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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report
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.
Research report provides comprehensive data on impact of trend.
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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.
For more insights on driver and
challenges - Download a Sample Report
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.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
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
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio