During the projected timeline of 2022 to 2028, the worldwide bike locks market is predicted to witness profitable growth possibilities. Several of these locks, including u-locks, chain locks, cable locks, and numerous others that are widely used in a variety of applications, can be credited for this rise. These bike locks, commonly referred to as O-locks, are a security measure to deter bicycle theft. It is a safety measure that brakes the bike by preventing mobility by sliding a steel bolt between vanes.
The market is expanding as more individuals choose bicycles as a practical mode of transportation. The adoption of cycles has been prompted by growing pollution concerns because they don't emit any emissions. Moreover, the growing popularity of bicycling as a leisure activity is anticipated to spur the development of locking systems. The expansion is anticipated to be fueled by an increase in demand for cycle safety systems that supply secure and safe protection goods.
Business Research Insights™ predicts that the Bike Locks Market could be worth USD 1.9199 billion by the end of 2028. From an annual valuation worth USD 1.3924 billion in 2022, the industry share is projected to rise at a 5.5% CAGR during 2022-2028.
Business Research Insights™ Presents the Top 5 Bike Lock Makers Globally
1. ABUS (Germany)
The headquarters of ABUS are in Wetter, North Rhine-Westphalia, and the company has manufacturing plants all around China and Germany. 3,500 people work for it across the globe. One of the top producers of household safety and security goods worldwide is ABUS. The ABUS Company, which has international operations, offers customized security solutions to markets on all continents. In order to create synergy and effectively create good commodities to an officially recognized level, their global organization of manufacturing sites work collaboratively with their German manufacturing plants.
2. Master Locks (U.S.)
Padlocks, combo locks, vaults, and other security-related goods are all created by the American business Master Lock. Master Lock Company LLC was established in 1921 by a locksmith in Oak Creek, Wisconsin, and is currently a division of Fortune Brands Home & Security. Master Locks are designed to be used for a number of purposes, such as personalized locking and automobile locking. In the 2000s, new items expanded outside locks, such as industrial space over sealing systems.
3. Litelok (U.K.)
By combining cutting-edge design engineering, unique, lightweight materials, and cutting-edge innovation in Britain, litelok creates high-end anti-theft systems for bikes, e-bikes, scooters, and motorcycles. The composite strap known as Boaflexicore was developed by Neil Barron and his colleagues as part of the Litelok line of goods. It combines the special security features of several cutting-edge lightweight materials. Each layer adds more protection, so it can survive relentless attack to the fullest degree from implements including bolt croppers and hacksaws.
4. Oxford Products (U.K.)
Oxford is the top supplier of motorcycle products in the U.K., with a broad product line and sales to more than 1,000 reputable dealers. In addition to being the sole supplier of its own Oxford-branded motorcycle accessories, the business also serves as the motorcycle industry's sole distributor for HJC helmets, ALPINESTARS athletic wear, Mint bike care, CARGOL tyre maintenance products, ACF-50, and a number of other brands.
5. Knog (Australia)
The bike and outdoor equipment company Knog was established in 2002 and has won numerous awards. Since its inception, Knog has continuously created devices that challenge expectations and prioritize usability and aesthetics over functionality. Beginning in 2019, Knog created items for people who prefer to hike and explore the outdoors. The world's original full-body silicone light, the Bandicoot, was their debut offering.
How has COVID-19 Impacted the Market for Bike Locks?
Significant changes were made to the market for bike locks worldwide. When lockdowns were implemented, folks had fewer alternatives for getting outside or even going to the gym. This increasing customer desire for various types of physical activity to preserve health and fitness. Additionally, the lack of public transportation created a market opportunity for bikes, which in turn increased demand for bike locks. The requirement for locks increased during the epidemic as a result of all these factors.
How will the Bike Locks Industry Fare in the Coming Years?
During the anticipated period, the market for bike locks appears to be promising. The market will benefit from more people riding bikes than there were before the pandemic, which is an increase from pre-pandemic levels. Furthermore, the market competitors' constant introduction of new technologies, including the ability of some locks to link to smartphones among other advancements, is anticipated to create opportunities for strong growth.