Car Bike Rack Market: Current Analysis and Forecast (2022-2030)
Emphasis on Type (Hitch Rack, Trunk Rack, Roof Rack, Pickup Carrier Rack, and Spare Tire Rack), Material (Aluminum, Steel, Plastic, and Others), Sales Channel (Online Retail and Offline Retail), and Region/Country.
Car Bike Rack Market was valued at USD 730 million in 2021 & is expected to grow at a CAGR of 4% from 2022-2030. Biking is becoming a very popular pastime event among people of all ages. Not only biking is an effective form of exercise, but it also allows people to explore the great outdoors and discover new terrains. Moreover, people are indulging themselves a lot in adventure sports and bike trekking which can also be seen in the surging demand for mountain bikes. And even though biking is an interesting activity, its transportation to the destination is a daunting task, and that’s where bike racks come into the picture. A bike rack offers a range of benefits that made it a must-have accessory for many households, the benefits range from the convenience of easily transporting bikes to new trails and biking destinations, to safety where one can properly secure their bike to a rack during transportation. Furthermore, bike racks are versatile and come in a variety of designs and styles. Moreover, bike racks make traveling and exploring with family more fun and cost-effective by eliminating the need of renting a bike at the destinations. Furthermore, this emerging trend of biking adventure and sports clubbed with the ease of transportation using car bike racks has led to increasing biking trails where in the USA mountain bike trails are emerging at a growth rate of 100 to 500 percent boosting the demand further. For instance, on January 2021, the world economic forum reported that the USA is building a bike trail that runs coast to coast across 12 states stretching almost 6000 km, this great American rail trail will enable cyclists, hikers, and riders to traverse the entire USA.
Some of the major players operating in the market include ALLEN.BIKE; ALTA RACKS; Thule Group; Yakima, Inc; Kupper Mounts; Lolo Racks; Hollywood Racks; QuikrStuff; Küat Racks; and Saris
Insights Presented in the Report
Based on the type, the market is segmented into hitch rack, trunk rack, roof rack, pickup carrier rack, and spare tire rack. Among these, the hitch rack category is going to grow at a significant CAGR during the forecasted period. The major reasons for this mass adoption of hitch racks are, they are incredibly sturdy as the hitch rack directly gets attached to the chassis of the car, they are also easy to mount, and have high loading capacity. Furthermore, hitch bike racks give better trunk access which is one of its major selling points.
“North American car bike rack market is going to grow at a significant CAGR during the forecasted period.”
The car bike rack market in the North American region is going to grow at a significant CAGR during the forecasted period market. The North American market is mainly driven by the increasing adoption of bicycles, there are around 52 million bicycle riders in the USA, and most of these rides are done for recreational purposes, there is also a significant increase in participation in adventure sports and mountain trekking. Moreover, in 2022, almost USD 8 billion was spent on bicycles and accessories whereas around USD 900 million were spent alone on bicycle equipment by Americans. Furthermore, public interest in a healthy lifestyle, awareness about environmental concerns, elevated gas prices, and favorable government policies is giving an additional boost to the demand. For instance, on September 2022, The Chicago Department of Transportation (CDOT) announced that, with a total investment of USD 17 million in new funding in 2022 and next, CDOT will install 100 miles of new and upgraded bike lanes.
Car Bike Rack Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global car bike rack market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Car Bike Rack Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global car bike rack market were the three major steps undertaken to create and analyze the adoption of car bike racks in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global car-bike rack market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the car bike rack market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the car bike rack market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product type, material, and sales channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the car bike rack market. Further, we conducted factor analysis using dependent and independent variables such as product type, material, and sales channel of the car bike rack market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the car bike rack market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global car bike rack market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the car bike rack market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global car bike rack market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global car bike rack market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product type, material, and sales channel in the global car bike rack market.
The main objective of the Global Car Bike Rack Market Study
The current & future market trends of the global car bike rack market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the car bike rack market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the product type, material, and sales channel.
- Define and analysis of the regulatory framework for the car bike rack market product type, material, and sales channel
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the car bike rack market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the car bike rack market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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