant growth, with increasing consumer demand for convenient transportation solutions. Consumers are looking for ways to transport their bikes and cars together, leading to an uptick in demand for regulatory-compliant racks. Suburban consumers, in particular, are showing strong interest in this market. The trend towards more active lifestyles and the need for multiple vehicle types in larger households are driving this demand. Additionally, the availability of various types of racks, such as hitch-mounted and roof-mounted, catering to different consumer preferences, is contributing to market growth. The market for bike and car racks is expected to continue its strong trajectory in the coming years.
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Market
Challenges
The bike car rack market faces challenges due to decreased fuel efficiency caused by increased vehicle weight from bike racks. Adding 100 lbs. Reduces fuel economy by 1%, while bike racks and a bicycle can decrease it by up to 9%. Roof-mounted racks have the most significant impact on fuel efficiency due to increased aerodynamic drag. Manufacturers respond by producing lighter bike car racks to mitigate this negative impact on market growth.
The bike car rack market faces several challenges. The primary issue is the increasing demand for larger vehicle sizes, limiting the space for bike racks. Another challenge is the need for versatility and compatibility with various bike types and vehicle models. Additionally, safety concerns and the requirement for easy installation and removal add to the complexity. Furthermore, the market is competitive, with numerous players offering different solutions. Lastly, the cost of high-quality, durable racks can be a barrier for some consumers. Addressing these challenges requires continuous innovation and improvement in design, materials, and installation methods.
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Segment Overview
This bike car rack market report extensively covers market segmentation by
Distribution Channel
Product
2.1 Hitch-mounted rack
2.2 Trunk-mounted rack
2.3 Roof-mounted rack
Geography
3.1 North America
3.2 Europe
3.3 APAC
3.4 South America
3.5 Middle East and Africa
1.1
Offline-
The Bike Car Rack market is experiencing steady growth due to increasing consumer demand for convenient and efficient transportation solutions. Businesses are capitalizing on this trend by offering a variety of rack designs to accommodate different bike types and vehicle models. Effective marketing strategies and competitive pricing are key factors driving sales in this market. Additionally, collaborations with automobile manufacturers and bike brands can boost market presence and customer trust. Overall, the Bike Car Rack market is a thriving business sector that caters to the needs of active individuals and commuters alike.
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Learn and explore more about Technavio's in-depth research reports
The global automotive lighting market is experiencing rapid growth, driven by advancements in LED and laser technologies. Increasing demand for energy-efficient, durable, and aesthetically appealing lighting solutions is propelling market expansion. Key factors include rising vehicle production, stringent government regulations on vehicle safety, and growing consumer preference for enhanced visibility and stylish designs. Major players are investing in R&D to innovate and meet evolving customer needs. The market is also influenced by the shift towards electric and autonomous vehicles, which require sophisticated lighting systems for improved safety and functionality.
Research Analysis
The Bike Car Rack Market caters to the demand for convenient transportation of bicycles during Outdoor Adventure Activities and Leisure Activities such as Mountain Biking and Ski Trips. Metal frame racks are a popular choice due to their durability and ability to securely hold vehicles, including cars, during travel. Business uncertainties and limited Baggage Space in vehicles have fueled the growth of this market. Racks, Accessories, and Parts, including stands and weight distribution systems, are essential components of bike car racks, ensuring a safe and efficient experience for consumers. The Bike Car Racks Market continues to expand in the Recreational Activities and Tourism sectors, offering versatility and convenience for vehicle owners.
Market Research Overview
The Bike Car Rack market refers to the industry dedicated to producing and supplying rack systems for transporting bicycles on vehicles. These racks are essential for individuals and families who enjoy cycling as a recreational activity or use bikes for commuting but require a convenient way to transport them. The market caters to various types of racks, including roof-mounted, hitch-mounted, and trunk-mounted racks, each with its unique advantages and applications. The demand for bike car racks is driven by the increasing popularity of cycling, the need for versatile transportation solutions, and the growing awareness of health and environmental benefits associated with cycling. The market also benefits from technological advancements, such as lighter and more durable materials, easier installation processes, and improved security features.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Distribution Channel
Product
Hitch-mounted Rack
Trunk-mounted Rack
Roof-mounted Rack
Geography
North America
Europe
APAC
South America
Middle East And Africa
7
Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
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Media & Marketing Executive
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