Bike Locks Market Report

Market Insights

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.

Figure: Bike Locks Market Size, 2020-2026 (USD Billion)

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What are Bike Locks?

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

Key players operating in the bike locks market 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).

Market Dynamics

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.

Segments' Analysis

Application Trends

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.

Regional Trends

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.

COVID-19 Impact on Bike Locks Market

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.

Critical Questions Answered in the Report

• What are the key trends in the bike locks market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the bike locks market?
• What are the key strategies adopted by the major vendors to lead in the bike locks market?
• What is the market share of the top vendors?

Target Audience

The following is a list of the customers that the Bike Locks market aims to convert the most:

• Bike Locks vendors
• Bike Locks retailers
• Bike companies
• Residential sector

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