LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global automotive bicycle rack market predicts a CAGR of around 5% during the period 2018-2022.
The report segments the global automotive bicycle rack market based on the type of products (hitch mounted rack, roof mounted rack, and trunk mounted rack), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global automotive bicycle rack market, according to Technavio automotive researchers:
- Increasing demand for adventure tourism: a major market driver
- Increasing demand for bicycle racks from car rental companies: an emerging market trend
- The Americas dominated the global automotive bicycle rack market with 44% share in 2017
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Increasing demand for adventure tourism: a major market driver
Increasing demand for adventure tourism is one of the major factors driving the global automotive bicycle rack market. Adventure tourism involves exploration or traveling to remote locations, which is growing rapidly among tourism enthusiasts. Adventure tourism involves mountaineering expeditions, mountain cycling, trekking, bungee jumping, rafting, and rock climbing. These activities help rejuvenate mental health and stamina. These activities are gaining high popularity among the population in North America and Europe.
The high demand for adventure tourism is attributed to the changes in lifestyle, demographics, and increasing preference for experiential traveling. Cycling tourism has been a highly popular sport for decades and is one of the most preferred types of adventure tourism. Increased participation in events such as Ride the Rockies and Tour de France has increased the demand for cycling tourism among individuals.
“Cycling infrastructure provides an attraction point for tourists and helps in diversifying transportation option for locals in many traffic-clogged cities. Due to all these factors, governments in many countries are continuously investing in the development of cycling infrastructure. The increasing demand for this kind of adventure tourism will fuel the adoption of automotive bicycles racks,” says a senior analyst at Technavio for auto accessories research.
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Increasing demand for bicycle racks from car rental companies: emerging market trend
The concept of ridesharing is gaining popularity, and this shift in the transportation industry has benefitted many car rental companies across the globe. These companies aim to provide value-added services to their customers, which help them gain market share and customer loyalty. With the growing popularity of adventure tourism and outdoor recreational activities, car rental service providers are installing bicycle racks on their vehicles.
For instance, Europcar Australia is one of the first car rental service providers in Australia to offer bicycle racks in their vehicles in collaboration with Thule. The company offers a wide variety of travel solutions, which allows the consumers to ride on biking trails of Sydney. Similarly, USAVE New Zealand Car Rentals is another car rental service provider that provides bicycle racks with their rental cars to comfortably carry bicycles to various mountain biking destinations such as Auckland, Christchurch, Rotorua, Queenstown, and across New Zealand.
Global market opportunities
In terms of regional dominance, the Americas led the global automotive bicycle rack market with around 44% share, followed by EMEA and APAC in 2017. However, EMEA is expected to emerge as the fastest growing market due to increasing demand for adventure tourism in the region.
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