Bicycle Parking Racks Market

Bicycle Parking Racks Market Outlook (2023-2033)

The global bicycle parking racks market is expected to be worth US$ 3.68 Billion in fiscal year 2023, up from US$ 3.43 Billion in fiscal year 2022. From 2023 to 2033, the market is expected to grow at a 7.2% CAGR, reaching a value of US$ 7.37 Billion by the end of 2033.

A bicycle parking rack, commonly referred to as a bicycle carrier or even a bicycle stand, is a device used to carry bicycles. The bicycle is mounted on a bicycle carrier that is connected to a truck, bus, or car. The front, back, or top of the vehicle can all be equipped with a bicycle carrier for carrying bicycles. In contrast, a bicycle stand is a structure to which bicycles are safely fastened for parking. Bike racks can be free standing, anchored to the ground, or connected to a stationary object. While outside bike racks are utilized in business settings, interior bike racks are used for private parking.

The best bike racks are ones that can hold both the wheels and the frame. Bicycle parking racks, usually referred to as bike racks or bicycle stands, are tools that enable securing of bicycles. It is either safely affixed to the ground or to an immovable object, such a structure, or it is free to stand. Bike racks promote cycling.

People are now more likely to use bicycles for transportation due to growing health and environmental concerns. Increasing health concerns, the incidence of chronic disorders like obesity and hypertension, along with rising adoption of healthy lifestyles are a few of the factors anticipated to boost the target market's expansion going forward. Additionally, during the course of the projection period, the market for bicycles and bicycle parking racks is anticipated to grow as a result of positive government efforts and a shift in consumer preference toward using fewer cars.

Additionally, it is projected that over the course of the forecast period, rising R&D efforts by manufacturers for sophisticated parking racks, such as U-shaped racks and traditional grid rack type, will open up new revenue potential for companies active in the worldwide bicycle parking racks market. Recent trends indicate that people are seeking methods to adopt cycling as a way of life. Integration of smart technology, such as maximum security scanner-based and pass-code locking systems for camera surveillance, racks, and alarms that reduce the danger of theft, is another emerging trend.

Report Attributes	Details
Anticipated Base Year Value (2022)	US$ 3.43 Billion
Expected Market Value (2023)	US$ 3.68 Billion
Projected Forecast Value (2033)	US$ 7.37 Billion
Global Growth Rate (2023-2033)	7.2%
CAGR of North America (2023)	7.5%
CAGR of APEJ (2023-2033)	6.8%
Prominent Players in The Global Market	Bikeep Inc. Cycle-Works Ltd. Dero Bike Racks Inc. Falco BV Ltd. Forms and Surfaces Inc. Graber Manufacturing Inc. Ground Control Systems Leda Security Products Pty Ltd. Reliance Foundry Co. Ltd. Saris Cycling Group Inc. Urban Bicycle Parking Systems Inc.

2018-2022 Bicycle Parking Racks Market Demand Analysis Vs. Forecasf

The global bicycle parking racks market grew at a CAGR of 5.1% from 2018 to 2022, as per Fact.MR, a provider of market research and competitive intelligence. The market for bicycle parking racks has a strong relationship with the general trends in public interest in riding. The market for bicycle parking racks is being impacted by larger trends including a more positive public opinion of cycling as a sport and a greater awareness of the need to reduce the usage of cars.

The use of highly sophisticated, cost-effective bike parking racks is steadily growing. Integration of digital security systems is needed since bikers are looking for improved parking alternatives. Bicycle use is being encouraged by organizations like colleges, schools, and workplaces among their staff members.

Manufacturers are working to deliver cutting-edge systems outfitted with security alarms and camera surveillance in an effort to completely eradicate the possibility of theft. Along with producers, governments from different areas are actively taking part in efforts to combat theft. Such benefits are expected to boost the demand of bicycle parking racks globally during the forecast period.

Prominent Growth Drivers Influencing bicycle parking racks market

Increasing uses of bicycles to propel the sales of the bicycle parking racks

People today are oriented toward fitness and are worried about pollution and the hazardous gasses released by cars. A bicycle is the ideal substitute for a motorcycle. The quantity of bicycles being used determines how many bike racks should be installed and used.

Numerous advantages of cycling include health benefits and fitness benefits. Strength, balance and coordination are all enhanced by cycling. The cycle market has expanded recently and is expected to expand at a healthy rate in the years to come, according to current trends. Bicycle sales are a prerequisite for selling bike racks. Social media is highlighting the advantages of bicycling, and advertising campaigns have increased demand for bicycles and bicycle parking racks.

Bicycles and bike racks have benefited from the implementation of bicycle sharing platforms by several businesses and residential communities. In order to make it simpler for workers who commute by bicycle, businesses have begun constructing safe bike parking spaces, showers, and other amenities. Such factors have boosted the bicycle parking racks growth prospects in various developing as well as underdeveloped nations.

“Shared bikes” concept to surge the sales of the bicycle parking racks

Bicycle sharing firms are competing to grow throughout several countries as shared bikes become the newest trend in easing public transportation. By the end of 2018, China's two largest bike-share companies, Ofo and Mobike, intend to spread out over more than 200 cities.

However, one of the main issues causing a large need for bicycle parking racks has emerged as careless parking of shared bikes. Town governments have included parking racks as a requirement in their bicycle sharing programmes since reckless parking has caused problems with bike distribution and obstruction of public places.

What Could Possibly Hinder bicycle parking racks market Demand?

High costs and installation issues will hinder the market growth

Bike rack storage has a lot of advantages, but there are also certain things one should think about before investing. One of the primary drawbacks of bicycle parking racks is that after they are placed, they can't be moved, which can be bothersome if you want to adjust their position. This is because they often need to be fixed to the floor and/or wall for safety.

At the same time, the expense of purchasing and maintaining these racks is substantial. During the anticipated period, these factors are anticipated to restrain the market growth for bicycle parking racks.

Category-wise Insights

Which mount type segment is expected to gain traction during 2023-2033?

The in-ground segment will gain the dominant market share

Over the course of the forecast period, the in-ground mount segment is anticipated to occupy a sizable share of the worldwide market. The target segment is anticipated to develop as a result of rising bicycle manufacturing and rising consumer demand for better, more modern bicycles. In 2023, the in-ground category is anticipated to dominate with a 48% revenue share.

The safest mounting options are the in-ground mount type as the bike rack is put in position using this installation technique, and concrete is then poured. This concrete-encasing helps the rack's legs to stay in place and thus provides better safety and security to the bicycles. Such benefits are expected to accelerate the growth prospects for bicycle parking racks from 2023-2033.

What would be the outlook of the application type segments?

The public segment will become more significant from 2023-2033

The target market is divided into public, private, and commercial segments based on application. A quicker rate of growth is anticipated for the public segment as a result of increased funding for safe and secure parking to support cycling as an ecologically beneficial activity. The public application segment of parking racks segment will be the fastest growing segment during the forecast period with a 7.6% CAGR. In the year 2023, this segment is predicted to acquire almost 41% of the market share.

Cycling is a low-pollution form of transportation that utilizes little fossil fuels. Bikes lessen the need to construct, maintain, and dispose of automobiles. Riding a bicycle saves space on the roads and in homes, allowing cities to have more greenery and fewer concrete structures. Therefore, the government is praising this action much and building additional bike parking racks for the security of the bicycles in various locations. Such factors will propel the demand for the recreational bicycle parking racks from 2023-2033.

Region-wise Analysis

What is the outlook of the North American bicycle parking racks market?

Increasing cycling enthusiast to accelerate the sales of these products

The market for bicycle parking racks in North America has a modest revenue share in the worldwide industry and is anticipated to develop significantly over the coming years. North America is predicted to expand with a revenue share of more than 37% in 2023 and is the fastest-growing market for bicycle parking racks, with a 7.8% CAGR from 2023 to 2033.

The rise in demand for public transit, the rise in cycling aficionados, and greater public awareness of environmentally friendly means of transportation are all cited as reasons for the expansion. In the US, various cycling events are being held on regular intervals, which is attracting a large crowd of consumers towards these bike racks as well. As a result, North America will continue to be the dominant market for bicycle parking racks, both in terms of revenue and market share.

What can be expected from the APEJ market for bicycle parking racks?

Benefits of cycling and environmental concerns will propel the demand

Over the course of the forecast period, the market in APEJ is anticipated to have a greater revenue share in the worldwide bicycle market. Growing per capita income, more public awareness of environmentally friendly transportation, and government programmes to encourage bicycle usage all contribute significantly to the market's expansion in the area. With a 31% revenue share in 2023, Asia Pacific is anticipated to gain a prominent position in the global market for bicycle parking racks. The region is expected to grow with a 6.8% CAGR during the forecast period.

The market for APEJ bicycle parking racks is expanding as a result of a number of causes, including the rising acceptance of riding as a form of exercise and transportation, the demand for efficient bicycle management in crowded cities, and government programmes to encourage cycling. In addition, many are choosing bicycles as an affordable method of transportation due to the growing expenses of automobile ownership and upkeep.

In addition, many are choosing bicycles as an affordable method of transportation due to the growing expenses of automobile ownership and upkeep. Additionally, the regional market is growing as people become more aware of cycling's advantages for the environment.

Start-up Scenario

Companies are more concerned with increasing bicycle parking racks production capacity to meet increased demand from end-use sectors. Not only they are involved in increased R&D, but they are also opting for acquisition and mergers to get the limelight.

• Velodome Shelters (recently merged with Handi-Hut) produces high-security bicycle racks. Surface mount as well as a powder coat finish are some of its characteristics. They provide items that are compatible with U-Locks and fulfill APBP criteria for bike parking with two points of contact.
• Bicycle storage racks are made to order by 2 River Supply, LLC. They provide fabrication as well as installation services for diamond plate, wire mesh, and perforated sheet metal. They operate with a variety of materials, such as carbon steel, aluminum, and Corten®. On-site project management and precise computer-aided design services are offered.

Competitive Landscape

Some of the prominent players in the global market for bicycle parking racks are: Bikeep Inc., Cycle-Works Ltd., Dero Bike Racks Inc., Falco BV Ltd., Forms and Surfaces Inc., Graber Manufacturing Inc., Ground Control Systems, Leda Security Products Pty Ltd., Reliance Foundry Co. Ltd., Saris Cycling Group Inc., Urban Bicycle Parking Systems Inc.

Some of the prominent developments of the key players of the market are:

• Bikeep is the top provider of smart commercial scooter as well as bike parking and charging stations worldwide. Cycling enthusiasts may leave their bikes behind with confidence thanks to Bikeep parking racks, which significantly minimize bike theft in cities. Dock-based stations are ideal for brief periods of parking where convenience and speed are essential but adequate security for daylight parking cannot be sacrificed. Cycling enthusiasts may quickly unlock and lock their bikes at the station with just one touch. Additionally, they offer consumers smart bike lockers that allow them to store their bikes or other possessions for weeks or perhaps an entire frigid winter. E-bike charging is available with every Bikeep smart locker.
• Due to its affordability and security, Leda Compact bicycle racks are the most popular bike racks worldwide and in Australia. When it comes to accommodating and protecting large numbers of bicycles, the CBR4SC makes sense since it doubles the number that can be parked safely in a given space. For easy DIY installation, the Compact Security Bicycle Rack is delivered in flatpack form. When affixed to the base rail, security rails and wheel supports may be swiftly assembled to create single-, double-, or angled units.

Key Segments Covered In The Bicycle Parking Racks Market Report

• Bicycle Parking Racks Market By Product Type :

  • Traditional
  • Racks
  • Clamps
  • Bollards
  • Digital

• Bicycle Parking Racks Market By Mount Type :

  • In-Ground Mount
  • Surface Mount
  • Wall Mount
  • Rail Mount

• Bicycle Parking Racks Market By Parking Rack Capacity :

  • 2
  • 2 To 10
  • More Than 10

• Bicycle Parking Racks Market By Application : 

  • Public
  • Private
  • Commercial

• Bicycle Parking Racks Market By Sales Channel :

  • Value Added Reseller
  • Modern Trade Channel
  • Specialty Stores
  • Third Party Online
  • Direct-To-Customer

• Bicycle Parking Racks Market By Region :

  • North America
  • Latin America
  • Europe
  • Japan
  • APEJ
  • Middle East & Africa (MEA)