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    Bike Locks Market Report

    Bike Locks Market Report
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    Bike Locks Market, Dynamics, Trends, and Market Analysis
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    Impact of COVID-19 on Bike Locks Market

    Covid-19 has impacted the market dynamics, competition, and global...

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    Impact of COVID-19 on Bike Locks Market

    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.

    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)

    Bike-Lock-Market-Forecast

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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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    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].

    Frequently Asked Questions (FAQs)

    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.

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