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I AgreeAnalysis of Bicycle Parking Racks market covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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 |
|
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Competitive landscape highlights only certain players
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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.
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.
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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.
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.
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.
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Competitive landscape highlights only certain players
Complete list available upon request
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.
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.
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.
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:
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During the historical period of 2018-2022, the bicycle parking racks market grew at a CAGR of 5.1%.
The global bicycle parking racks market is predicted to rise with a steady 7.2% CAGR during 2023-2033.
The global bicycle parking racks market is currently worth more than US$ 7 Billion.
By 2033, the global bicycle parking racks market is projected to reach a market size of US$ 7.37 Bn.
In 2023, the in-ground segment by mount type is anticipated to dominate with a 48% revenue share.
The public segment by application will occupy the second largest segment during the forecast period with a 41% market share in 2023.
The North American region is predicted to grow with a steady CAGR of 7.5% during 2023-2033.
The APEJ bicycle parking racks market is expected to grow with a steady CAGR of 6.8% during 2023-2033.