Owning a bicycle comes with some set of troubles including bike theft as the primary one. The same has increased the importance of using a bicycle security system nowadays. This bicycle security system is needed by a bicycle owner all the time. The bicycle security system market deals with the providing the safe and trusted products having no errors. Presently, the bicycle security system market has a wide variety of the innovative bicycle lock systems including smartphone paired smart locks, anti-theft alarms, and open-source bike trackers.
Moreover, the day by day’s advancement in the technologies is making the bicycle security system more smart and safe. GPS security tracking system for bicycles is the latest technology in the bicycle security system market which allows bicycle owner to track the bicycle live on a map. This technological advancement and need for smarter bicycle security system are expected to grow the bicycle security system at a high rate during the forecast period.
The modernization and advancement in the bicycle security system are expected to bring significant growth in the bicycle security system market during the coming years due to their unique and smart features. Also, the modern day alarms and smart locks use creative disarming techniques which are tough to crack and easy to carry. Moreover, smart navigation and social bicycle sharing platforms are some scopes for the bicycle security system market. These factors provide new opportunities for the bicycle security system market.
Bicycle Security System Market: Drivers and challenges
Nowadays people want smart devices. The new bicycle security system has smart features such as ride analytics and crash alerts, attracting customers toward the bicycle security system market. Also, the conventional bicycle locks which are heavy and vulnerable to breakage are expected to be replaced by latest light weighted and smart bicycle security system during the forecast period. Secondly, society is moving towards the use of eco-friendly vehicles raising the bicycle market and indirectly rising the bicycle security systems market.
The increase in numbers of tech-savvy cyclists is expected to be a key driver for the bicycle security system market. The Internet of Things is making a new breed of gear available for tech-savvy cyclists. Also, the smart bicycle security system locks require no physical key proving a new scope and opportunity to the bicycle security system market. However, the lack of public awareness towards smart bicycle security systems and more use of petrol and diesel based vehicles by people hinders the bicycle security system market.
Bicycle Security System Market: Segmentation
Bicycle security system market can be segmented as follows:-
Bicycle Security System Market: Key Players
Some key players of bicycle security system market are Seatylock, TiGr mini, Sigtuna, Linka, SmartHalo, X-Bike, SkunkLock, Inc. Kryptonite, Hiplok Chain Lock, Tex-lock, BitLock, I LOCK IT BIKE, Noke, Pitlock , Abus, and Mater Lock Company LLC. These players are expected to influence the bicycle security system market during the forecast period also.
Bicycle Security System Market: Regional Overview
North America bicycle system market is expected to have a gradual growth in sales of road bikes while having a slow decline in sales of youth bikes. Whereas in Europe the bicycle security system market; the bicycle theft is doubled since 90s due to expensive bicycle models. Therefore, the demand for the bicycle security system is increasing in Europe. Moreover, the government expenditure on infrastructure development of the bicycle network is expected to grow the bicycle security system market in Europe. The increasing adoption of the bicycle by middle-income population in the Asia Pacific makes the most significant share of bicycle security system market. In developing countries such as China and India, increasing in the adoption of bicycle security system is found due to the increase in the use of bicycle. This adoption of bicycles support the growth of the bicycle security system market during the forecast period.
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The report is a compilation of first-hand information, qualitative, and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.