Bicycle Lifts Market Size, Share, Growth, and Industry Growth, By Type (Wall Mounted and Ceiling), By Application (Sporting Goods Store, Bicycle Repair Shop, and Others), Regional Forecast From 2022 to 2028

Updated On: 15 April 2024

Bicycle Lifts Market REPORT OVERVIEW

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The global bicycle lifts market size was USD billion in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with bicycle lifts experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD billion by 2028, exhibiting a CAGR of % during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

A bicycle carrier or stand is a device that carries a bicycle. It mounts the bicycle and offers extra space. It can be attached to a vehicle, such as a car or truck, or can be stuck onto the wall. It is used to carry the vehicle on top or in front of the vehicle. Additionally, these lifts are a device that is attached securely to park the bicycle. The lifts can be attached to some stationary object, free-standing, or bolted to the ground. 

The need for efficient bicycle management in crowded urban areas and government initiatives to encourage cycling are a couple of the factors fueling the expansion of the world market for bicycle parking racks. The growing acceptance of cycling as a form of exercise and transportation is an additional significant element. In addition, as the cost of automobile ownership and upkeep rises, more people are adopting bicycles as a cheap form of transportation. As more people become aware of the benefits cycling provides for the environment, the industry is also expanding.

COVID-19 Impact: Disruption in Supply Chain Impeded Market Growth

The long-term effects of COVID-19, an unprecedented worldwide public health emergency that had an impact on practically every industry, are anticipated to have an impact on the expansion of a number of end-use industries throughout the course of the forecast period. The market experienced a halt in growth during the lockdown. The supply of raw materials was hampered by the shutdown of the market, which severely affected the bicycle lifts market growth. The market is expected to recover due to the upliftment of lockdown protocols. 

LATEST TRENDS

"Rising Concern about Pollution and Health to Propel Market Growth"

The population these days is concerned about harmful gasses and pollution emitted by the use of vehicles. This rising concern towards the environment is likely to boost the adoption of bicycles among the population. Moreover, the population’s concern about their health is also increasing, which is estimated to boost the demand for bicycles in the global market. The demand for bicycles will ultimately increase the demand for bicycle lifts, thus increasing the bicycle lifts market growth. The health concern among the population is also rising, which is predicted to accelerate the adoption of bicycle lifts.

Bicycle Lifts Market Segmentation

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• By Type Analysis

By type, the market is segmented into wall mounted and ceiling.

• By Application Analysis

Based on application, the market is classified into sporting goods store, bicycle repair shop, and others.

DRIVING FACTORS

"People Adopting Bicycle as a Mode of Transportation to Aid Product Demand"

A few of the factors driving the growth of the worldwide bicycle lifts market include the need for efficient bicycle management in congested metropolitan areas and government initiatives to promote riding. The growing acceptance of cycling as a form of exercise and transportation is a significant additional aspect. In addition, as the cost of vehicle ownership and maintenance rises, more people are adopting bicycles as an inexpensive form of transportation. Additionally, as more people become aware of cycling's environmental benefits, the sector is expanding. These factors will eventually increase the demand for bicycle lifts in the global market.

"Need For Effective Management and Various Benefits of Cycling to Augment Market Growth"

The necessity for effective bicycle management in congested urban areas and government attempts to promote riding are a few of the reasons propelling the growth of the global bicycle parking rack market. Another important factor is the rising popularity of cycling as a mode of transportation and exercise. In addition, more individuals are choosing bicycles as a low-cost mode of transportation as the cost of vehicle ownership and maintenance grows. Additionally, the industry is growing as more people become aware of the advantages cycling has for the environment. Among the factors driving the growth of the global market for bicycle parking racks are the requirement for effective bicycle management in congested metropolitan areas and government initiatives to promote riding. Another important factor is the rising popularity of cycling as a mode of transportation and exercise. In addition, more individuals are choosing bicycles as a cheap mode of transportation as the cost of car ownership and maintenance grows. The cycling business is growing as more people become aware of the advantages it offers for the environment.

RESTRAINING FACTORS

"High Product and Installation Cost May Stagnate Market Growth"

Bicycle lifts have various benefits, but their high cost is likely to be a major factor in hampering bicycle lifts market growth. Moreover, the maintenance cost of bicycles and bicycle lifts are high, which may affect the market growth. 

Bicycle Lifts Market REGIONAL INSIGHTS

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"North America to Lead the Market Owing to the Presence of the Fastest-Growing Bicycles Market"

North America is likely to hold a leading part of the bicycle lifts market share due to the region having the fastest-growing bicycle market. The growing number of cycling enthusiasts, coupled with the accelerating demand for transportation, is forecasted to propel the product demand in the market. 

Asia Pacific is estimated to show significant growth due to the increasing disposable income of the population coupled with the consistently growing urban population. 

KEY INDUSTRY PLAYERS

"Key Companies to Emphasis on the Development of Advanced Technology"

Key market players are investing heavily on the research and development of the product. Companies are also paying focus on launching advanced products. Emphasis on gaining collaborations, mergers, and acquisitions is increasing among leading players. The major market players are striving to maintain partnerships with other key players in the same industry. Gaining partnerships with other companies will develop a strong consumer base in the global market. The key competitors are adopting organic and inorganic growth strategies to surge the bicycle lifts market share in the global market. 

List of Market Players Profiled

• Flat Bike Lift (U.S.)
• Parkis (U.K.)
• Delta Cycle (U.S.)
• Zero Gravity (U.S.)
• Saris Cycle (U.S.)
• Bike Lane (U.S.)
• Proslat (Canada)
• Unior (U.K.)
• Racor (France)
• Silverline (U.S.)
• RAD Cycle (U.S.)
• Mastercraft (U.S.)
• Wheelylift (Netherlands)
• Hydro Con Elevator (U.K.)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for various factors to show potential investment areas. From 2021 through 2027, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.