Global Bicycle Lock Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Bicycle Lock Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A bicycle lock is a security device used to deter bicycle theft, either by simply locking one of the wheels or by fastening the bicycle to a fixed object, e.g., a bike rack.

Market Overview:

The latest research study on the global Bicycle Lock market finds that the global Bicycle Lock market reached a value of USD 483.98 million in 2022. It’s expected that the market will achieve USD 656.11 million by 2028, exhibiting a CAGR of 5.2% during the forecast period.

Influence of COVID-19 Outbreak on Bicycle Lock Industry Development

The economy of the European Union is expected to shrink by 7.4 percent in 2020, following the outbreak of Coronavirus (COVID-19) in early 2020, with an economic recovery anticipated in 2021. Spain and the United Kingdom are set to be the worst affected economies, seeing GDP decline by 12.4 percent and 10.3 percent respectively, with Lithuania's GDP forecast to shrink by 2.2 percent and suffer the least damage.

The impact of the epidemic on the Bicycle Lock industry will involve all major links and all entities in the industry chain. In order to avoid large-scale population movements and gatherings, various countries have adopted prevention and control measures such as home isolation and extension of the holiday. More and more cities are entering the first-level response state, strictly isolating measures, strictly prohibiting vehicle entry and exit, strictly controlling the flow of personnel, and strictly preventing the spread of the epidemic. This makes it impossible for non-local employees to return or arrive immediately, the number of employees is insufficient, and normal commuting is also severely frustrated, resulting in a large-scale shutdown of production. The road closure and country closure measures adopted by various regions have hindered the transportation of raw materials as well as Bicycle Lock products. From the consumption perspective, people have nowhere to go since they are isolated at home, the demand for bicycle lock is negatively affected.

Drivers of Bicycle Lock

The bicycle theft is quite usual in Europe, the number of which has doubled since 90s.
According to a study conducted by The National Institute of Statistics and Economic Studies (INSEE), 354,000 households have suffered from bicycle theft in France in 2016. It represents 2,3% of bike-owning households around the country. This number has been constantly increasing since 2012. The study also shows that only 7% of the victims are recovering their stolen bikes. In the United Kingdom, according to the report Crime in England and Wales published by the Office of National statistics, 96,510 bicycles have been stolen from November 2017 to September 2018. In Italy this number seems to be even bigger with 320,000 bikes stolen in 2013, according to the Italian Cyclist Association FIAB-ONLUS.
In Germany, the United Kingdom, and Italy these numbers only include theft reports processed by the police. Just like in France only a small percentage of theft are declared to the authorities.
In Spain, the study Barometro de la Bicicleta en Espana 2017 indicates that 10,3% of respondents have declared to have been a victim of one bike theft and 5,7% more than one, in the last 5 years.
This makes more than 800,000 bikes stolen per year. Across these 5 largest European countries bike theft can be estimated between 2.5 million and 3 million per year.
So many bicycle thefts have made bicycle locks very necessary. And bicycle lock boasting lightweight and specialty designs, is a great security for bicycles due to advantages such as effectiveness, anti-theft, flexibility, and user friendly. Therefore, rising awareness pertaining to the security of bicycle is expected to remain one of the primary drivers upholding the growth of the bicycle locks market.

Limitations of Bicycle Lock

The bicycle lock industry has seen rapid technological innovation, and rapid updating of related products. If the company cannot correctly grasp the market dynamics and industry development trends, it cannot further consolidate its dominant position and ensure its core in product research and development, market expansion, etc. There are market competition risks such as decline in business performance and decline in market share due to weakened competitive advantages. Moreover, there are an increasing number of competitors entering the market, which means the technology and professional knowledge of this industry are no longer unavailable. If the players still provide roughly the same products or services, or at least few obvious differences; Or if the players continue to compete on price in bicycle lock products, avoiding enhancing products with features and technological content that could increase costs, it will be hard for them to sustain the fierce market.

Region Overview:

Germany had the highest growth rate of all regions.

Company Overview:

ABUS is one of the major players operating in the Bicycle Lock market, holding a share of 11.56% in 2020.

ABUS is one of the premier consumer security and safety products manufacturers in the world. Celebrating over 90 years of German engineering and manufacturing, ABUS sets the standard for quality and innovation.

Over 40 years ago, Kryptonite began with a mission. While much has changed in bicycling, and bicycle security, its objective remains the same, it is here to empower customers to protect what they value.

Segmentation Overview:

Among different product types, U-Lock segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Offline segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Bicycle Lock market covered in Chapter 3:

Hiplok
Master Lock
AXA
Giant
Kryptonite
Tonyon
OnGuard
ABUS

In Chapter 4 and Chapter 14.2, on the basis of types, the Bicycle Lock market from 2018 to 2029 is primarily split into:

U-Lock
Cable Lock
Chain Lock
Alarm
Foldable Lock
Frame Lock

Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Bicycle Lock market from 2018 to 2029 covers:

Online
Offline

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)