Bicycle locks Market by Type (U-Locks/D-locks, Cable Locks, Chain Locks, Disc Locks and Folding Locks), by Material (Stainless Steel, Copper, Aluminum and Engineering Plastics) - Global Analysis & Forecast 2019-2030
Report ID : 112 | Published Date : May 2020 | Pages : 180 | Region : Global | Report Code : CG-2
Bicycle locks Market Overview and Introduction
Global bicycle locks market is estimated to be over US$ 1,072 Mn in 2018. It is anticipated to grow at a 6.6% CAGR from 2019 to 2030.
Bicycles are widely used nowadays for exercise and by health conscious people. They are often associated with healthy living and are environment friendly. The range of bicycles varies depending upon the usage and need of the person. The cost of bicycles also varies depending upon the brand and type of bicycles such as mountain bicycles, BMX & racing cycles. Bicycle locks are widely used to curb the problem of thefts.
The global bicycle locks market is driven by increasing number of bicycles and the value they hold, as bicycles are more prone to theft. On an average approximately 188,000 bicycles are stolen in U.S. Similar trends are seen in European region where there is an increase of 9% in bicycle thefts. Moreover, bicycle commuting is more prevalent than the national average in geographies which are home to large college or university populations including Davis, California, where almost 20% of workers say they commute by bicycle and Boulder, Colorado where 10.4% workers say they commute by bicycle.
Bicycle locks Market by Type
On the basis of type, the bicycle locks market is segmented into U-locks/D-locks, cable locks, chain locks, disc locks and folding locks and others. The U-locks segment is estimated to account for the largest share in the global bicycle locks market throughout the forecast period. The large share of this type of segment can be attributed to its wide scale availability, low cost and great security for bicycles.
Bicycle locks Market by Material
On the basis of material, the market can be segmented into stainless steel, copper, aluminum and engineering plastics and others. In terms of market share, stainless steel segment is expected to dominate the market by material segment during the forecast period. The growth of the segment can be attributed to advantages such as effectiveness, bolt-cutter proof, anti-theft, flexibility and user friendly.
Bicycle locks Market by Region
By geography, the global bicycle locks market is segmented into North America, Europe, Asia Pacific, and Rest of World (ROW). Europe dominated the market of bicycle locks, followed by North America and Asia Pacific. Europe will continue to dominate the global bicycle lock market in the forecast period owing to factors such increasing bicycle commuting, rising demand and safety concerns of riders. However, Asia Pacific is expected to witness the highest CAGR, with the growth in this market centered at China, Korea, Japan and India. Factors such as increasing adoption of technological advanced bike locks in countries such as China and Japan and increasing demand from the Southeast Asia region, increase in the number of cyclist who pedal to work is also rising contributing to the bicycle locks market.
Bicycle locks Market Prominent Players
The prominent players present in the global bicycle locks market are Allegion plc, ABUS (August Bremicker Sons KG), OnGuard, Master Lock Company, Giant Bicycles, Blackburn, Stanton Concept LLC, LATTIS Oxford Products Ltd, and Hiplok.