Bike Racks Market Trends, Business Overview, Industry Growth and Forecast to 2028

The global bike racks market is anticipated to grow at a CAGR of 5.0% during the forecast period (2022- 2028). A bike rack is a device used to hold a bicycle and is also known as a bicycle carrier or bicycle stand. A bicycle carrier is attached to a vehicle (truck, bus, or car) and the bicycle is mounted on it. A bicycle carrier that is used for the transportation of bicycles can be mounted in the front, rear, and on the top of the vehicle. A bicycle is the best alternative to a motorcycle. The use and installation of bike racks depend on the number of people riding bicycles. Additionally, a bicycle stand is a device to which bicycles are attached securely for the purpose of parking. With the increase in pollution and harmful gases emitted by vehicles, people are getting more inclined towards fitness, cycling improves strength, coordination, and balance. These are some of the driving factors for the growth of the global bike racks market. Riding a bicycle and the benefits associated with it are surfacing on social media and promotional events. This, in turn, is boosting the growth of the market. Nowadays night cycling is very popular and the demand is increasing day by day. Even most companies have started installing secure bike parking, showers, and facilities to make things easier for employees cycling to work.

Some major players in the market include Thule Group, Saris Cycling Group, Inc., and Yakima Inc., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in November 2021, Yakima Inc. released two new hitch bike racks that are meant to make transportation of your bikes easier and safer. Both the models are easy to use and rich in features. Additionally, in January 2020, Dometic Group AB (PUBL) launched the CAM200 industry's first bike rack camera for perfect rearview. This product is a unique solution protected by patents to ensure a perfect rear view for drivers with bike racks installed.

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Market Coverage
•The market number available for - 2021-2028
•Base year- 2021
•Forecast period- 2022-2028
•Segment Covered-
•By Type
•By Style
•By Finishing
•By Distribution Channel
•Regions Covered-
•North America
•Europe
•Asia-Pacific
•Rest of the World

Competitive Landscape- Thule Group, Saris Cycling Group, Inc., and Yakima Inc., among others.

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Global Bike Racks Market Report by Segment
By Type
•Rear Bike Racks
•Hitch Bike Racks
•Roof Mounted Bike Racks
By Style
•U Rack
•Wave Rack
•Bollard Style Rack
•Grid Style Rack
By Finishing
•Galvanized
•Powder Coat
•Thermoplastic Coated
•Recycled Plastic
•Steel
By Distribution Channel
•Online
•Offline

Key questions addressed by the report
•What is the market growth rate?
•Which segment and region dominate the market in the base year?
•Which segment and region will project the fastest growth in the market?
•How has COVID-19 impacted the market?
•Deviation from the pre-COVID-19 forecast
•Most affected region and segment
•Who is the leader in the market?
•How players are addressing challenges to sustain growth?
•Where is the investment opportunity?

 

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This release was published on openPR.