Bike car rack market size to grow by USD 583.46 million from 2022 to 2027, the market is fragmented due to the presence of prominent companies like 1UP USA, Allen Sports USA and Alpaca Carriers Inc., and many more, Technavio

NEW YORK, March 19, 2024 /PRNewswire/ -- The bike car rack market is estimated to grow by USD 583.46 million from 2022 to 2027, growing at a CAGR of 6.98%. The bike car rack market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer bike car rack market are 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. 

The report provides a full list of key companies, their strategies, and the latest developments. Download Sample before buying

• 1UP USA: The company offers bike car racks such as quik rack single, super duty double, and recon rack.
• Allen Sports USA: The company offers bike car racks such as premier hitch mounted tray rack, and high capacity locking premier model for electric bikes.
• Alpaca Carriers Inc: The company offers bike car rack products such as alpaca 1500 2Tadpole2 trike carrier.

For details on companies and their offerings – Buy report!

By Geography, the market is classified as North America, Europe, APAC, South America, and Middle East and Africa. North America is estimated to contribute 36% to the growth of the global market during the forecast period. The demand for bike car racks in North America is anticipated to slow down owing to slow economic growth. Hence, consumers are able to reduce their discretionary spending on automobile accessories. However, several initiatives in the sector provide a favorable platform for the main leading company to expand product awareness and sales. The US and Canada are the leading markets in the region. However, due to severe weather conditions, the number of skiing visitors is expected to decline during the forecast period.

Download sample report to get more insights on the market share of various regions and contribution of the segments.

 Market Segmentation

• By Distribution Channel, the market is classified into offline and online. The market share growth by the offline segment will be significant during the forecast period. The offline segment in the market includes specialty stores, hypermarkets supermarkets, and other retail outlets. There are several factors such as discounts and a better shopping experience, that support the purchase of bike car racks from an offline channel. 

Technavio Research experts has provided more insights on the market share of segments - View Sample Report

Analyst Review

The automotive electro-hydraulic power steering industry has witnessed a surge in demand, driven by a growing trend towards outdoor adventure activities like mountain biking and ski trips. As traveling restrictions ease, individuals seek to explore the great outdoors, prompting a rise in the demand for car roof rack businesses to accommodate their luggage and equipment securely.

In the face of market uncertainties within the automobile industry, manufacturers are devising contingency plans to address challenges such as pricing difficulties, rust, and corrosion issues associated with low-quality racks. However, with the right building materials and robust product expenses, the roof rack segment continues to thrive, especially with the popularity of compact SUVs and their versatile vehicular capabilities for off-roading.

Joint ventures and new product launches have been instrumental in expanding the capacity of leading players like Meyer Distributing, Polaris Inc, and Rhino-Rack. Additionally, collaborations with outdoor adventure specialists and lifestyle pickup truck manufacturers further enhance the appeal of roof racks for leisure vehicles, motorhomes, and camper vans.

The demand for quality roof racks is particularly pronounced in the US market, where tourism and recreational travels are on the rise, especially among the millennial generation and young people. Canadian citizens also contribute significantly to this trend, seeking multipurpose vehicles equipped with luggage racks for packaged holidays and vacation rentals.

Roof rack manufacturers such as Allen Group and Saris Group cater to the increasing demand for storage capacity and passenger comfort, with innovative solutions like the aluminum roof storage system. Meanwhile, Lucid Motors ventures into the luxury EV segment, offering accessories like Lucid Air Crossbars to enhance the utility of their vehicles for outdoor enthusiasts.

In North America and Europe, market trends indicate a growing preference for bike car racks from Yakima Products Inc, aligning with the surge in recreational travel and winter sport activities. With technological advancements in batteries, even high-power motorbikes and e-scooters are adopting roof rack systems, albeit with considerations for reduced fuel efficiency.

Overall, the bike car rack market continues to evolve, driven by the intersection of automotive and outdoor leisure sectors, offering solutions for adventure tourism and recreational travels with unmatched convenience and efficiency.

View Sample Report

Market Overview

In the dynamic automotive electro-hydraulic power steering industry, outdoor adventure activities like mountain biking and ski trips have surged in popularity. However, traveling restrictions have altered consumer behavior, emphasizing local exploration. This shift underscores the significance of car roof rack businesses, as they provide a solution for maximizing baggage space while enabling enthusiasts to pursue their passions. Manufacturers in this sector must adapt, recognizing business uncertainties and devising contingency plans to mitigate risks. Despite challenges, the market value remains promising, driven by the growing demand for outdoor pursuits. By aligning with evolving trends, players in the automobile industry can capitalize on this niche market and cater to the needs of adventure-seeking consumers.

View Sample Report

Related Reports:

The automotive bicycle rack market is estimated to grow at a CAGR of 3.24% between 2022 and 2027. The size of the market is forecast to increase by USD 457.24 million. 

The Car Rack Market size is estimated to grow at a CAGR of 6.72% between 2022 and 2027. The size of the market is forecast to increase by USD 1,744.71 million.

TOC:

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus 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.

Contact US:

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED