LONDON–(BUSINESS WIRE)–Feb 2, 2021–
The “Automotive Bicycle Rack Market by Product and Geography – Forecast and Analysis 2020-2024” report has been added to Technavio’s offering.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210202005698/en/
Technavio has announced its latest market research report titled Global Automotive Bicycle Rack Market 2020-2024 (Graphic: Business Wire)
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.
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
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.
Register for a free trial today and gain instant access to 17,000+ market research reports.
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:
- Increasing demand for adventure tourism
- Introduction of new products
- Increased safety of vehicles and bicycles
- Decreased fuel efficiency of vehicles
- Complex installation of bicycle racks
- Concerns about esthetic appeal of vehicles
- 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.
Related Reports on Consumer Discretionary Include:
Bicycle Motors Market by Type and Geography – Forecast and Analysis 2020-2024: The bicycle motors market size has the potential to grow by 7793.49 thousand units during 2020-2024, and the market’s growth momentum will decelerate during the forecast period. To get extensive research insights: Click and Get FREE Sample Report in Minutes!
Bicycle Carbon Frames Market by Application and Geography – Forecast and Analysis 2020-2024: The bicycle carbon frames market size has the potential to grow by 6.48 million units during 2020-2024, and the market’s growth momentum will accelerate at a CAGR of almost 16%. To get extensive research insights: Click and Get FREE Sample Report in Minutes!
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
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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210202005698/en/
CONTACT: Technavio Research
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
INDUSTRY KEYWORD: SPORTS BIKING/CYCLING
SOURCE: Technavio Research
Copyright Business Wire 2021.
PUB: 02/02/2021 08:27 AM/DISC: 02/02/2021 08:27 AM