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The automotive bicycle rack market is estimated to grow at a CAGR of 3.24% between 2022 and 2027. The size of the market is forecast to increase by USD 457.24 million. The growth of the market depends on several factors, including the increasing demand for adventure tourism, the increase in production of automotive bicycle racks and outdoor recreational activities, and the increased safety of vehicles and bicycles
This report extensively covers market segmentation by product (hitch-mounted rack, roof-mounted rack, and trunk-mounted rack), application (household, commercial use, and public services), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global automotive bicycle rack market as a part of the global automotive components and accessories market within the global auto components market. The global automotive components and accessories market covers companies engaged in the production of parts and accessories for automobiles like passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The increasing demand for adventure tourism is notably driving the market growth, although factors such as the decreased fuel efficiency of vehicles may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Automotive Bicycle Rack Market Driver
One of the key factors driving the automotive bicycle rack market is the increasing demand for adventure tourism. Adventure tourism involves mountaineering expeditions, mountain cycling, trekking, bungee jumping, rafting, and rock climbing. These activities help rejuvenate mental health and stamina. Furthermore, adventure tourism is gaining high popularity among the population in North America and Europe. Moreover, the high demand for adventure tourism is attributed to the changes in lifestyle, demographics, and increasing preference for experiential traveling. In addition, increased participation in events such as Ride the Rockies and Tour de France has increased the demand for cycling tourism among individuals.
According to the European Cyclists Federation, cycling brings in an average of over USD 44.71 billion annually to the continent. During the forecast period, such activities are likely to grow in other continents and many parts of the US. Furthermore, regional governments of many countries are continuously investing in the development of cycling infrastructure. The increasing demand for this kind of adventure tourism will fuel the adoption of automotive bicycle racks. With the help of these racks, consumers safely carry bicycles to such adventure tourism destinations.
Significant Automotive Bicycle Rack Market Trend
Increasing demand for bicycle racks from car rental companies is another factor supporting the automotive bicycle rack market growth in the forecast period. The concept of ridesharing is gaining popularity, and this shift in the transportation industry has benefitted many car rental companies across the globe. These companies aim to provide value-added services to their customers, which help them gain market share and customer loyalty. With the growing popularity of adventure tourism and outdoor recreational activities, car rental service providers are installing bicycle racks on their vehicles.
For instance, Uber, one of the biggest car-sharing service providers, has also introduced vehicles with bicycle racks called UberPedal in many parts of the US and other global countries such as Singapore and Australia. This new system allows Uber users to request a vehicle with car racks, with charges starting from $10. These kinds of services help cyclists who face problems such as unfavorable weather conditions or flat tires. The company has established a partnership with SARIS, a US-based bicycle rack manufacturer, to procure bicycle racks that could fit up to two bicycles in a vehicle.
Major Automotive Bicycle Rack Market Challenge
The decreased fuel efficiency of vehicles will be a major challenge for the automotive bicycle rack market during the forecast period. Increased vehicle weight and high engine power reduce the fuel consumption of any automobile. The installation of bicycle racks adds significant weight to vehicles, which, in turn, reduces their fuel efficiency. Adding 100 pounds to a vehicle can reduce the fuel efficiency by 1% in miles per gallon, and adding a bicycle rack and a bicycle can reduce the fuel efficiency by up to 9% miles per gallon.
The roof-mounted bicycle rack can increase the aerodynamic drag, further lowering fuel efficiency. Among the three bicycle racks available in the market today, the roof-mounted rack reduces fuel efficiency to the maximum. Bicycle rack manufacturers are aware of this issue and are focusing on manufacturing lightweight bicycle racks.
Key Automotive Bicycle Rack Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Automotive Bicycle Rack Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
allen.bike- The automotive bicycle racks such as hitch racks and spare tire racks. Also, through this segment, the company offers a wide range of bicycle racks, such as hitch racks, trunk racks, compact racks, spare tire racks; clothing; and accessories.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the hitch-mounted rack segment will be significant during the forecast period. Hitch-mounted racks are the highest-selling type of automotive bicycle racks. These racks are available in two variants such as tray-style racks and arm-support racks. These racks use the frame of bicycles as the primary point of attachment, which could damage bicycles during transportation.
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The hitch-mounted rack segment was valued at USD 1,543.30 million in 2017 and continue to grow by 2021. The adoption of hitch-mounted racks is increased during the forecast period because of some reasons such as the wide variety of models with low-cost options, ease of installation and detachment when not in use, and some hitch-mounted racks have foldable models which could fold flat to provide clearance for parking. Several vendors, such as Allen Sports USA (Allen Sports), Kuat Innovations (Kuat), and Tyger Auto Inc. (Tyger), offer a wide range of hitch-mounted racks for carrying different bike models. The advantages of hitch-mounted racks and the presence of several global and regional vendors are expected to drive the growth of the market during the forecast period.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The automotive bicycle rack market is expected to grow moderately in North America, primarily due to the stagnant growth of the standard bicycle market. However, the demand for e-bikes is constantly growing in the region. The popularity of an active lifestyle and the growing number of sports enthusiasts in the region are expected to drive the demand for bicycles. This, in turn, will propel the growth of the automotive bicycle rack market in North America during the forecast period.
The outbreak of COVID-19 in 2020 severely impacted the North American market of automotive bicycle racks. However, in 2021, due to the availability of COVID-19 vaccines and large-scale vaccination drives carried out by the governments of countries in North America, activities in end-user industries gradually resumed. The automotive bicycle rack market in North America started to regrow at a steady pace across the region since the containment of the pandemic. Developed economies such as US and Canada are expected to emerge as major revenue contributors to the automotive market in the region during the forecast period. North America also has a very high concentration of automotive industries, which, in turn, increases the presence of automotive bicycles, thus propelling the growth of the market in focus. In 2022, North American automotive vehicles, including automotive bicycles, production started to increase. Therefore, these factors will lead to regional automotive bicycle rack market growth during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Product (Hitch mounted rack, Roof-mounted rack, and Trunk mounted rack), Application (Household, Commercial use, and Public services), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
Automotive Bicycle Rack Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.24% |
Market growth 2023-2027 |
USD 457.24 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
2.64 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 41% |
Key countries |
US, Canada, China, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Allen Sports USA, Atera GmbH, AURILIS GROUP, CURT Manufacturing LLC, Fabbri Portatutto Srl, Kuat Innovations, Maxx Group LLC, Mont Blanc Group AB, North Shore Racks Inc., Peruzzo srl, Pipeline Racks, Rhino Rack Pty Ltd., RockyMounts Inc., Saris Equipment LLC, SeaSucker LLC, Swagman, Thule Group AB, Tyger Auto Inc., Uebler GmbH, and Yakima Products Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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