What is the future of Indoor Bike Racks Market? Know Covid Impact on Size, Share & Forecasts
AUG 19,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Indoor Bike Racks Market.
The Indoor Bike Racks Market is expected to grow from USD 96.2 million in 2020 to USD 130.5 million by 2026 at a CAGR of over 5.2% during the forecast period.
A bike rack is used to hold a bicycle, also referred to as a bicycle stand or bicycle carrier. A bicycle carrier is attached to a vehicle such as a bus, truck, or car and the bicycle is mounted on it. It is used for the transportation of bicycles can be mounted in the rear, front, and on top of the vehicle. Whereas, a bicycle stand is a device to which bicycles are attached securely for parking. Bike racks can be attached to some stationary, free-standing, or bolted to the ground. An indoor bike rack is used for private bicycle parking.
Market Dynamics
Growing concern regarding air pollution and global warming is creating a shift towards cycles as they don’t emit emissions.
- Also, increasing focus on fitness as well as saving money on fuel further drives the demand for bicycles.
- The use and installation of indoor bike racks directly depend on the number of people riding bicycles.
- Moreover, bike racks demand and sales depend on the sales of bicycles.
- Riding a bicycle and its advantages are gaining popularity in social media as well as promotional events are highlighting the usage of bicycles, further offering lucrative opportunities to the market players.
Segment Analysis
Application Trends
Based on application, the global indoor bike racks have been bifurcated into home and commercial.
- The commercial segment witnessed the largest market share in 2020 and is projected to grow at a healthy CAGR during the review period.
- This is mainly because of companies and residential societies have gradually begin to install bicycle sharing platforms which spurs the demand for bicycles and indoor bike racks.
Regional Trends
By region, Europe dominated the indoor bike racks market in 2020 with around 40% share and is projected to register a substantial CAGR during the review period.
- It is followed by North America with around 35% of the global market share in 2020.
- Increasing global warming awareness to shift to non-polluting bicycles as a mode of transport for short distances is a key regional driver for the bicycles, thus propels the product demand.
Key Players:
- Racor (The U.S),
- Saris (The U.S),
- Park Tool Co. (The U.S),
- Steadyrack (Australia),
- Delta Cycle (The U.S),
- Topeak (The U.S),
- Feedback Sports (The U.S),
- Cycloc (UK),
- Vadolibero s.r.l. (Italy),
- Hornit (UK).
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Indoor Bike Racks Market analysis report discusses the following heads in great detail:
· Market structure: Overview, industry life cycle analysis, supply chain analysis
· COVID-19 Impact Assessment
· Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
· Market trend and forecast analysis
· Market segment trend and forecast
· Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
· Attractive market segments and associated growth opportunities
· Emerging trends
· Strategic growth opportunities for the existing and new players
· Key success factors
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