LONDON--(BUSINESS WIRE)--The "Automotive Bicycle Rack Market by Product and Geography - Forecast and Analysis 2020-2024" report has been added to Technavio's offering.
The automotive bicycle rack market is poised to grow by USD 820.00 million during 2020-2024, progressing at a CAGR of about 5% during the forecast period. Get FREE Sample Report in Minutes!
There is the growing popularity of ride-sharing and car-pooling services, which leads to an increase in revenue for car rental companies across the globe. Car rental service providers are focusing on offering value-added services such as the provision of bicycle racks for cars to increase market penetration and gain consumer preference, especially from individuals inclined towards adventure tourism. Several start-ups have already started offering car rental services with bicycles and will directly contribute to the automotive bicycle rack market growth.
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COVID-19 is expected to have a Negative and Indirect impact on the Consumer Discretionary industry. Even if the spread of the virus is contained, we expect it to take more than two quarters (six months) to reach a normal state of economic activity. In the short term, the market demand will show Inferior growth.
38% of the market’s growth will originate from Europe during the forecast period. Germany is the key market for automotive bicycle racks in Europe. Market growth in this region will be slower than the growth of the market in APAC.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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The automotive bicycle rack market is segmented by product (hitch-mounted rack, roof-mounted rack, and trunk-mounted rack) and geography (North America, Europe, APAC, South America, and MEA).
Hitch mounted racks are the highest-selling type of automotive bicycle racks because of the benefits such as easy to install and detach when not in use and the availability of a wide variety of models with low-cost options. Moreover, some hitch mounted racks also have foldable models that could fold flat to provide clearance for parking. Therefore, influencing the growth of the market. Market growth in this segment will be faster than the growth of the market in the roof-mounted and trunk-mounted segment.
Allen Sports USA, Atera GmbH, Car Mate Mfg. Co. Ltd., Kuat Innovations, Mont Blanc Group AB, Rhino Rack Pty Ltd., Thule Group AB, Tyger Auto Inc., VDL Groep BV, and Yakima Products Inc. are among the leading companies in the automotive bicycle rack market.
The market is fragmented. With the increasing demand for bicycle racks from car rental companies, the competition among the players will intensify.
Key Market Dynamics:
Market Driver
- Increasing demand for adventure tourism
- Introduction of new products
- Increased safety of vehicles and bicycles
Market Challenges
- Decreased fuel efficiency of vehicles
- Complex installation of bicycle racks
- Concerns about esthetic appeal of vehicles
Companies Mentioned
- Allen Sports USA
- Atera GmbH
- Car Mate Mfg. Co. Ltd.
- Kuat Innovations
- Mont Blanc Group AB
- Rhino Rack Pty Ltd.
- Thule Group AB
- Tyger Auto Inc.
- VDL Groep BV
-
Yakima Products Inc.
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Key Topics Covered:
- Executive Summary
- Market Landscape
- Market Sizing
- Five Forces Analysis
- Market Segmentation by End-user
- Customer landscape
- Geographic Landscape
- Vendor Landscape
- Vendor Analysis
- Appendix
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