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The bike car rack market size is estimated to grow at a CAGR of 6.98% between 2022 and 2027. The market size is forecast to increase by USD 583.46 million. The growth of the market depends on several factors such as the increased safety of vehicles and bicycles, increasing demand for adventure tourism and the growing popularity of cycling
This bike car rack market report extensively covers market segmentation by 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). 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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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.
Increased safety of vehicles and bicycles is driving the market growth. Currently, the price is more than USD 215 on the market to buy an off-road bicycle. The safety and maintenance of these bikes is a matter of great concern for owners, as the components are also high in cost. One of the hardest tasks is to strap the bicycle to a regular car roof or safely place the bicycle in the vehicle cabin without resulting in scrapes and scratches on vehicles while traveling. The carriage of bicycles on the roof without a rack shall damage the roof of the vehicle, while the bicycle might also fall off the vehicle during transport, scraping off the paint, or leaving marks on the vehicle.
Moreover, driving with a bicycle sliding around the bed of a pickup truck or strapped onto a vehicle without a proper rack may be a distracting aspect for the driver or constantly need the driver's attention to assure the safety of the bicycle and vehicle. These problems can be overcome when you put a bicycle rack on your car. Therefore, the rising awareness of these issues among consumers will result in the increased use of bike car racks which, in turn, drive the market growth during the forecast period.
The rise of self-guided tours is an emerging trend shaping the market growth. Europeans and Americans are extremely fond of the self-guided tour, which offers them a wide variety of flexibility, freedom, and independence. Self-guided travel is offered by several smaller enterprises in both the United States and Europe. In view of the fact that cycling is the best way to explore the experience and the region at a pace that is convenient for the traveler, self-guided cycling tourism is a major category of self-guided tours. In addition, there is a high demand for self-guided cycling tours in France and other European countries.
However, the rising popularity of self-guided tours has resulted in increased sales of bike car racks. Travelers have to carry their bicycles on a self-guided tour which leads to more consumers investing in bike car racks to transport their bicycles. Thus, the rising trend of self-guided tours will have a positive influence on the sales of bike car racks during the forecast period.
The reduced fuel efficiency of vehicles is a significant challenge hindering market growth. The factors which reduce fuel efficiency in any vehicle are the increased vehicle weight and high engine power. The installation of bike racks also has a substantial impact on vehicle weight, which in turn leads to reduced fuel efficiency. The fuel efficiency of a vehicle can be reduced by 1% in miles per gallon by adding 100 pounds (lbs.) to the vehicle, adding a bike rack and it can reduce the fuel efficiency of a vehicle by up to 9% in miles per gallon.
In addition, roof-mounted bicycle racks can increase aerodynamic drag which further reduces fuel efficiency. The most significant reductions in fuel efficiency are led by roof-mounted bike racks among the three main types of bicycle car racks currently available on the market. Bike car rack manufacturers are aware of this issue and are, therefore, focusing on manufacturing lightweight bike car racks. Such factors will have an adverse influence on the market growth during the forecast period.
The market research 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 Bike Car Rack Market Customer Landscape
Companies 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.
1UP USA - The company offers bike car racks such as quick rack single, super duty double, and recon rack.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the offline segment will be significant during the forecast period. The offline segment in the market in focus incorporates specialty stores, hypermarkets and supermarkets, and other retail outlets. The most popular and preferred channels are the offline retail channels such as hypermarkets for a wide range of bike car racks as they provide a vast assortment of products under a single roof. Customers are opting to buy bike car racks from offline channels where they can choose their preferred brand after looking at the products physically.
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The offline segment was the largest segment and was valued at USD 1,039.69 million in 2017. There are several factors such as discounts and a better shopping experience, that support the purchase of bike car racks from an offline channel. Also, offline channels have the advantage of selling high volumes of bike car racks, which makes their buying power high. This enables offline distribution channels to apply competitive pricing for products by offering more deals o the consumer such as discounts and other offers.
In addition, vendors mainly emphasize the online-to-offline business approach to improve overall sales through offline distribution channels while promoting their digital experience. The online-to-offline channel provides several advantages to buyers such as in-store pickup of the goods purchased online, the purchase of goods online while being at the physical store, and the chance to return products purchased online at selected physical stores. Hence, such strategies will enable vendors to increase their share of the market and develop their consumer base, which is expected to drive the offline segment in the market in focus during the forecast period.
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North America is estimated to contribute 36% 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 demand for bike car racks in North America is expected to slow down due to slow economic growth. As a result, consumers are likely to reduce their discretionary spending on automobile accessories. Also, fluctuating climatic conditions and slow growth in the number of outdoor enthusiasts are also adding to the impact of slow economic growth on the market.
In addition, the recent warm winters in some parts of the region have lowered participation in outdoor sports and recreational activities, thereby lowering the demand for bike car racks in the region. Nevertheless, several initiatives in the sector provide a favorable platform for the major leading company to expand product awareness and sales. The US and Canada have a mature market for skiing in the region. However, due to severe weather conditions, the number of skiing visitors is expected to decline during the forecast period.
The outbreak of COVID-19 in the region led to the imposition of lockdowns in several countries in 2020. However, as people were forced to follow the government rule as social distancing norms, it led to a reduction in preference for public transportation but increased the demand for bicycles in North America. Moreover, following the lifting of lockdown restrictions in 2021, companies have been expanding in the region due to the increasing demand for bicycles. Hence, these factors are expected to drive the growth of the bike car rack market in the region during the forecast period.
The bike car rack market 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.
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Bike Car Rack Market Scope |
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Report Coverage |
Details |
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Page number |
159 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.98% |
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Market growth 2023-2027 |
USD 583.46 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
6.42 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 36% |
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Key countries |
US, Canada, China, Germany, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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. |
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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 the forecast period |
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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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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