Bike theft is the main problem that comes with owning a bicycle, but there are other issues as well. The significance of having a bicycle security system today has expanded due to the same. Owners of bicycles always require this security solution.The growing threat to the safety of motorcycles in parking lots supports the market's expansion even more.
Cycles are becoming more popular since they don't emit emissions, which is causing growing worry about air pollution and global warming. In turn, this increases the need to lock bikes up to prevent theft, increasing the demand for bike locks in the years to come. Additionally, bicycle use and its benefits are becoming more and more popular on social media, and bicycle utilisation is being highlighted at promotional events, creating even more lucrative potential for market players.
Impact of COVID-19 on the Bike Locks Market
The market for bike locks has been slightly impacted by the COVID-19 epidemic. People now worry more about their health and fitness and how to boost their immunity to fight the COVID-19 virus as a result of the coronavirus pandemic. The least impacted industry during this time is bicycle shops. Additionally, the number of cyclists has increased since the COVID, which has increased the demand for bike locks in residences.
The market for bicycle security systems is dominated by middle-class populations in the Asia Pacific region, who are increasingly adopting bicycles. The increased use of bicycles has led to an increase in the deployment of bicycle security systems in emerging nations like China and India. During the anticipated period, the market for bicycle security systems would expand due to the increasing use of bicycles.
Bike Locks Market Insight:
As the global economy mends, the 2021 growth of Bike Locks will have significant change from previous year. According to our latest study, the global Bike Locks market size is USD million in 2022 from USD 1285.4 million in 2021, with a change of % between 2021 and 2022. The global Bike Locks market size will reach USD 1895.5 million in 2028, growing at a CAGR of 5.7% over the analysis period.
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Global Cycle Locks Market- Key trends
Growing efforts to reduce vehicular emissions is aiding industry expansion
With rising vehicular emission levels, there has been a growing trend of adopting fuel free transportation systems across various nations. Moreover, governments are also encouraging the masses to adopt bicycle for short distance travels. This in turn is expected to contribute towards a cleaner and greener ecosystem. These factors are stimulating the overall market dynamics.
Global Cycle Locks Market- Segmental assessment
By Type
• Pedal Lock System
• GPS Tracker
• Bike Alarm
• Others
The bike alarm segment is poised to amass notable gains over the stipulated timeline owing to the growing incidences of bicycle thefts across the globe.
By Locking Type
• Smart/automatic locking system
• Physical key locking system
The smart/automatic locking system is slated to grow considerably by 2030 due to their high efficacy is protecting bicycles.
By Application
• Road/Standard bicycle
• MTB/racing bicycle
• Kids bicycle
• E-bikes
• Others
The MTB/racing bicycle segment is expected to generate significant returns over 2022-2030 since there are highly vulnerable to thefts as they are expensive in nature.
By Sales Channel
• Direct
• Indirect
Global Cycle Locks Market- Competitive intelligence
The prominent players defining the competitive terrain of this marketplace are Kryptonite (The U.S), ABUS (Germany), OnGuard (Netherlands), Blackburn (UK), Master Lock (The U.S), TiGr (The U.S), Pitlock (The U.S), Spybike (Germany), Hiplok (UK), and LATTIS (The U.S).
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Major questions answered in this report:
What is the growth rate projection for Global Cycle Locks Market over 2022-2030?
What is the growth rate projection for Global Cycle Locks Market over 2022-2030?
What are the expansion determinants of Global Cycle Locks Market?
What are the major segments covered in the Global Cycle Locks Market report?
What are the primary regions constituting the geographical ambit of Global Cycle Locks Market?
Which is the fastest growing region in the Global Cycle Locks Market?
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