With growing health consciousness among the population, cycling is gaining popularity as a leisure activity as well as mode of transport. With this growing popularity, the demand for cycling accessories and infrastructure has been on the rise. According to the World Bank, more than 2 billion bikes are in use globally and the number is expected to increase by 2.5 folds by 2050. Changing lifestyles, government initiatives and the rise of e-bikes are expected to surge the growth of the bicycle parking rack market over the forecast period.
Over the past decade, the increasing popularity of bicycling in both emerging and mature markets has created traction in the bicycle industry. Manufacturers are working on developing new products and better cycling infrastructure to cater to the increasing demand globally. The bicycle parking rack market is expected to grow with a high CAGR during the forecast period.
Bicycle parking racks are a dynamic element of station planning and operation. The increase in bike sharing and rentals in countries such as China, France, the Netherlands, the U.S. and others has created various opportunities for the growth of bicycle parking racks. The increasing government spending on biking infrastructure along with rising government initiatives such as boosting cycling and walking are expected to lift the demand for bicycle parking racks in the future. China is expected to see the oversupply of bike shares, which will hinder the growth of the bicycle parking rack market.
Trends such as “Demand – A – Stand” for bicycle parking using an app will boost the demand for the bicycle parking rack market in Europe. In addition to this, changing customer preference and rising environmental issues will create various opportunities for the growth of the bicycle parking rack market.
On the basis of geography, the bicycle parking rack market can be segmented into six key regions: Latin America, Europe, North America, Japan, Asia Pacific excluding Japan and Middle East & Africa. Annually, almost 20,000,000 bicycles are sold across Europe. European citizens own more bicycles than any other means of transport. Approximately, US $ 8 Mn was spent by the European government in 2017 on infrastructure for bicycle rider assistance, which is expected to increase in future on the backdrop of rising demand of bicycle parking racks in this region. Asia Pacific is the largest market for bicycles and is expected to create tremendous opportunities for bicycle parking racks. Emerging trends such as bike sharing and rentals along with the increasing number of bicycle riders in the corporate world will surge the growth of the bicycle parking rack market in this region. According to a Census Bureau, 43 of the 70 largest cities in the U.S. saw an increase in 2017 in bike commuters. Further, bicycle infrastructure is expected to grow in the U.S., owing to the new budget proposal by Donald Trump for 2019, which is expected to boost the demand for bicycle parking racks in this region. Argentina implemented a bicycle promotion campaign and installed 100 km of bicycle lanes, making cycling 6.1% in the modal split. In Mexico City, cycling infrastructure covers 35 km2 and has around 100,000 users. Latin America is expected to show growth in demand for bicycle parking racks in the future.
Prominent players in the bicycle parking rack market include Falco, Bikeep, Madrax, Securabike, Wagner, Durabike, Cora Bike Rack, ABECK, Belson Outdoors and others. Manufacturers are focusing on product innovations such as incorporating battery points in the bicycle parking racks to support e-bikes. Along with this, the rising demand for bicycle parking racks in the commercial sector will create various opportunities for the growth of bicycle parking rack manufacturers.
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Overall, it can be concluded that the growth prospects of the bicycle parking rack market are promising as more and more people are inclined towards living healthier lifestyles, thereby strengthening the position of the bicycle parking rack market across the globe.