The Automotive Bicycle Rack Market is being driven by Increasing demand for adventure tourism
The Automotive Bicycle Rack Market is expected to grow at a CAGR of 3.24% during 2022 and 2027. During this period, the market is also expected to show a growth of USD 457.24 million. In the burgeoning rideshare market, car rental companies are capitalizing on the trend by offering value-added services, such as bicycle racks, to attract customers and foster loyalty. Europcar Australia, a pioneer in this space, has partnered with Thule to install bicycle racks on their vehicles, catering to the increasing demand for adventure tourism and outdoor recreational activities. This strategic move expands Europcar's travel solutions portfolio, enabling consumers to explore biking trails in Sydney and beyond.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
162 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.24% |
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Market growth 2023-2027 |
USD 457.24 million |
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Market structure |
fragmentation |
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YoY growth 2022-2023(%) |
2.64 |
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Key countries |
US, Canada, China, Germany, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Automotive Bicycle Rack Market caters to the needs of urban commuters and outdoor enthusiasts, providing solutions for transporting premium range bicycles. Three primary types of racks are available: Trunk Mounted Racks, Hitch Mounted Racks, and Roof Mounted Racks. Each type offers unique benefits. Trunk Mounted Racks are convenient for household use but may not be as secure as other options. Hitch Mounted Racks provide stability and security, making them suitable for commercial use. Roof Mounted Racks offer aerodynamic shapes and lightweight materials, ensuring minimal damage to vehicles and bicycles. Integrated locking systems ensure the safety of bicycles during transportation. Cyclists and automotive consumers in the bicycle market value the importance of these racks, preventing falling and potential damage to their vehicles and bicycles.
The automotive bicycle rack market caters to businesses producing racks for transporting bicycles on various types of vehicles, including passenger cars, commercial vehicles, and heavy-duty trucks. Market size is determined by the consolidated revenue generated by these manufacturers. Key growth drivers include the rising trend of eco-friendly transportation solutions, such as electric vehicles and bicycles, leading to an increased demand for bicycle racks. Additionally, the growing popularity of outdoor activities and recreational pursuits contributes to market expansion. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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