Pleasanton, CA, Dec. 15, 2021 (GLOBE NEWSWIRE) -- The Global Bike Rack Market is expected to grow from USD 535.5 Bn in 2020 to USD 763.7 Bn by 2027, at a CAGR of 5.3%.
The increasing penetration of bicycle across the globe due to increasing pollution are the important factors that accelerate the growth of the market during the forecast period. Cycling has several advantages and it facilitates people to live fit. Cycling improves strength, coordination, and balance. Recent trends show that the cycling market has grown in recent years and might further develop in the future at an excellent growth rate. Bike rack sales rely on the sale of bicycles. Riding a bicycle and its benefits are trending on social platform such as Facebook, Instagram and others boost the growth of the bicycle market, which in turn, accelerate the bike rack market growth. Many organizations and residential societies have applied bicycle-sharing platforms which have similarly given a tremendous boost to bicycles and racks. Companies have started installing secure bike parking, showers, and facilities to make things easier for employees cycling to work, proliferating the bike rack market growth during the forecast period.
The COVID-19 pandemic positive influence the growth of the bike rack market to some extent due to strong consumer demand for numerous kinds of exercise-related items such as cycling and others. For instance, according to the Research from the United Kingdom found that cycling to work is linked with a 45% lower risk of developing cancer, and a 46% lower risk of cardiovascular disease, compared to commuting by car or public transport. Furthermore, the government initiatives to adopt bicycle across the globe influence the growth of the bike rack market. Thus, this trend will boost the market growth in the approaching years.
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The complex installations of bike racks are the major restraining factor that hampers the growth of the market. Moreover, quality (formation of rust and corrosion in low-quality racks) and pricing issue (factors affecting the price, like costs of the product, such as construction material/raw material, style of roof rack, and brand) is one of the major challenges that limit the market growth. However, the growth in the tourism industry and the increasing government initiatives provide the lucrative opportunity for the growth of the bike rack market during the forecast period.
Global Bike Rack Market by Region Outlook (Revenue, USD Million, 2021-2027):
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
In terms of geography, the Asia Pacific is expected to grow at the highest CAGR during the forecast period. The growth in the region is attributed to the presence of large production facilities in the countries such as China, Japan, and India. This support the consumption rate of bicycle in the region. For instance, according to the Ministry of Economic, Trade, and Industry (METI) data, in 2018, Japan Bicycle production value reached USD 579.6 Mn, up from USD 556.6 Mn in 2017. Therefore, these facts support the demand for bicycle in the region, which in turn, boost the market growth of the bike rack market during the forecast period.
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The Global Bike Rack Industry Segmentation:
Global Bike Rack Market by Type Industry Outlook (Revenue, USD Million, 2021-2027)
- Bike Carrier
- Bike Stand
Global Bike Rack Market by Design Industry Outlook (Revenue, USD Million, 2021-2027)
- U Rack
- Wave Rack
- Bollard Style Rack
- Grid Style Rack
- Rack Mounted on Top
- Rack at Rear
- Rack in Front
Global Bike Rack Market by Mount Type Industry Outlook (Revenue, USD Million, 2021-2027)
- In Ground Mount
- Roof Mount
- Surface Mount
- Hitch Mount
- Rail Mount
- Spare Tire Mount
- Wall Mount
- Trunk Mount
- Removable Mount
Global Bike Rack Market by Distribution Channel Industry Outlook (Revenue, USD Million, 2021-2027)
- Online
- Offline
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Key Findings:
- Based on the type, the bike carrier segment is growing at the highest CAGR during the forecast period
- Based on the design, the U rack segment is expected to hold a significant market share during the forecast period
- Based on region, the Asia Pacific is expected to grow at the highest CAGR during the forecast period
The key players operating in the bike rack market are:
SARIS, Thule Group, CAR MATE MFG.CO.,LTD., CURT Manufacturing LLC, Yakima, Inc., ALLEN.BIKE, UEBLER GMBH, Atera GmbH, Hollywood Racks, Rhino-Rack USA, LLC, Mont Blanc Group, VDL Hapro, Swagman, CRUZBER SA, Alpaca Carriers, Inc., Küat Racks, RockyMounts and Among Others
Recent News:
- In November 2021, Thule (Sweden) opened a second North American brand store with a new place in Canada. This new retail store will provide local Canadian customers with a first-of-its-type purchasing experience by showcasing all of Thule’s product classes in a single space. The new Thule Store Vancouver will open in December 2021.
- In November 2019, Hyundai (Korea) partnered with Thule Group (Sweden). Due to this partnership, Hyundai owners can now purchase Thule’s vehicle bike racks, roof racks, winter and water sport racks, and other cargo carriers and basket accessories directly from participating Hyundai dealers nationwide.
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