LONDON--(BUSINESS WIRE)--Technavio’s latest global bike car rack market report highlights three key emerging trends predicted to impact market growth through 2020. Technavio defines an emerging trend as something that has potential for significant impact on the market and contributes to its growth or decline.
“Outdoor recreational activities are rapidly gaining popularity in Europe and North America. Changes in lifestyle, attitudes, and demographic are resulting in increased spending on recreational activities. This, in turn, has increased the expenditure on related equipment like bike car-racks,” said Abhay Sinha, one of Technavio’s lead industry analysts for outdoor gear research.
“Governments across the world are encouraging people to use bikes as a regular mode of transportation by creating more parking facilities and separate lanes for cyclists. Thanks to this trend, the market is witnessing an increase in the installation and sale of bike car-racks,” added Abhay.
Technavio’s market research study identifies the following three emerging trends expected to propel the global bike car rack market:
- Emerging use of racks among car rental service providers
- Rise of self-guided tours
- Increase in online retailing
Emerging use of racks among car rental service providers
The trend of on-demand economy has introduced the concept of ridesharing, and this shift in transportation has benefitted many car rental companies. Car rental companies across the globe provide value have added services to their customers to gain market share. To tap the lucrative market potential, they are installing bike racks on their cars. For instance, Europcar Australia is the first car rental provider in Australia to offer vehicles with bike racks in collaboration with Thule. Europcar offers its customers a diversified travel solution, which allows the user to ride on biking trails in Sydney. Europcar has witnessed increased demand for bike-ready vehicles with the Tour Down Under, an annual Australian cycling event. The company has tripled its fleet to meet the increased demand from cycling fans in Adelaide travelling with bicycles. The company also benefits from Australia's position as an emerging cycling-holiday destination.
In 2015, Uber launched the UberPedal option in Portland, Oregon, in the US. The new system allows Uber customers to request a car with car racks for a surcharge of USD 5. This option helps cyclists who face problems like a flat tire or unfavorable weather. The company has partnered with Saris, a US-based bike manufacturer, to procure car racks that can fit two bicycles. This trend will continue to drive the car rack market for bike and cycles during the forecast period.
Rise of self-guided tours
Self-guided tours that offer great flexibility, freedom, and independence are highly popular among Europeans and Americans. Several small companies across the US and Europe offer self-guided tours. Self-guided cycle tourism is one of the main categories of self-guided tours, as cycling is positioned as the best way to explore and experience a region at the pace of the traveler. There is a high demand for self-guided cycling tours in France and other European countries. The growing popularity of self-guided tours has increased the sales of bike car racks. In a self-guided tour, travelers are required to carry their bikes, and as a result, more consumers are likely to invest in car racks to transport their bicycles. Cycle Tours is an online portal that provides information on self-guided cycling tour. In 2015, the portal had 7500 bike tours in 124 countries from 800 tour operators.
Increase in online retailing
In recent years, vendors have improved distribution channels to assure the quality of sales, market presence, and effective after purchase service and support to enhance customer satisfaction and stand out in the market. To leverage the market, different types of distribution channels are used by vendors for different end-customers. Bike car-rack manufacturers sell their products through chains, retail, and e-commerce.
In North America, more than 60% of the sales of bike car racks was achieved through online retail in 2014. The overall retail e-commerce sales are expected to reach close to USD 2.7 trillion by 2019, thereby leading to a surge in the demand for car bike-racks.
Browse related reports:
- Global E-Bike Market 2015-2019
- Global Pedelec Market 2015-2019
- Electric Two-Wheelers (E2ws) Market in China 2015-2019
Purchase these three reports for the price of one by becoming a Technavio subscriber. Subscribing to Technavio’s reports allows you to download any three reports per month for the price of one. Contact enquiry@technavio.com with your requirements and a link to our subscription platform.
About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at media@technavio.com.
