As per the report published by Kings Research, the global Bike Trailers Market was valued at USD 375.1 million in 2022. The market is projected to reach USD 510.1 million by 2030, growing at a CAGR of 3.99% from 2023 to 2030.
The bike trailers market is rapidly growing due to the rising trend of taking pets and children on family trips. The growing demand for transporting heavy items on bicycles is fueling the market growth in developing regions. The growth of the market is hindered by the limited availability and accessibility of bike trailer infrastructure and support services. The lack of standardized safety regulations and the need for increased awareness regarding the benefits of bike trailers pose additional challenges to the growth of the market.
Key Insights
- Based on the product, the two-wheel bike trailer segment is the fastest-growing with a CAGR of 4.43%.
- Based on application, the children & disabled segment accounted for the highest market share of 50.04%
- Based on region, North America is expected to generate the highest revenue of USD 192.6 million, by 2030.
Burley Design LLC Partners with Cycle Service Nordic to Expand Market Presence in Nordic Countries
In March 2021, Burley Design, LLC made an announcement regarding its partnership with global bike trailers giant, Cycle Service Nordic. The objective of this collaboration was to enhance Burley's market presence in the Nordic countries. As part of the agreement, Cycle Service Nordic now offers Burley's extensive range of cargo, pet, and kid's bike trailers to customers in the region.
Wike Products Ltd and Vivere Ltd Join Forces to Deliver Sustainable Urban Mobility Solutions
In March 2020, Wike Products Ltd and Vivere Ltd announced a partnership as they aimed to combine expertise in bike trailers and electric bicycles. Their intention was to provide sustainable and efficient solutions for urban mobility, addressing the need for eco-friendly transportation alternatives.
Upsurge in the Demand of Electric Bicycles to Foster the Market Growth of Bike Trailers
The electric bicycles market is experiencing a significant surge in demand, primarily attributed to the numerous benefits they offer. Customers are increasingly looking for ways to replace traditional transportation methods for short distances, and they are discovering the advantages of combining electric bicycles with bike trailers. The ability of bike trailers to transport goods, pets, or children efficiently and sustainably using electric bicycles is appealing to a wide range of consumers and fueling the market growth.
Road Conditions in Remote Regions to Hamper the Market Growth
The poor road conditions in underdeveloped regions pose a significant barrier for the bike trailer market. Bike trailers require relatively good road surfaces to operate effectively and safely. In regions with bad roads, the risk of damage to the trailers increases. In such conditions, the risk of accidents or injuries increases. Improving infrastructure and addressing road maintenance issues are crucial steps in unlocking the growth potential in these regions, enabling safer and more widespread adoption of bike trailers.
Growing Trend of Eco-Friendly Last-Mile Delivery to Create Opportunities in the Market
The growing trend of eco-friendly last-mile transportation presents a tremendous opportunity for bike trailer manufacturers. With the ability to carry cargo efficiently and navigate urban environments, bike trailers offer a cost-effective alternative to traditional delivery methods. As companies seek to reduce their carbon footprint, the market for bike trailers is poised to depict substantial growth.
North America Poised to Lead Global Bike Trailer Market with Prominent Manufacturers and Strong Cycling Culture
North America is expected to dominate the global market due to the presence of prominent manufacturers in the region. One of the main reasons for this dominance is the relatively higher disposable income and the resources available to consumers, which have contributed to their increasing willingness to invest in accessories and items like bike trailers.
Furthermore, North America is known to have a strong cycling culture, with people using bicycles to commute, exercise, and enjoy outdoor activities. The combination of these factors is expected to drive the growth of the market, positioning North America as the largest region in the bike trailer market. With an array of choices provided by manufacturers within the region, consumers are expected to opt for superior quality, design, and durability, making it an attractive investment for manufacturers globally.
Collaborative Deals Struck Among Major Industry Players
The global bike trailers market is fragmented with key players such as Burley Design, LLC, Thule Group AB, Zwei plus zwei GmbH, Britax Child Safety, Inc., Wike Products Ltd., Todson, Inc., Aosom LLC, Pacific Cycle, Inc., Hamax AS, Weehoo Incorporated, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their market position.