Car Bike Rack

Car Bike Rack

A bike rack is a type of accessory that gets attached to a vehicle and is used for safely transporting one or more bikes to a destination without having to make space for them inside the vehicle. Car bike rack enables cyclists, adventure enthusiasts, and avid travelers to tow their bikes and take their cycling anywhere to feel the excitement and joy of exploring new and familiar terrains with bikes.

The Car Bike Rack market is expected to grow at a steady CAGR of around 4% during the forecast period owing to the increasing popularity of bicycle touring and adventure sports. Furthermore, with the bicycle becoming increasingly prominent in the commuting and recreation cultures has started an incredible growth of the bicycle industry and in turn, is increasing the demand for car bike racks. For instance, on September 2022, Eurostat released production data for bicycles, where In 2021, a total of 13.5 million bicycles were produced in the EU, indicating an 11% increase compared with 2020.

• Based on product type, the market is segmented into hitch rack, trunk rack, roof rack, pickup carrier rack, and spare tire rack. Out of all, the hitch rack is the most widely used and holds the significant market share amongst all, rear hitch bike rack is attached to the car’s rear trailer hitch and can carry up to two to four bikes, they are the most stable, easier to use, and are more durable than others. Moreover, it provides easier and hassle-free loading and unloading, they can be quickly installed or removed from the cars, capable of swinging away or tilting down for easy access to the rear of the car, and hence becomes an ideal choice for frequent use and travel.
• Based on material, the market is segmented into aluminum, steel, plastic, and others. Among all, aluminum is the material that is used by most of the manufacturers in the bike rack industry simply due to the fact that aluminum bars are lighter and stronger than steel bars and are easier to move around and install on the vehicle, and they tend to have a high weight capacity than a steel bar. Moreover, the aesthetic look of aluminum bars is much better than that of traditional steel bars. Furthermore, aluminum material is also resistant to rust and hence can be used in all weathers.
• Based on the sales channel, the market is bifurcated into online retail and offline retail. Online retail for car accessories is going to grow at the highest CAGR during the forecasted period owing to the fact that, consumers are becoming more comfortable buying auto parts online, and auto parts retailers are also enhancing their website’s user experience and getting better at e-commerce. Additionally, now most of the auto parts and accessories manufacturers, are now selling directly to customers via their own websites. Moreover, consumers in the automotive aftermarket industry are obsessed with over-researching in order to find the perfect fit, increasing the web traffic for auto parts and accessory retail websites. For instance, on May 2022, PCBennett Solutions, a SaaS company, released a stat according to which online parts sales historically have a 16% per year growth rate but there has been a surge up to 30% during the pandemic. The US aftermarket automotive and components market is continuing to grow specifically around hybrids and electric vehicles.
• For a better understanding of the market adoption of car bike racks, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, Rest of Asia-Pacific), Rest of World. The car bike rack market holds a significant market share in the Europian union owing to the growing European bicycle industry, especially after the pandemic, where the production of bicycles and e-bikes has shown a growth of around 10% in 2021 from the previous year and emerges as the region with the highest number of bike ownerships. For instance, in Norway, 70% of adults own a bicycle, in Switzerland, 69% of households own a bicycle. The number of bicycles per 1 000 inhabitants ranges from 52 in the Czech Republic to 1 000 in the Netherlands and in 2021 alone, almost 22 million bikes have been sold in the European region. Owing to reasons like rising health consciousness among people and increasing awareness about climate change and its implications after the pandemic. Furthermore, cycling is emerging as a major trend in these countries for adventure sports, bike touring into nature, and recreational purposes which has also led to an all-time high consumer spending on bicycles as well as their accessories where a car bike rack is one of the foremost preferred accessories.
• 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