What is Bike Racks Market?
Bike racks are those types of racks that are used to carry bikes. It helps protect bikes as well as provide extra loading options. It is easy to install & use and provides flexibility, choice and value than any other bicycle stand. There is various benefit of using bike tracks such as improves strength, coordination, and others. Various factors such as visible, accessible, secure, covered, affordable, easy to use, location, attractive, coherent and others should be considered for installing bike racks. Rising disposal income among middle-class families and increasing awareness regarding the benefit of bike racks are some of the major factors which affect the growth of the market in the future.
The market study is being classified by Type (Trunk Mount Bike Racks, Truck Bed Bike Racks, Hitchless Trunk/Hatch Mounted Bike Racks, Platform/Tray Racks, Hanging Racks, Vertical Bike Racks and Roof Racks) and major geographies with country level break-up.
CycleSafe (United States), Giant (Taiwan), Thule Group AB (Sweden), Saris Cycling Group, Inc. (United States), Yakima Products (United States), Atera GmbH (Germany), Uebler (Germany), Allen Sports (United States), Mont Blanc Group (Sweden) and Hollywood Racks (United States) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are VDL Hapro (Netherlands), Rhino-Rack USA, LLC. (United States) and Alpaca Carrier Inc. (United States).
Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Bike Racks market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Bike Racks market by Type, Application and Region.
On the basis of geography, the market of Bike Racks has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increasing Disposal Income Among Middle-Class Families
- People are Concerned about Pollution as well as Harmful Gases Emitted by Vehicles
Market Trend
- Technology Advancement regarding Bike Racks
Restraints
- Availably of substitute in the market
- Stringed Rules and Regulation
Opportunities
- Government Initiative to Implement Bike Racks
- Growing Demand from Emerging Market
Challenges
- High Cost of Raw Material
In 2019, the San Francisco Municipal Transportation Agency has announced the doubling of the rate of bike rack installation across San Francisco starting late this year. Therefore, this announcement will affect the growth of the market in the future.
Key Target Audience
Bike Racks Companies, Regulatory Bodies, Component Suppliers, Distributors and Others