Automotive Bicycle Rack Market Outlook 2030 -
Automotive bicycle rack or bicycle carrier is a device used to securely park or carry bicycle from one place to another by mounting it on a vehicle. Bicycles can be easily carried with the help of such racks and chances of damage or falling reduces. With the growing bicycle market globally, accessories and parts market has also increased significantly in past few years. Rise in number of premium range bicycle sales made manufacturers remove stands from bicycles to reduce weight and to balance weights on both sides of bicycles. Regions such as Europe are witnessing significant rise in demand for automotive bicycle racks. Governments across the globe are also imposing strict regulations to control pollution and are providing subsidies to bicycle riders to promote eco-friendly transport. Such initiatives are foreseen to reinforce demand for bicycle racks during the forecast period.
COVID-19 Impact analysis
The COVID-19 pandemic has impacted the bicycle rack market in both ways, negatively and positively. However, demand is anticipated to recover slowly as governments across the globe are easing lockdown restrictions. Pandemic has made consumers more health conscious, which has led consumers to prefer bicycles as an economical means of exercising. Moreover, strict regulations such as social distancing has made public gathering in gyms and traveling in public transport difficult, which is also pushing consumers to shift toward bicycles. Regions such as Europe are witnessing gradual rise in the market since ease in restrictions. As a result, demand for automotive bicycle racks is anticipated to rise in the future.
Top Impacting Factors
- Increase in demand for adventure tourism acts as a key driver for the bicycle rack market.
- Rise in material cost, coupled with complex installation and mounting procedure of bicycle racks hamper growth of the market.
- Governments across the globe are imposing strict regulations and providing subsidies to bicycle riders to control pollution and promote eco-friendly transport. This acts as a lucrative opportunity for automotive bicycle rack market.
Adventure tourists leading the demand
Constant rise has been observed in number of adventure tourists across the globe. Rise in adventure tourism has opened new opportunities for bicycle manufacturers as well as for original equipment manufacturers. Demand for bicycle racks has increased exponentially, owing to craze of adventure bicycles in the adventure tourism industry. Top adventure cycle manufacturers are increasing production of bicycles considering the demand. However, gradual decrease in industry has been witnessed from last few decades, which is still evident due to economic evolution and technological developments in the automotive industry.
Increasing adoption electric bicycles foreseen to bolster the demand
Rise in demand for electric bicycles is evident, owing to high fuel prices and increase in pollution across the globe. Governments are promoting use of electric vehicles. Conventional vehicles emit greenhouse gases, which causes global warming. Electric vehicles are considered to be substitute of conventional vehicles. Hence, electric cycles are being promoted for short distance usage. Manufacturers, specifically from Europe, are involved in upgradation of electric bicycles. Such sudden changes are indirectly influencing demand for bicycle parts and accessories and opening new opportunities for the market growth.
Key Benefits of the Report
- This study presents the analytical depiction of the bicycle rack industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the bicycle rack market.
- The current market is quantitatively analyzed to highlight the bicycle rack market growth scenario.
- The report provides a detailed bicycle rack market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the bicycle rack market research report:
- Which are the leading market players active in the bicycle rack market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the bicycle rack market?
- What are the projections for the future that would help in taking further strategic steps?
Automotive Bicycle Rack Market Report Highlights
By Product Type
By Sales Channel
Key Market Players
Thule Group, Saris, Hollywood Racks, Yakima, Allen Sports, Hapro, Atera, Kuat, Mont Blanc.