The Global Bike Rack Market was valued at USD 535.5 Mn in 2020 and is expected to reach USD 763.7 Mn by 2027, with a growing CAGR of 5.3% during the forecast period.
A bike rack is a metal frame used to hold a bicycle and is also known as a bicycle carrier or bicycle stand. A bicycle carrier is hooked up to a vehicle (truck, bus, or car) and the bicycle is mounted on it. A bicycle carrier used for the transportation of bicycles can be mounted in the front, rear, and on the top of the vehicle. On the other hand, a bicycle stand is a metal frame to which bicycles are connected securely for the reason of parking. Bike racks can be free-standing or connected to some stationary object or bolted to the ground.
Global Bike Rack Market Dynamics:The increasing health and environmental concern among the population across the globe is anticipated to use bicycles for transportation purposes, which in turn, proliferating the growth of the bike rack market during the forecast period. Growing health concerns such as the prevalence of chronic diseases such as hypertension and obesity and increasing adoption of a healthy lifestyle are some of the important factors expected to support the growth of the market. For instance, according to the World Health Organization (WHO), in 2019, more than half a million deaths in the United States had hypertension as a primary or contributing cause. Thus, these facts support the adoption of healthy life routines such as cycling, exercise, swimming, and others, which in turn, boost the demand for the market.
In addition to this, the increasing popularity of ride-sharing and car-pooling services, which results in an increase in sales for vehicle rental businesses throughout the globe. Car rental service vendors specialize in presenting value-added services together with the provision of bike racks for cars to increase market penetration and benefit consumer preference, in particular from people willing towards adventure tourism. Several start-ups have already started presenting vehicle rental offerings with bicycles and will immediately make a contribution to the bike rack market growth.
By Type
By Design
By Mount Type
By Distribution Channel
By Region
Company Profiles and Competitive Intelligence:
Based on the type, the bike stand segment is expected to dominate the market during the forecast period owing to the less availability of parking spaces
Based on the type, the bike rack industry has been segmented into bike carriers and bike stands. The bike stand segment is expected to dominate the market during the forecast period owing to the less availability of parking spaces. Moreover, the government across the globe supporting the adoption of bicycles are the significant factor that accelerates the growth of the segment. For instance, in May 2020, the UK government proposed spending nearly USD 2,000 Mn in developing cycling and walking infrastructural facilities in the UK. Thus, proliferating the growth of these segments.
Based on the mount type, the in-ground mount segment is expected to hold the significant market share during the forecast period owing to the increasing bicycle production
Based on the mount type, the bike rack industry is segmented into in ground mount, roof mount, surface mount, hitch mount, rail mount, spare tire mount, wall mount, trunk mount, and removable mount. The in-ground mount segment of the bike rack market is expected to hold a significant market share during the forecast period. The growth in the segment is attributed to the increasing bicycle production and growing demand for an improved and technologically advanced bicycle.
Based on region, North America is expected to dominate the bike rack market during the forecast period
North America is expected to dominate the market during the forecast period due to increasing recreational activities coupled with the growing consumer spending such as cycling, surfing, bike riding, and others. In the region, US and Mexico are leading to significant revenue from the bikes. For instance, according to the data presented by the Bureau of Economic Analysis, the government of the US, in 2019, the US outdoor recreational economy from the consumer spending reached USD 459.8 Bn. Thus, this fact supported the growth of the bike rack market during the forecast period.
The report also provides an in-depth analysis of bike rack market dynamics such as drivers, restraints, opportunities, and challenges:
Drivers
Restraints
Opportunities
Challenges
COVID-19 Impact on the Bike Rack Market Analysis:
The COVID-19 pandemic impacted various industries such as manufacturing, retail, and others owing to the strict lockdown imposed by the government to curb the spread of the virus. The supply chain of products and services was disrupted owing to the production halt from the different industries. Similarly, the bike rack market was significantly impacted by the COVID-19 pandemic due to restrictions in mobility to curb the spread of the virus. Moreover, the tourism industry was negatively impacted during the COVID-19 pandemic, which in turn, limit the growth of the bike rack market. For instance, according to The World Tourism Organization (UNWTO), Export revenues from tourism could fall by USD910 billion to USD1.2 trillion in 2020. This will have a wider impact and could reduce global GDP by 1.5% to 2.8%. Thus, impacted the growth of the market.
*Note: A detailed analysis is specific to the bike rack market will be provided in the report
The report also provides an in-depth analysis of key trends in the bike rack market:
The report also provides an in-depth analysis of recent news developments and investments:
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Market Introduction
Research Methodology
Executive Summary
Premium Insights
Market Overview & Competitive Landscape
Market Segmentation (Market Size and Share Analysis)
Market Dynamics
COVID – 19 Opportunity Mapping
Regional Market Analysis
Company Profiles
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