- Wall-mounted bike storage ensures optimum usage of parking space. It is majorly used in different metro cities where cost of parking is high.
Key Drivers of the Global Wall-mounted Bike Storage Market
- Demand for wall-mounted bike storage has increased over the last few years as a result of increasing cost of parking space in metro cites across the globe. Increasing population in Tier 1 cities coupled with drastic change in parking cost has propelled the demand for wall mounted bike storage globally.
- On the basis of capacity, the 2 to 10 segment accounted for major share in the wall-mounted bike storage market at the global level. Most private and commercial places prefer to install wall mounted bike storage to increase their space usage. This segment is expected to maintain its dominance over the forecast period 2020 to 2030.
- As a result of Covid-19, the overall wall mounted bike storage market has witnessed a slowdown in 2020. The market is expected to grow at a significant pace in 2021 and 2022.
Rising Parking Cost Globally to Create New Market Opportunities
- Parking cost is increasing globally. This is one of the major factors creating new opportunity in the wall mounted bike storage market. Commercial places including IT companies are using wall mounted bike storage to decrease their overall parking cost.
High Bargaining Power of Buyers to Restrict Market Growth
- Wall-mounted bike storage is available in many product ranges. Moreover, many small-scale manufacturers offer this product in a lower cost. As a result, bargaining power of buyers is very high. This slows down the market for large scale wall-mounted bike storage manufacturers.
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Asia Pacific the Dominant Market for Wall-mounted Bike Storage
- Asia Pacific accounted for the fastest growing wall-mounted bike storage market in 2019. North America and Europe accounted for significant share of the wall-mounted bike storage market, with major players operating their global market from these regions.
- Many small & medium companies are present in North America, Asia Pacific, and Latin America. However, Germany and China are the hubs of wall-mounted bike storage manufacturers.
Key Players Operating in the Global Wall-mounted Bike Storage Market
The global wall-mounted bike storage market is fragmented in nature. Companies are working on product innovation and development to increase their customer base. Furthermore, key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level. Some of the key players operating in the global wall-mounted bike storage market are listed below:
- Allen Sports USA
- Atera GmbH
- Car Mate Mfg. Co. Ltd.
- Kuat Innovations
- Mont Blanc Group AB
- Rhino Rack Pty Ltd.
- Thule Group AB
- Tyger Auto, Inc.
- VDL Groep BV
- Yakima Products, Inc.
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Global Wall-mounted Bike Storage Market: Research Scope
Global Wall-mounted Bike Storage Market, by Capacity
- Below 2
- 2 to 10
- Above 10
Global Wall-mounted Bike Storage Market, by Application
Global Wall-mounted Bike Storage Market, by Distribution Channel
Global Surface Grinding Machine Market, by Region
- North America
- Rest of North America
- Western Europe
- Nordic countries
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- New Zealand
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- North Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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