NEW YORK, Jan. 24, 2023 /PRNewswire/ — According to Technavio, the global automotive bicycle rack market size is estimated to grow by USD 457.24 million from 2022 to 2027. The market is estimated to grow at a CAGR of 3.24% during the forecast period. North America will account for 41% of the market’s growth during the forecast period. Increasing demand for bicycle racks from car rental companies is another factor supporting the automotive bicycle rack market growth in the forecast period. The rise of the ridesharing concept in the transportation sector has benefited numerous automobile rental businesses all around the world. In order to increase market share and win over customers, these businesses aim to provide value-added services to the customers. With the growing popularity of adventure tourism and outdoor recreational activities, car rental companies are also adding bicycle racks to their vehicles. Furthermore, the increasing trend of self-guided tours and the increasing popularity of foldable bicycles will drive market growth during the forecast period. Download a Sample Report
Global automotive bicycle rack market – Five forces
The global automotive bicycle rack market is fragmented, and the five forces analysis covers–
Bargaining Power of Buyers
The threat of New Entrants
Threat of Rivalry
Bargaining Power of Suppliers
Threat of Substitutes
Interpretation of porter’s five models helps to strategize the business, for entire details – buy the report!
Global automotive bicycle rack market – Customer landscape
The report includes the market’s adoption lifecycle, 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 – Segmentation assessment
Segment overview
Technavio has segmented the market based on the 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).
The market share growth of the hitch-mounted rack segment will be higher than the other segments during the forecast period. The advantages of hitch-mounted racks, the availability of a wide variety of models with low-cost options, and the existence of several international and local vendors are expected to drive the market’s growth during the forecast period.
Geography Overview
By geography, the global automotive bicycle rack market is segmented into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global automotive bicycle rack market.
North America will account for 41% of the market’s growth during the forecast period. In North America, the market for automotive bicycle racks is expected to grow moderately due to the stagnating growth of the regular bicycle market. However, there is a rising trend in the region for e-bike demand. Bicycle demand is expected to be driven by the growing popularity of an active lifestyle and the amount of sports enthusiasts in the area. This, in turn, will propel the growth of the automotive bicycle rack market in North America during the forecast period.
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Global Automotive bicycle rack market – Market dynamics
Key factor driving market growth
One of the key factors driving the automotive bicycle rack market is the increasing demand for adventure tourism.
Adventure tourism includes mountaineering expeditions, mountain cycling, trekking, bungee jumping, rafting, and rock climbing. These activities help in improving mental and physical wellness.
Furthermore, changes in lifestyle, demographics, and an increasing preference for experience travel are responsible for the strong demand for adventure tourism.
Additionally, numerous regional governments are continuously funding the development of cycling infrastructure. The need for this type of adventure tourism will drive the adoption of automotive bicycle racks.
Major challenges hindering the market growth
The decreased fuel efficiency of vehicles will be a major challenge for the automotive bicycle rack market during the forecast period
High engine power and vehicle weight reduces the fuel consumption of automobile. Vehicles become significantly heavier when bicycle racks are installed, which lowers their fuel efficiency.
The bicycle rack mounted on the roof may increase aerodynamic drag, reducing fuel economy even more. Manufacturers of bicycle racks are concentrating on producing lightweight bicycle racks in order to increase fuel efficiency.
Driver, & Challenges are the factor of market dynamics that states about consequences & sustainability of the businesses, find some insights from a sample report!
What are the key data covered in this automotive bicycle rack market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the automotive bicycle rack market between 2023 and 2027
Precise estimation of the size of the automotive bicycle rack market and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the automotive bicycle rack market across North America, Europe, APAC, South America, and the Middle East and Africa
A thorough analysis of the market’s competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of automotive bicycle rack market vendors
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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 for the 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.
Browse for Technavio “Consumer Discretionary” Research Reports
Table of Contents
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
4 Historic Market Size
4.1 Global automotive bicycle rack market 2017 – 2021
4.2 Product Segment Analysis 2017 – 2021
4.3 Application Segment Analysis 2017 – 2021
4.4 Geography Segment Analysis 2017 – 2021
4.5 Country Segment Analysis 2017 – 2021
5 Five Forces Analysis
5.1 Five forces summary
5.2 Bargaining power of buyers
5.3 Bargaining power of suppliers
5.4 Threat of new entrants
5.5 Threat of substitutes
5.6 Threat of rivalry
5.7 Market condition
6 Market Segmentation by Product
6.1 Market segments
6.2 Comparison by Product
6.3 Hitch mounted rack – Market size and forecast 2022-2027
6.4 Roof mounted rack – Market size and forecast 2022-2027
6.5 Trunk mounted rack – Market size and forecast 2022-2027
6.6 Market opportunity by Product
7 Market Segmentation by Application
7.1 Market segments
7.2 Comparison by Application
7.3 Household – Market size and forecast 2022-2027
7.4 Commercial use – Market size and forecast 2022-2027
7.5 Public services – Market size and forecast 2022-2027
7.6 Market opportunity by Application
8 Customer Landscape
8.1 Customer landscape overview
9 Geographic Landscape
9.1 Geographic segmentation
9.2 Geographic comparison
9.3 North America – Market size and forecast 2022-2027
9.4 Europe – Market size and forecast 2022-2027
9.5 APAC – Market size and forecast 2022-2027
9.6 South America – Market size and forecast 2022-2027
9.7 Middle East and Africa – Market size and forecast 2022-2027
9.8 US – Market size and forecast 2022-2027
9.9 Germany – Market size and forecast 2022-2027
9.10 China – Market size and forecast 2022-2027
9.11 France – Market size and forecast 2022-2027
9.12 Canada – Market size and forecast 2022-2027
9.13 Market opportunity by geography
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
10.4 Market trends
11 Vendor Landscape
11.1 Overview
11.2 Vendor landscape
11.3 Landscape disruption
11.4 Industry risks
12 Vendor Analysis
12.1 Vendors covered
12.2 Market positioning of vendors
12.3 Allen Sports USA
12.4 Atera GmbH
12.5 AURILIS GROUP
12.6 CURT Manufacturing LLC
12.7 Fabbri Portatutto Srl
12.8 Kuat Innovations
12.9 Mont Blanc Group AB
12.10 Peruzzo srl
12.11 Pipeline Racks
12.12 Rhino Rack Pty Ltd.
12.13 Swagman
12.14 Thule Group AB
12.15 Tyger Auto Inc.
12.16 Uebler GmbH
12.17 Yakima Products Inc.
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
13.3 Currency conversion rates for US$
13.4 Research methodology
13.5 List of abbreviations
About Us
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.
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