Bike Locks Market Size, Share, Growth, and Industry Growth by Type (U-Locks, Chain Locks, Cable Locks, Folding Locks, and Others), By Application (OEM and Aftermarket), Regional Forecast To 2031

Updated On: 08 April 2024

Bike Locks Market REPORT OVERVIEW

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The global bike locks market size was USD 1392.4 million in 2022 and is projected to touch USD 2254.43 million by 2031, exhibiting a CAGR of 5.5% during the forecast period.

A bike lock, also known as O-lock, frame lock, or ring-lock is a device that is used as a security to prevent bicycle theft. It is done by locking wheels or fastening the bicycle. It is a security mechanism that stops the bike by moving steel bolt through steel bolt through spokes to prevent motion. They vary in sizes, security, and types.   

The growing demand for bike locks is growing owing to increasing preferences for bicycles as a convenient way to travel. Concerns regarding pollution have prompted the use of cycles as they do not produce emissions. People making healthy and conscious choices to ensure healthy life free from health complications is expected to propel the sales of bicycles and locks simultaneously. Growing demand for biking as recreational activity is anticipated to give rise to locking systems. Increasing demand for bicycle security systems that provide safe and secure security products is expected to drive the market growth.

COVID-19 Impact: Focus on Fitness During Pandemic to Propel Market Growth

The effects of the COVID-19 pandemic are already being felt on a global level, the global bike locks market was significantly influenced. The outbreak of COVID-19 had a negative impact on several markets. Various countries went into lockdown. With sudden pandemic, all kinds of businesses observed disruptions. Limitations led to strong consumer demand for various exercises to maintain health and fitness during the forecast period. Lack of availability of public transportation such as bus, trains, cabs, etc. led to the spike in the interests of consumers to adopt bicycles. This also led to creation of demand for bike locks. Sudden disruptions in supply chains in the automobile industry led to gaps in supply and demand which posed an opportunity for the sales of bikes. Online sales of biking security systems and equipment created and maintained the demand for the product. Furthermore, people are now riding bicycles more compared to pre pandemic era which is expected to drive the demand for the product after the pandemic.

LATEST TRENDS

"Introduction of Various Technologies and Types to Enable Market Progress"

The global bike locks market growth is anticipated to boost owing to integration of various technologies. Creativity and innovation have led to integration of new technologies in the traditional bike locking systems. There have been various different types of locks that have been introduced. Locks such as skunklock, tex-lock, bitlock, insect, U-lock, hiplok, and many others. Locks are integrated with technology that provide salient advantages such as high quality, high-tech materials, and various other advantages. There are various locks that can connect to smartphone applications, that is the lock gets locked when the user walks away and it gets unlocked when they approach. Such new technologies and various types of new locks are expected to pose an opportunity for market growth during the forecast period.

Bike Locks Market SEGMENTATION

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• By Type

Based on type; the market is divided into u-locks, chain locks, folding locks, cable locks, and others.

• By Application

Based on application; the market is divided into OEM and aftermarket.

DRIVING FACTORS

"Increasing Risks for Bike Thefts to Boost Product Demand"

The global bike locks market growth is anticipated to boost owing to increasing risks of bike thefts. Rising concerns for air pollution and global warming has created an awareness amongst the population to adopt cycles as means of transportation. This has led to an increase in the need for locking and parking the bicycles to prevent theft. Rising uses of bicycles is gaining traction in various countries due to its advantages. It is expected to create demand for bike security systems in developing and developed countries. Growing adoption of bicycle security systems is anticipated to drive the market size and provide lucrative opportunities for the market.

"Increasing Adoption of Bicycles to Expand Market Growth"

Increasing adoption of bicycles amongst the people in residential and urban areas has gradually led to installation of bike security systems. Rising health awareness and consciousness amongst the consumers to maintain and adopt a healthy lifestyle. Companies have also been focusing on high performance and sustainable bicycles that provide an environmentally friendly commute. In addition, growing leisure and taking up cycling as one of the recreational activities is expected to create demand for bike locks. Such adoption of bikes is anticipated to drive the market growth during the forecast period.     

RESTRAINING FACTORS

"Presence of Various Alternatives to Hinder Market Growth"

There are a number of factors that can push the growth of the bike locks market. Restraining factors such as the presence of various alternatives for commuting.  Wide availability of various travelling choices such as bus, cabs, autos, and others limits people to buy bicycles as their primary choice. This is expected to hamper the demand for bike locks simultaneously. Such presence of various alternatives is anticipated to restrict and limit the market growth.   

Bike Locks Market REGIONAL INSIGHTS

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"Europe to Dominate Market Owing to Rising Sales of Bicycles"

Europe holds the largest part of the global bike locks market share due to rising sales of bicycles in the region. Rising awareness for global warming and pollution amongst the population is expected to drive the demand for bikes and bike locks simultaneously. Shift towards non-polluting vehicles as one of the modes of transportation for shorter distances is one of the factors that can facilitate the growth for the market. This is expected to increase the sales for biking security systems. The growth in the region is also attributed to positive initiatives by the government that have propelled the growth in countries such as Germany, Netherlands, U.K., Norway, and other countries are expected to drive the market share for bike locks.   

KEY INDUSTRY PLAYERS

"Market Players to Boost Market Growth"

The report delivers information about the list of market players and their operations in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for this market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Blackburn Design (U.S.)
• Allegion (Ireland)
• ABUS (Germany)
• OnGuard (Netherlands)
• TiGr lock (U.S.)
• Knog (Australia)
• Master Lock (U.S.)
• Seatylock (U.S.)
• Litelok (U.K.)
• GIANT (Taiwan)
• Tonyon (China)
• Hiplok (U.K.)
• Oxford Products (U.K.)

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.