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The car bicycle rack market is projected to increase to a value of $3 billion, enlisting a CAGR of more than 6% from 2021 to 2026.
Car Bicycle Racks: Introduction
A bike rack or carrier, is a gadget connected to an automobile like car, bus, for moving bikes.
Types of car bicycle racks are:
With COVID-19 hitting the vehicle and mobility area harshly, the industrial and development of cars saw a halt, and subsequently, the small or large organizations in the business of car rooftop racks experienced an incredible deal. Post pandemic, with the expanding interest for intermittent recreational activities and medical advantages, the requirement for mountain trekking and ski outings will increment. This, thus, will build the interest for more vehicle racks and roof mounts that are reliable, expanding the market esteem.
Some of the key factor driving the development of the market are the interest for additional baggage space and expanding excitement for sporting activities and tourism. Notwithstanding, quality- development of rust and consumption in bad quality racks, and pricing issues- factors influencing the value, similar to expenses of the item, like constructional material/unrefined material, style of rooftop rack, and brand, may impede the development of the market.
The car bicycle rack market size reported $2 billion in 2020, and it is projected to increase to a value of more than $2 billion, enlisting a CAGR of more than 6% during the estimated period from 2021-2026.
Market segmentation: Analysis
The car bicycle rack market is segmented by type, application, distribution channel, and region.
On the basis by types – Hitch Mounted Racks, Trunk Mounted Racks, and Roof Mounted Racks.
The hitch mounted rack section possesses a significant share of the market and is expected to observe a critical development, attributable to the rising interest for the racks dure to the facilities including simple installation and detachment.
On the basis by application – Passenger Vehicles, and Commercial Vehicles.
The passenger vehicle segment is projected to show a vigorous CAGR, owing to the wide reception of the racks to passenger vehicles for individual use and the rising interest for car vehicles for different adventure travels.
On the basis by distribution channel – Online Sales, and Offline Sale.
The online segment is evaluation to report a significant share, attributable to the rising buyers' tendency towards web-based shopping and the accessibility of heavy discounts of online deal items.
On the basis by region – Middle east and Africa, North America, Latin America, Europe, and Asia- pacific.
Europe is the main market for the car bicycle rack items and is expected to comprise considerable share, owing to the extensive awareness of active way of life and the developing commitment for sporting exercises by a huge populace in the region.
Major key manufacturers in the Global Car Bicycle Racks Market are:
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