Bicycle locks Market is anticipated to grow at a 6.6% CAGR from 2019 to 2030

Market Industry Reports (MIR) has published a new report titled “Bicycle Locks Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the 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.

The significant growth of the market can be attributed to the steadily increasing number of people opting for bicycle commuting. Since bicycles are more prone to theft, the bicycle locks market is growing. Moreover, bicycle commuting is observed more in the geographies which have large college or university populations. Extensive research and development by major companies across the globe to introduce bicycle lock technology with maximum safety and special features is expected to contribute to the market expansion.

 Number of people commuting by bicycle is increasing with people becoming more health conscious and aware about the environmental hazards brought in by petrol and diesel usage. According to the U.S. Census Bureau, 1.1% of commuters in principal cities in metros travel to work by bicycle and outside of principal cities within metros, 0.3% of workers report biking to work. Thus, with the rise of people using bicycles for general commute there is rise in the demand for the safety of the bicycle. For safety purposes, people are involved in purchasing bicycle locks, as number of bicycle theft cases are also on arise.

Browse key industry insights spread across 180 pages with market data tables & figures & charts from the reportBicycle locks Market is anticipated to grow at a 6.6% CAGR from 2019 to 2030in detail along with the table of contents:

Owing to the advanced technology used in the smart locks, they cost more than the conventional locks. Thus impacting the market of the conventional bicycle locks positively as the consumers are more inclined towards purchasing conventional locks over smart locks. However, in near future, the smart bicycle locks are expected to increase as these locks come with additional features such as GPS tracking, siren system etc. Thus, giving additional safety feature for bicycle owners.

Asia Pacific is estimated to account for the highest CAGR in bicycle locks market during the forecast period. The number of people using bicycle is increasing as bicycles are the easiest mode of transportation in developing countries. People prefer bicycle for day to day transportation to work as the two wheeler of choice, as bicycles are affordable and do not require gas refill. Moreover bicycles are also a healthier mode of transport while being very environment friendly. Rising trend in the usage of bicycles is also necessitating the demand for bike locks to keep the bikes safe. China captured lion’s share in the Asia-Pacific bike locks market in 2018. High number of bicycles in the country is one of the key reasons for its high share. According to recent report published, ~60 percent of local cyclists in Shanghai (most populous city in China) pedal to work every day. The city is home to 9,430,000 million bicycles and 19,213,200 people.

The prominent players in the needles 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.

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