Bike Rack Market - Introduction
A bike rack is a device used to hold a bicycle, and is also known as bicycle carrier or bicycle stand. A bicycle carrier is attached to a vehicle (truck, bus, or car) and the bicycle is mounted on it. A bicycle carrier used for transportation of bicycles can be mounted in the front, rear, and on top of the vehicle. On the other hand, a bicycle stand is a device to which bicycles are attached securely for the purpose of parking. Bike racks can be free standing or attached to some stationary object or bolted to the ground. An indoor bike rack is used for private parking while outdoor bike racks are used in commercial areas. The most effective bike racks are those which can secure both wheels and frame.
Bike Rack Market – Competitive Landscape
CycleSafe is a U.S based company founded in 1980. CycleSafe holds the first patent in the U.S for bicycle storage. Along with bike racks, the company provides bike lockers, bike shelters, bike stations, and bike locker digital access. CycleSafe covers commercial, university, college, health care, municipal, retail, schools, and the corporate sector.
SecuraBike was founded in 1995. From the past 20 years, SecuraBike
is involved in manufacturing and installing bicycle parking equipment and bike repair stations. In 2012, it opened a new office in China. SecuraBike has a wide range of products to choose from and also gives bike racks on rent.
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Giant bicycle brand was founded in 1972 by King Liu in Taiwan. The company has 12000 retail stores around the world, spread across 50 countries. Giant was the first company to make carbon fiber bikes. It provides on road, off road, X road, and E bikes along with rider gear, bike gear, and service gear.
Bike Rack Market – Dynamics
People these days are concerned about pollution and harmful gases emitted by vehicles and are also inclined toward fitness. The best alternative to a motorcycle is a bicycle. Use and installation of bike racks depends on the number of people riding a bicycle. Cycling has numerous benefits and it helps individuals to stay fit. Cycling improves strength, coordination, and balance. Recent trends show that the cycle market has grown in recent years and may further grow in the future at a good growth rate. Bike rack sales depend on the sale of bicycles. Riding a bicycle and its benefits are surfacing on social media, and promotional events have given a boost to cycle demand and in turn bicycle racks. Many companies and residential societies have implemented bicycle sharing platforms which has further given a boost to bicycles and racks. Companies have started installing secure bike parking, showers, and facilities to make things easier for employees cycling to work.
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Bike Rack Market – Segmentation
The bike rack market can be bifurcated on the basis of:
- Distribution channel
Bike Rack Market Segmentation – by Type
On the basis of type, the bike rack market can be segmented into:
- Bike carrier
- Bike stand
Bike Rack Market Segmentation – by Style
Based on style, the bike rack market can be categorized into:
- U rack
- Wave rack
- Bollard style rack
- Grid style rack
- Rack mounted on top
- Rack at rear
- Rack in front
Bike Rack Market Segmentation – by Mount
- In ground mount
- Roof mount
- Surface mount
- Hitch mount
- Rail mount
- Spare tire mount
- Wall mount
- Trunk mount
- Removable mount
Bike Rack Market Segmentation – by Finishing
- Powder coat
- Thermoplastic coated
- Recycled plastic
Bike Rack Market Segmentation – by Distribution Channel
In terms of distribution channel, the bike rack market can be split into:
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.