Bike Locks Market Report
The Bike Locks Market report is segmented By Type (Key Bike Locks, Password Bike Locks), By Application (Household, Commercial, Others), and Region. It also covers the COVID-19 Impact Analysis and Forecast to 2026. This market research report provides an in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global Bike Locks market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
The Bike Locks Market report is segmented By Type (Key Bike Locks, Password Bike Locks), By Application (Household, Commercial, Others), and Region. It also covers the COVID-19 Impact Analysis and Forecast to 2026.
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Bike Locks Market is estimated to grow from USD 1.3 billion in 2020 to USD 1.8 million by 2026 at a healthy CAGR of 6.4% during the forecast period.
Biking has witnessed a revolutionary surge in the past few years. The number of bike users has increased, and the number is expected to grow in the following years. A bike lock is a security device which is used to deter bike theft, generally by fastening the bicycle to a fixed object, such as bike racks.
Key players operating in the bike locks market are-
The increasing threat of security of bikes from parking areas further bolsters the market growth.
Rising concern regarding air pollution and global warming is creating a shift towards cycles as they don’t emissions. This, in turn, drives the need for parking and locking the bikes to prevent theft, thus, augmenting the demand for bike locks in the coming years. In addition, 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.
Based on application, the bike locks market is classified into household, commercial, and others. The commercial segment dominated the market in 2020 and is projected to grow at the highest CAGR during the assessment 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 bike locks, is expected to further augment the segment growth.
By region, the Europe market accounted for the largest share in 2020 and is expected to grow at a substantial CAGR in the following years.
It is followed by North America. Rising global warming awareness to shift towards non-polluting bicycles as a mode of transport for short distances is a key regional driver for the bicycles, thus propelling the product demand further augment the regional market growth.
The COVID-19 outbreak has moderately affected the bike locks sector. The coronavirus pandemic has created a fear among the people regarding health and fitness and to improve the immunity to combat the COVID-19 virus. Cycle shops are the least affected type of business during this period. Moreover, there are more people riding bicycles riding now when compared to pre-COVID times, thus driving the demand for bike locks in homes.
The following is a list of the customers that the Bike Locks market aims to convert the most:
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The bike locks market size is expected to reach USD 1.8 million in the foreseeable future.
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) are among the key players in the bike locks market.
The bike locks market is expected to witness an impressive growth of 6.4% CAGR in the foreseeable future.
Europe accounted for the largest share in 2020 and is expected to grow at a substantial CAGR.
The commercial segment is expected to grow at the highest CAGR in the bike locks market during the next five years.
Bike Locks vendors, Bike Locks retailers, Bike companies, Residential sector are the target audience in the bike locks market.